South Korea's credit card issuer BC Card said on Monday that it has signed a strategic partnership deal with the Bank of Mongolia.
With this collaboration as momentum, BC Card will cooperate with Mongolia's central bank to promote a network-to-network (N2N) payment system-building project between the two countries and establish a financial digital infrastructure in Mongolia.
Under the terms of the agreement, BC Card plans to connect the Mongolian central bank with its own card payment network so that Mongolian travelers to Korea can use "T-Card," a local payment brand, at automated teller machines and merchants in Korea.
The Korean card company also plans to jointly design and establish an integrated public procurement system for fundamentally innovating the country's local payment infrastructure.
Based on its experience in building and running various government voucher platforms such as Eco-Money and People's Happiness Card, BC Card will negotiate with Mongolia's Ministry of Labor and Social Protection for introducing a Korean-style electronic voucher platform model.
Write to Jin-Woo Park at
jwp@hankyung.com
