Mongolia’s Major Bank to Provide Crypto-related Services

By Katelyn James | October 31, 2020

One major Mongolia-based bank is reportedly going to make crypto services widely available, including custody, remittance, deposits, loans, and crypto-asset management.

Specifically, blockchain firm Hexland – established by former Samsung developers – together with white label tech firm Delio, will be teaming up with Trade & Development Bank of Mongolia (TDB Bank) in Ulaanbaatar – one of the longest-running banks of the nation, to work on the project. 

Three entities listed above are not the only ones associated with the project. MDKI – a local mineral resource and blockchain firm reportedly also took part in. 

TDB Bank reportedly focuses on industrial customers, with more than 400 local firms included in its portfolio, providing them a wide range of services, nominally project loans, trade loans, financial consulting, among others.

Hexland, on the other hand, specializes in blockchain smart contract development and verification, together with wallet development, among different other projects. 

An anonymous representative from Delio reportedly disclosed that via the collaboration, “We are in full swing to enter the global virtual asset financial market,” with the highest amount of available resources. Nonetheless, the exact release date for rolling out crypto services to Mongolians is yet to be finalized.

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