Mongolia’s TDB Bank to render crypto services in collaboration with South Korean firms

Mongolia's largest bank TDB plans to offer crypto services like custody, deposits, remittances, loans, and crypto-asset management.

By · Oct 31, 2020 . 6min read

Mongolia's TDB Bank crypto services news

Various countries are joining the cryptocurrency and blockchain bandwagon in the post-COVID-19 scenario. Recently Cambodia launched its central bank digital currency platform, and now Mongolia is working towards it. Mongolia has continuously been in conversation with tech firms. However, it is creating its mark to keep up with the most advanced digital financial industry. Mongolia’s largest banking institution is assumed to offer crypto services like crypto loans, deposits, remittance, and assets management shortly.

As per reports, Delio, a South Korean crypto finance company, and Hexland, a South Korean blockchain firm established by a group of former Samsung developers, have agreed on a deal to operate with the Ulaanbaatar-based TDB Bank of Mongolia (Trade & Development Bank). The collaboration will also include MDKI, a Mongolian mineral resource, and a blockchain company. Its associates include crypto mining giant Bitfury.

TDB Bank will shortly commence providing crypto services.

TDB Bank is one of Mongolia’s oldest and most prominent banks, with 50 branches nationwide. The most beloved bank in the country is now concentrating on introducing cryptocurrency services in Mongolia. It has about 400 companies up its sleeve and grants them a variety of financial services. It operates predominantly with industrial clients.

The crypto-related services offered involve crypto custody, remittance, deposits, loans, and crypto asset management. Moreover, Hexland is a blockchain expert concentrating on rendering extremely reliable and secure solutions in the fields of smart contracts, e-wallets, and data authentication.

Ulaanbaatar administration has been operating since 2019 with Terra. It is a Korean blockchain enterprise looking into the possibility of transforming traditional payment methods for utilities and subsidies to digitally enhanced Terra stablecoin.

Singapore’s DBS plans to launch a crypto exchange.

Singapore’s largest bank DBS is launching a cryptocurrency trading and custody as well as a platform for administering security token offerings. The bank’s expected crypto service involves the DBS Digital Exchange that will support five major cryptocurrencies. It includes Ether, Bitcoin, XRP, Bitcoin Cash, and Ethereum Classic. Additionally, supported fiat currencies involve the Singapore dollar, the US dollar, the Hong Kong dollar, and the Japanese yen. However, DBS Digital Exchange will not withhold any assets.

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