Licensing of Payment Services Providers

The following entities have satisfied the requirements stipulated in the Law on National Payment System and; therefore, have been licensed by the Bank of Mongolia to provide payment services in Mongolia.

  • Payment card issuing and acquiring service: 12 commercial banks,
  • Settlement agent: XacBank,
  • Payment card acquiring service: “High Payment Solutions” LLC,
  • Payment card processing service: TDBM, “360 Finance NBFI” LLC, “Data Bank” LLC, “KKTT” LLC, “M Chat” LLC,
  • Mobile banking processing service: “Most Fintech” LLC,
  • E-money issuance service: “Mobifinance NBFI” LLC, “SuperUp Wallet” LLC, and “ArdCredit NBFI” JSC,
  • Payment card clearing service: TDB (between its participants).

Click here to view the full list of licensed entities in Mongolia.