KakaoBank discussed ways to cooperate on digital finance with Mongolia's central bank and MCS Group. It aims to broaden the scope of cooperation to innovate the local financial ecosystem based on a strategic partnership.

KakaoBank said on June 16 it met on June 15 with the governor of Mongolia's central bank and officials from MCS Group to discuss cooperation measures for digital finance innovation in Mongolia.

KakaoBank introduced its digital banking technology, customer-focused UX and UI strengths, and data-based risk management and credit scoring know-how to central bank officials. It also shared the status of cooperation under way with MCS Group and M Bank and discussed ways to expand digital financial services suited to Mongolia's financial environment.

KakaoBank plans to work with MCS Group, which operates businesses including telecommunications, finance and distribution, to develop an alternative credit scoring model tailored to local conditions in Mongolia. It aims to raise financial access and pursue innovation in the local financial ecosystem.

KakaoBank CEO Yoon Ho-young (윤호영) said, "KakaoBank's experience operating digital banking services and its data-based credit scoring know-how can contribute to local financial innovation." He added, "Based on our partnership with MCS Group, we will enhance financial access and convenience for financial consumers in Mongolia."

Bank of Mongolia Governor Narantsogt Sanjaa (나락촉트 산자) said, "The Bank of Mongolia is actively supporting the entry of foreign banks into Mongolia and the introduction of innovative, technology-based banking and financial services." He added, "We are also continuing efforts to improve relevant laws, systems and the regulatory environment."