BANK OF MONGOLIA GRANTS DIGITAL CURRENCY LICENSE TO ARD CREDIT
Ulaanbaatar, May 20, 2020 - ArdCredit (MSE:ADB) received its digital currency license from the Bank of Mongolia in accordance with the Law on Central Bank and the Law on the National Payment System of Mongolia, giving birth to ArdCash.
ArdCash is a digital currency that will be used to make payments and settlements through ArdApp, a mobile application introduced by Ard Financial Group, parent company of Ard Credit. Stored electronically and backed by cash, ArdCash is freely convertible into MNT and vice versa. Hence, Ard App’s half million registered users will have access to the full suite of services such as online loans, securities’ trading, online shopping, money transfers, payments, etc. provided through this unique super app.
“First of all, I would like to express our sincerest gratitude to Mongolbank for supporting our efforts on behalf of shareholders, employees and management of Ard Credit.” stated Mr. Telmen Gerelt, CEO of Ard Credit. “With the introduction of ArdCash to the market, people will have more opportunities to take advantage of new forms of financial services. This will stimulate competition in the banking sector, reduce the cost of delivery of financial services, and enable us to expand our services to local communities in remote areas with limited access to banking services as well as the Mongolian diaspora abroad.”
This digital currency license does not apply to ArdCoin, Ard Financial Group’s blockchain based loyalty program integrated into its app.
Ard Credit is a public company, licensed by the Financial Regulatory Committee as a non-bank financial institution and listed on the Mongolian Stock Exchange, with the mission to lead the financial services industry of Mongolia by leveraging innovative technologies.
Ard Financial Group is a diversified financial services holding company with the aim of increasing its shareholders’ equity through investing in and developing leading financial services and technology companies. Our investment portfolio consists of companies such as Ard Insurance, Ard Credit, Ard Securities, Ard Life, Ard Assets, Ard Management, Ard Bit, TenGer Systems, Mongol Post, and MEC Partners (ardshop.mn). Ard App, Ard Digital Banking, ArdCoin and ArdCash are proprietary digital products based on artificial intelligence and blockchain technology.
Companies in our portfolio that are also listed on the MSE:
MSE: AARD (03260) Ard Financial Group (formerly Jinst Uvs/Investor Nation)
MSE: AIC (05480) Ard Insurance
MSE: ADB (05509) Ard Credit
MSE: MNP (05412) Mongol Post
For more details, contact:
HQ address: Ard Holdings, Prime Minister Amar street, Suhbaatar district, 8th horoo, Ulaanbaatar, Mongolia. w3w: powerful.gains.animates
Central Tower branch address: Suhbaatar square-2, Suhbaatar district, 8th horoo, Ulaanbaatar, Mongolia. w3w: animate.softest.screeches