Ulaanbaatar, Mongolia – December 28, 2023: The Trade and Development Bank JSC (TDB), Mongolia's premier financial institution, is pleased to announce the opening of a US Dollar direct clearing account at The Bank of New York Mellon (BNY Mellon). This marks Mongolia's reconnection to the global US Dollar payment systems for the first time since the country's inclusion in the Financial Action Task Force (FATF) grey list in October 2019.
This initiative was driven by TDB’s unwavering commitment to facilitating international trade and fostering economic development within Mongolia. The establishment of a direct clearing relationship with global financial services leader BNY Mellon signifies an important step in underscoring confidence in Mongolia's banking sector and its adherence to international compliance standards.
"This is a landmark achievement not only for our bank but for Mongolia as a whole," said Mr. Onon Orkhon, CEO of Trade and Development Bank JSC. "Reestablishing a direct connection to the global US Dollar payment system is a testament to our persistent efforts to enhance our compliance with international financial standards and rebuild trust with international partners."
The direct clearing account enables TDB to execute US Dollar transactions more efficiently, offering enhanced services to our customers that include quicker transaction times and significant cost reductions. This move is expected to significantly support cross-border trade and economic activities of Mongolia, contributing to the country's economic resurgence.
This collaboration also reflects Mongolia's ongoing efforts to improve its financial regulatory framework, emphasizing its commitment to global compliance norms. The reconnection to the US Dollar payment system is not only a crucial milestone for TDB but also symbolizes Mongolia's successful strides in addressing the FATF’s concerns and enhancing its financial oversight mechanisms.
"We are immensely proud to make this announcement with The Bank of New York Mellon, a prestigious institution with a rich history and global presence. Together we are poised to unlock new opportunities and pave the way for more robust economic ties with the international community," added Mr. Randolph S. Koppa, Chairman of Trade and Development Bank JSC.
The Trade and Development Bank JSC is dedicated to continuing its role as a catalyst for economic growth and development in Mongolia and is committed to maintaining the highest standards of financial integrity and transparency.
**About Trade and Development Bank JSC (TDB)**
Founded in 1990, the Trade and Development Bank JSC is a leading financial institution in Mongolia, offering a wide range of commercial banking services. TDB is committed to driving economic growth and development in Mongolia, adhering to international standards of financial operations. TDB, the largest corporate lender in Mongolia, maintained its leading position in trade related transaction based on its clientele base of the country’s major corporations across all business sectors. With over 300 correspondent relationships with international financial institutions and 80+ nostro accounts with major clearing banks around the world, TDB offers a wide range of trade finance instruments and services designed to appeal to both domestic and international clients. TDB is one of the most experienced and advanced participants among Mongolian banks in the international markets, including areas such as international banking, syndicated and non-syndicated lending, trade finance and remittance.