Mongolia's largest bank will soon start offering crypto services, including custody, money orders, deposits, loans and crypto asset management.
According to DDaily, Hexland, founded by former Samsung developers, and Delio, a white label technology company, have agreed to start working with the Ulanbaatar Trade & Development Bank of Mongolia, TDB Bank. It is one of the oldest banks in Mongolia, with 50 branches across the country, ranked second out of 17 Mongolian banks in terms of total assets.
However, the transaction is not limited to the three parties mentioned above. The media reported that MDKI, Mongolian mineral and blockchain mining company, whose partners include crypto giant Bitfury, was also included in the agreement.
TDB Bank cooperates primarily with industrial clients. Its portfolio includes more than 400 Mongolian companies offering them services such as design, commercial and financial consulting credits.
In 2019, the Ulan Bator administration agreed to work with a South Korean holding company called Terra to eventually replace the payment methods for utility bills and government subsidies with a stable Terra company.
