Mongolia to team up with Korean internet banking system
The bank said that in cooperation with Korea's top fixed-line telecom operator, it has signed a contract with MCS Group, a Mongolian conglomerate, to transfer its internet banking technologies.
K-Bank, the Korean first internet-only lender, has teamed up with KT to export its banking services to Mongolia. The bank said that in cooperation with Korea's top fixed-line telecom operator, it has signed a contract with MCS Group, a Mongolian conglomerate, to transfer its internet banking technologies and services. The five-year contract is estimated to be worth up to 5.5 billion won ($4.92 million), including 2.3 billion won in consultancy fees. Established in 1993 as an energy sector consultant, MCS Group is one of Mongolia's largest conglomerates. It has a wide business portfolio that includes telecommunications, engineering and infrastructure, real estate, mining and consumer goods distribution. The Mongolian enterprise has been preparing to set up its first internet lender since early last year. K-Bank and KT will join hands to help MCS Group start the business tentatively titled "M Bank." Under the contract, the Korean duo will take part in a wide range of projects to launch M Bank, including developing a business model, operation know-how of credit risk management systems and constructing an information technology system. KT especially will help the Mongolian lender build its own credit scoring system (CSS).
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