On its journey to strengthen and unify the global payments ecosystem, TerraPay – a leading global payments infrastructure company – has partnered with SendMN NBFI. Based out of Mongolia, SendMN is a leading money transmitter & non-bank financial institution. Through this partnership, both companies aim to simplify the complexities & ease the challenges associated with borderless payments.
The costs of sending cross-border payments are really high, slow & not secure. This partnership is a step towards achieving the vision of both firms i.e. to transform the way Mongolians receive & send real-time payments by empowering the customers with financial independence & inclusion. Customers will be able to receive remittances from key corridors like the UK, US, Austria, Belgium, Czech Republic, France, Germany, Kazakhstan, Poland, Sweden, Switzerland & also allow access to key send corridors like Australia, Canada, China, Denmark, Japan and USA to name a few.
In 2021, Mongolia received a personal remittance of 563.75 million US dollars. Bank SWIFT transactions received $1.66 billion and sent $2.34 billion. Insights also revealed that women make up 53% of all customers, while men make up 47%. Approx. 59.83% of these transactions are for payments, family support – approx. 29.67% of these transactions are followed by tuition fees & medical expenses. The beginning of March, the end of August, and the middle of December are the busiest times of the year for such transactions. Mongolia’s remittances are projected to trend around 17 USD Million in 2023 & through this collaboration, both TerraPay & SendMN aim to route every transaction to Mongolia from Australia, the United States, and European Union nations through SendMN to the customers’ accounts. They will facilitate P2P, P2B, B2P, and B2B transactions that will enable diaspora residents from all over the world to transact low-cost, real-time transactions to beneficiaries in Mongolia using TerraPay’s state-of-the-art interoperability engine to send global payouts on a scalable, secure, transparent, and efficient platform.
Sharing more insights on the highlights of the partnership, Sheshagiri (Sukesh) Malliah, Regional Director – APAC, TerraPay, said, “We are thrilled to onboard SendMN as a trusted partner in Mongolia. It is a key market with huge potential & this association will allow TerraPay to deploy its superlative technical solutions globally and cultivate an affinity amongst Mongolian residents worldwide by empowering them with fast & affordable borderless payment options. Furthermore, this association will allow us to showcase our technological prowess, and innovative platform technology to our Mongolian customers by providing them with efficient, scalable, and affordable means to send & receive real-time payments to their loved ones. Through transparency and real-time credits led by industry benchmark compliances, we believe we will strengthen the remittances ecosystem of Mongolia over time, furthering our mission of creating cashless economies.”
“It is a privilege for “SendMN” to collaborate with TerraPay, the world’s leading global payments infrastructure company. Our collaboration will help us achieve customers’ loyalty by providing economical, reliable transactions at the speed of light. This will further spur the inflow & outflow of remittances and promote socio-economic development in the fast-growing economy of Mongolia and encourage more users to adopt digital payments by digitally connecting major remittance corridors via a convenient and affordable route. We look forward to a successful collaboration,” commented Turbold Batbold, CEO, SendMN.