Transport and Development Bank of Mongolia (TransBank) has successfully met the criteria to become a Direct Participant in China’s Cross-border Interbank Payment System (CIPS), becoming the first bank in both Mongolia and Northeast Asia to establish a clearing and settlement infrastructure for Chinese yuan (RMB) transactions through the system.

CIPS, an advanced cross-border payment solution initiated by the People’s Bank of China, serves as China’s national RMB settlement system for international transactions. Built on the principles of “Fast, Easy, and Cost-Effective”, CIPS enables real-time RMB payments through cutting-edge infrastructure tailored to the evolving needs of customers.

As part of its goal to deliver private banking services that meet international standards, TransBank has joined the CIPS system with Direct Participant status, enabling the Bank to offer the following advantages to its customers.

• Offers individual and institutional customers a faster (real-time), easier, lower-cost, and more secure solution for international RMB payments;
• Supports trade and investment flows between Mongolia, China, and other Northeast Asian economies;
• Diversifies Mongolia’s financial channels and deepens access to global payment systems;
• Contributes to the Bank of Mongolia’s broader objective of promoting exchange rate stability.

To date, more than 170 banks and financial institutions around the world have joined CIPS as Direct Participants, holding their own accounts and settling payments independently. Through these institutions, an additional 1,500 banks and financial institutions participate in the system as Indirect Participants.

With this milestone, TransBank has become the first direct overseas participant bank of CIPS in Northeast Asia, and is now participating in the 2025 China International Financial Exhibition held in Shanghai.

This achievement marks TransBank’s emergence as the first Mongolian bank to join the global CIPS network, while also reaffirming its position as a provider of more secure and reliable RMB payments to its customers.