WORLD'S FIRST RMB CARD OUTSIDE MAINLAND CHINA ISSUED BY GOLOMT BANK

Ulaanbaatar, /MONTSAME/ On the 8th January 2010, Golomt Bank in association with China UnionPay (CUP) launched the first RMB CUP card in the world outside mainland China.
Since the launch of CUP in 2002, CUP cards have not only been used in China, but also in 74 other countries in five continents, making it one of the largest card service providers in the world. Korean, Japanese and Singaporean have banks issued CUP cards in their local currencies, and now Golomt Bank has been trusted to issue the first CUP card outside mainland China denominated in Chinese Yuan. The Golomt CUP debit card will feature the same benefits as the more than 2 billion CUP cards currently outstanding in China where both billing and settlement currencies are the Chinese Yuan.
Golomt Bank has been selected as the first issuer of RMB CUP cards outside mainland China due to its role as the pioneer of card settlement services in Mongolia with the highest number of card holders with a and transaction volume of over 60% of the total card transactions in the Mongolian market. CUP cards are accepted at all Golomt Bank’s extensive network of ATMs and acquiring merchants, located in strategic locations throughout Mongolia. To provide greater convenience to Chinese cardholders, Golomt Bank ATMs are also equipped with Mandarin option.
The launch ceremony has held on 8th January 2010 at the State Academic Theatre of Opera and Ballet in Ulaanbaatar, attended by Chinese Ambassador to Mongolia Mr. Yu Hong Yao, Deputy Governor of The Bank of Mongolia Mrs. D. Enkhjargal, CUP First Executive Vice President Mr. Cai Jian Bo, and Golomt Bank Chairman of Board of Governors, D.Baysgalan and CEO John Finigan.
Mr. Cai Jian Bo said that the launch of CUP cards by Golomt Bank will further expand CUP's acceptance network, as well as enriching the CUP’s product series and provide a safe and convenient payment instrument for bilateral trade and personal transactions between China and Mongolia, which will prompt a healthy cycle of cross border settlements. The launch of the first CUP card denominated in RMB outside mainland China will prove to be of great significance in the expansion of CUP's process of internationalization.
Golomt Bank CEO, John Finigan, stated that Golomt Bank is delighted to cooperate with CUP, it will provide great convenience for cardholders, as well as expanding the range of card services and options. He emphasized that Golomt Bank will continue to strengthen its cooperation with CUP and offer higher-quality and increasingly efficient payment service between China and Mongolia especially in the border areas.
With the launch of Golomt UnionPay RMB cards, Mongolian entrepreneurs, students and visitors who need to make transfers in Chinese Yuan have the opportunity to benefit from acceptance for purchases and cash withdrawals at more than 1.5 million merchants and 200,000 ATMs in mainland China. Moreover, since the card's principle currencies are Chinese Yuan and Mongolian Tugrik, foreign exchange risk be eliminated exposure risk.
S. Batbayar