The partnership aims to minimise the complexities and ease the challenges linked to international payments.
Both companies will work together to enable Mongolians to receive and send real-time payments to corridors including Australia, Canada, China, Denmark, Japan and USA.
They will also be able to receive payments from corridors such as the UK, US, Austria, Czech Republic, Belgium, France, Germany, Kazakhstan Poland, Sweden, and Switzerland.
Mongolia is said to have received a personal remittance of $563.75m in the last year. The country’s remittances are estimated to touch around $17m in 2023.
TerraPay aims to route transactions to Mongolia from Australia, the US, and European Union nations through SendMN to the customers’ accounts.
The companies will facilitate peer-to-peer (P2P), person-to-business (P2B), business-to-person (B2P), and business-to-business (B2B) transactions that Mongolian across the globe to transact low-cost, real-time transactions to beneficiaries in the country.
TerraPay APAC regional director Sheshagiri Malliah said: “We are thrilled to onboard SendMN as a trusted partner in Mongolia.
“It is a key market with huge potential and this association will allow TerraPay to deploy its superlative technical solutions globally and cultivate an affinity amongst Mongolian residents worldwide by empowering them with fast & affordable borderless payment options.”
Malliah also added that the partnership will enable the firm to showcase its technological prowess, to Mongolian customers by providing them with affordable means to send and receive real-time payments to their loved ones.
Commenting on the partnership, SendMN CEO Turbold Batbold added: “Our collaboration will help us achieve customers’ loyalty by providing economical, reliable transactions at the speed of light.
“This will further spur the inflow and outflow of remittances and promote socio-economic development in the fast-growing economy of Mongolia and encourage more users to adopt digital payments by digitally connecting major remittance corridors via a convenient and affordable route. We look forward to a successful collaboration.”
Last year, TerraPay expanded its service to Mexico as well as 15 other markets in Latin America.