Kakao Bank said Tuesday it had held talks with the governor of Mongolia’s central bank and executives from MCS Group on expanding cooperation in digital banking and financial innovation in the country.
The meeting was held during the Korea visit of Narantsogt Sanjaa, governor of the Bank of Mongolia, and was attended by Kakao Bank CEO Yun Ho-young and representatives from Mongolia’s MCS Group.
Kakao Bank introduced its digital banking platform, customer-focused user experience and interface capabilities, as well as expertise in data-driven credit assessment and risk management. The participants also discussed ways to expand digital financial services tailored to Mongolia’s market and accelerate financial innovation.
The meeting follows a strategic partnership agreement signed in April between Kakao Bank and MCS Group, one of Mongolia’s largest conglomerates.
Under the agreement, the two sides plan to cooperate on a wide range of initiatives, including Kakao Bank’s strategic investment in M Bank, Mongolia’s first digital bank, enhancement of credit-scoring models, development of alternative credit-assessment systems, user experience and interface consulting and joint expansion into Central Asia.
Kakao Bank said it is developing an alternative credit-scoring model tailored to the Mongolian market, with the goal of improving financial inclusion and supporting the country’s digital financial ecosystem.
“Mongolia is a market with significant growth potential in digital finance,” Yun said.
“We believe Kakao Bank’s experience in digital banking and data-driven credit assessment can help drive financial innovation in the country.”
jwjeon7625@heraldcorp.com
