SEOUL, South Korea, April 2, 2024 /PRNewswire/ -- At the grand signing ceremony held at Shangri-la Hotel in Mongolia, GLN, SendMn, and QPay have forged a strategic partnership agreement to enable cross-border QR payments between Mongolia and the countries, regions connected in the GLN global payment network.
Top officials from the Central Bank of Mongolia, and the Financial Regulators Commission witnessed the MOA signing by Kenneth Kim CEO of GLN, Turbold B. CEO of SendMn, and Erdenemunkh G. CEO of QPay.
After launching the service in June, the customers of e-wallets in the GLN network can make QR payments seamlessly at over 200,000 QPay stores throughout Mongolia. The service is expected to create convenience and reduce the cost of payment, applying the real-time, inexpensive currency conversion and transparent fees.
In addition, the users of 12 partner bank apps and 7 e-wallets in the QPay network will be able to make QR payments in 11 countries and regions connected in the GLN's global payment network, including Korea, Japan, Taiwan region, and Thailand, among others.
Notably, this partnership not only propels the development of the local tourism industry in Mongolia but also signifies a significant step forward in the cross-border payment industry.
At the signing ceremony, GLN's CEO, Kim Kyung-ho, stated: "I am confident that through our partnership with SendMn and QPay, we will make an attractive payment service via competitive real-time exchange rates and the extensive merchant network, providing secure, seamless, cross-border QR payment services." He further remarked, " Being at the forefront of cross-border mobile payment services, connecting Mongolia to GLN's payment network is a significant milestone. We eagerly anticipate delving into diversification of the products operated with our partners in the future."
SendMn's CEO, Turbold B. also expressed his delight, stating, "With Korea emerging as a popular destination for Mongolian travelers, the imminent opening of a new electronic payments promises to revolutionize the way citizens of both our nations conduct transactions. As we formalize our alliance with Korea's GLN, we witness the fruition of our collective vision."
QPay's CEO, Erdenemunkh Gombodorj has proudly announced the partnership and emphasized that the service will enhance the pleasant travel experience for Mongolians abroad and the tourists in Mongolia. In his closing remarks, he stated his welcome of all GLN users and wished an unforgettable trip in Mongolia.
The joint efforts of GLN, SendMn, and QPay promise to bring more convenience, security, and efficiency in the journey of travelers to and from Mongolia, also other regions connected in the GLN payment network. Moreover, it will drive advancement and proliferation of QR payment technology across the Asian region, ushering in a new era of digital payments.
