EFT Solutions Partners with Bonum to Establish Cooperation with Mongolbank
- Written by Telegraph Magazine
Facilitated by eftPay, “T-Card” in Mongolia Makes its Overseas Debut in Hong Kong
HONG KONG SAR - Media OutReach Newswire - 31 March 2025 - EFT Solutions Limited ("EFT Solutions" or the "Company"), member of EFT Solutions Holdings Limited (together with its subsidiaries, the "Group"; stock Code: 8062.HK), a leading electronic fund transfer point-of-sales ("EFT-POS") solutions provider in Hong Kong, is pleased to announce that the Company and its partner Bonum LLC, a payment services provider in Mongolia, are collaborating with Mongolbank, the central bank of Mongolia.With the technical support from EFT Solutions and payment acquirer from eftPay, the trios have successfully facilitated the expansion of the "T-Card," a major payment card issued by Mongolbank in Mongolia, into Hong Kong markets, with its inaugural deployment in Hong Kong merchants.
According to the latest statistics, there are over 2 million T-Cards currently in circulation in Mongolia, accounting for more than 45% of the total number of payment cards. Furthermore, the total transaction volume of T-Cards exceeds 40% of the overall market. Breaking away from the prior limitations to domestic use, EFT Solutions, in collaboration with Bonum LLC, developed a tailored electronic payment terminal solution for the T-Card. This solution successfully integrates the card into their payment system to allow for seamless connectivity to various EFT-POS terminals, enabling its use in overseas markets.
Along with the technical development of eftPay, the T-Card successfully made its overseas launch. It is introduced as a payment method in selected restaurant partners in Hong Kong. Local travelers visiting Hong Kong can simply use the T-Card for payments, facilitating their spending in the city. Looking ahead, eftPay plans to gradually expand the T-Card to other local merchants, catering to the electronic payment needs of Mongolian tourists visiting Hong Kong.
Mr. Andrew Lo Chun-kit, Chairman and CEO of EFT Solutions said, "we are honored to be the first Hong Kong partner of Bank of Mongolia in regards to ePayments technology. Together we will accelerate local digital transformation. While driving Hong Kong to become a smart city, we are also responding to the HKSAR government's initiative in promoting the interconnectivity of e-payments across the regions. We will continue to actively explore various overseas smart city projects to seize international market opportunities."
In addition to the T-Card, the Group is dedicated to expanding its international footprint, including entering a memorandum of understanding with a digital bank in the United Arab Emirates (UAE) last year, thereby preparing for future collaboration.
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EFT Solutions Limited
EFT Solutions Limited, member of EFT Solutions Holdings Limited (Stock Code: 8062.HK) has been committed to providing a full range of electronic payment solutions, supporting software and peripheral devices, to bring convenience to Hong Kong citizens and make their life better. In recent years, EFT Solutions has been actively expanding into overseas markets, establishing a presence in countries such as Taipei, Malaysia, and Singapore. It aims at providing the most suitable electronic payment solutions for different client, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation and maintenance service. Its EFT-POS terminal service covers renowned restaurant group, railway company, banks, major chain stores and department stores in Hong Kong. Website: www.eftsolutions.com
