PR97055

THE HAGUE, Netherlands, July 19, 2022 /PRNewswire=KYODO JBN/ --

    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

    * https://tradingeconomics.com/mongolia/remittances

    About TerraPay

    Headquartered in The Netherlands, TerraPay believes that the smallest

payment deserves a borderless journey as safe as the largest. The company has

been building an ever-expanding payments highway that empowers businesses to

create transparent customer experiences with an uninterrupted, secure, and

real-time global passage for every payment, however small or large. Registered

and regulated across 26 global markets, TerraPay is a leading global partner to

banks, mobile wallets, money transfer operators, merchants, and financial

institutions, creating a more expansive and inclusive international financial

ecosystem. With access to payments infrastructure that spans the globe, their

partners become beacons of the promise of global financial inclusion.

    For more information, please visit terrapay.com [https://terrapay.com/]

    Contact:

Anwesha Mukherjee

Sr.Manager, Corporate Communications

TerraPay

anwesha@terrapay.com

    About SendMN

    "SendMN" NBFI is the No.1 money transmitter in Mongolia and was founded in

2016, with the goal of offering customers the cheapest and most convenient way

to send money worldwide. We operate the following services for customers:

remittance, currency exchange, and loans. End of the year 2020, we launched our

"SendMN" international money transfer mobile application. SendMN customers can

send or receive transactions in their accounts at any Mongolian bank, and we

send and receive transactions in USD, EUR, RUB, GBP, KRW, and CNY to and from

over 160 countries.

    For more information please visit send.mn [https://www.send.mn/]

    Contact:

Temuulen E

Marketing Manager, SendMN

temuulen.er@send.mn

    Logo: https://mma.prnewswire.com/media/1222771/TerraPay_Logo.jpg

    Source: TerraPay