Golomt Bank has introduced a new digital solution that allows customers to submit its import letters of credit (LC) applications online, aimed at enhancing service accessibility while minimizing paper usage and processing time. Through this innovative service, eligible customers can now submit their LC applications electronically via the Internet Banking portal, track their LC status in real-time, and complete the entire process without visiting a branch. This digital solution offers particular advantages for clients both within and outside Ulaanbaatar, providing significant time and resource savings through its streamlined process.

Letter of credit remain one of the most commonly used payment methods in cross-border trade, and it is characterized by the fact that it reduces the risk of payment and other trade risks that may arise including shipment delay, payment and counterparty risks.

Golomt Bank’s leadership in this sector is demonstrated by its substantial market presence. As of the third quarter of 2024, Golomt Bank holds a 39% market share in the number of letters of credit issued and a 60% market share in the total value of letters of credit issued.

 

Click HERE for more information on import letters of credit.

 

Mongolia’s Global Benchmark Bank