In 2024, the global cross-border payments sector saw a significant breakthrough in collaboration. Panda Remit, a renowned international cross-border remittance platform, and SENDMN NBFI LLC, a leading Mongolian financial institution, have officially entered into a strategic payment channel partnership.

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The two parties will integrate internet financial technologies and local service resources to jointly optimize the cross-border remittance and payment experience and create an efficient and secure cross-border financial service system for individual and commercial users.

Technology and Compliance Drive Panda Remit Global Services

As a leading cross-border financial company headquartered in Singapore, Panda Remit has consistently reshaped the cross-border payment landscape through technological innovation since its establishment in 2018. Leveraging PCI DSS security certification and nearly 300 risk control audit indicators, it has established a comprehensive protection system covering network security and transaction encryption. With the compliance support provided by King & Wood Mallesons, Panda Remit ensures that its services comply with global regulatory requirements.

Deep Local Roots and Demand Insights: SENDMN's Regional Service Advantages

As a leading non-bank financial institution in Mongolia, SENDMN has a precise grasp of the local payment market. Mobile payment users in Mongolia now account for nearly 70%, but financial infrastructure remains underdeveloped, and cross-border payments face challenges such as low efficiency and high costs. Leveraging its extensive local resources, SENDMN has established a service network covering major Mongolian cities and boasts a broad user base in areas such as personal remittances and merchant settlements. This partnership with Panda Remit will further fill the gap in the local market for efficient cross-border financial services.

A Powerful Alliance: Reshaping the China-Mongolia Cross-Border Payment Experience

This collaboration will deeply integrate technological strengths with local resources. By opening up payment channels, Panda Remit global technical architecture will empower SENDMN to upgrade its service capabilities and facilitate rapid capital flow in Mongolia, Southeast Asia, and other countries/regions. SENDMN will provide Panda Remit with localized compliance support and user access channels, ensuring its services are compatible with Mongolian market regulatory requirements and user habits.

Through this partnership, users on both platforms will enjoy cross-border remittance services featuring real-time exchange rate inquiries, low fees, and full process visibility. Remittances from Mongolia to Mainland of China can arrive in as little as three minutes, with fees over 70% lower than traditional channels.

The partnership between Panda Remit and SENDMN is a significant step in building a global cross-border financial ecosystem. Going forward, both parties will likely continue exploring the application of new technologies, such as blockchain, to promote inclusive cross-border payments. This will provide Mongolian users with enhanced international financial services and contribute to the upgrading of the local digital economy.