On October 21, 2024, Golomt Bank JSC signed Trade Advance Agreement (TAA) and Trade Network Access Service Agreement (TNAS) with The Bank of New York Mellon (“BNY”) in Beijing, China during SIBOS. By signing both agreements, Golomt Bank will be able to access BNY’s TNAS platform and utilize existing trade network in connection with its Letter of Credit advising service, as well as access USD funding from BNY to support its customers’ international trade business under the cover of Asian Development Bank (ADB) and partnering Development Financial Institutions (DFIs).

From left side: Joon Kim, Global Head of Trade Finance, Working Capital and Portfolio at BNY, Steven Beck, Unit Head, Trade & Supply Chain Division, Southeast and East Asia & Pacific, Asian Development Bank, and Ganbold Galsan, President of Golomt Bank

In July, 2024 Golomt Bank established a US dollar correspondent relationship with BNY. The signing of the TAA and TNAS signifies the successful expansion of Golomt Bank and BNY’s collaboration to driving new developments and the global integration of Mongolia’s banking sector into the global financial markets.

BNY’s TNAS enables Golomt Bank to offer their clients a broader global coverage in letter of credit (LC) services. Golomt Bank maintains its’ leading position in Mongolia holding 55.3% of market share in the letter of credit and bank guarantees issuance by value as of third quarter of 2024. With its globally recognized letter of credit services the bank effectively meets diverse needs of its’ clients through collaboration with partnering institutions worldwide.

Mongolia’s Global Benchmark Bank