China’s CIPS will become settlement norm in Mongolia within 2 years, Golomt Bank says

China’s cross-border payment system is reshaping how Mongolian banks move money, with the country’s second-largest lender predicting most major banks would join the network within two years as trade with its southern neighbour becomes increasingly settled in yuan. Golomt Bank became one of Mongolia’s first lenders to connect directly to the Cross-Border Interbank Payment System (CIPS), China’s yuan settlement network launched by the People’s Bank of China in 2015, with transactions beginning...