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Wednesday, July 6, 2011

Mongolia Briefing is a magazine and daily news service about doing business in Mongolia. We cover topics relating to the Mongolian economy, the market in Mongolia, foreign direct investment and Mongolian law and tax. It is written in-house by the foreign investment professionals at Dezan Shira & Associates

Golomt Bank Introduces the American Express Card in Mongolia

By Elena Fehrbach

Jan. 24 – Golomt Bank, one of the leading banks in Mongolia, is introducing the American Express credit cards in Mongolia. The Bank has signed the cooperation agreement with American Express Company, an international financial services corporation headquartered in New York on issue of American Express credit cards in Mongolia. Initially, the cooperation has started back in 2006 when the American Express has chosen Golomt as an official partner in Mongolia, but now the cooperation is officially sealed by the agreement.

The agreement with Golomt is the part of American Express’s global business development program on establishment of the beneficial business relationships with the international and local banks globally. The choice of Golomt Bank by American Express is based on an extensive research of the banking sector and believes that Golomt Bank is the best partner in Mongolia based on the selection criteria. Golomt Bank has a leading position in the market for the customer service, online banking services and a variety or credit card and dual debit card services for Mongolian citizens living in Mongolia and abroad, as well as expatriates working in Mongolia.

It is not clear yet what would be a proposed range of services that Golomt Bank can offer to customers apart from credit cards. Supposedly, as relationships develop, American Express would be providing a full range of services available to its clients globally, such as different levels of credit cards, traveler’s cheques, Corporate Meeting Cards, Corporate Purchasing Cards, Travel Accounts and other services.

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