Golomt Bank, Bank of China, and Xiamen C&D Inc. have signed a tripartite Memorandum of Understanding to facilitate trade and payment flows between businesses in Mongolia and China. The agreement was signed in Xiamen during the CIPS-Exhibition on Bank-Enterprise Collaboration (CEBEC).
The partnership is designed to improve the efficiency, reliability, and accessibility of cross-border trade and payment services for businesses engaged in commercial activities between the two countries. Xiamen C&D Inc., a leading international trading company, maintains longstanding commercial relationships with a broad range of Mongolian enterprises.
Through this cooperation, the parties will work together to facilitate RMB payment settlements, expand access to trade finance solutions, and provide foreign exchange risk management services. The initiative is expected to help businesses execute cross-border transactions more efficiently, improve working capital management, and further strengthen commercial connectivity between Mongolia and China.
Golomt Bank currently processes 30% of Mongolia’s cross-border RMB payment transactions, underscoring its leading role in facilitating international trade-related financial flows. Through continued investment in its cross-border banking capabilities and international payments infrastructure, the Bank enables Mongolian businesses to conduct transactions with overseas counterparties more efficiently and support the growth of their international trade activities.
Mr Ganbold Galsan, President of Golomt Bank
As trade and investment ties between Mongolia and China continue to grow, businesses increasingly require reliable payment solutions and efficient access to trade finance. This partnership will help Mongolian companies conduct cross-border RMB transactions more effectively while expanding access to financing opportunities that support their business growth. We remain committed to working with our strategic partners to deliver internationally recognized financial solutions and create greater value for our clients.
China remains Mongolia’s largest trading partner, with bilateral trade continuing to expand. In response to growing trade and investment activity, Golomt Bank continues to strengthen its partnerships with leading international financial institutions and market participants. Through these collaborations, the Bank aims to improve access to cross-border payment services, enhance trade finance capabilities, and support the sustainable growth of its customers’ international business activities.
Mongolia’s Global Benchmark Bank