2015At the beginning
Back in the beginning, our 2nd managing director Naranbat Battulga set out to solve a big problem: thousands of Mongolians were suffering to send remittance money back home to support their family.
Later on Naranbat shared that his close relative had gone through these frustrations where he was trying to save and send money to buy a home for his family in Mongolia, but faced extraordinarily high fees.
There was simply no other cheaper choice than a hawala transfer. This alternative remittance channel was heavily based on trust and the balancing of hawala brokers’ books not to mention the conflict of money laundering acts. But Naranbat saw the opportunity differently to connect the world with Mongolia in legit, safe, secure, cheap digital solution.
2016–2017 Finding partners
So Naranbat with his team went on to further study and search the feasibility of his solution. He attended International Money Transfer Conference (IMTC) organized in New Delhi in 2016 and IMTC World in 2017, the largest x-border financial services conference in the world. There he experienced an eye opening solution to his and his fellow countrymen and met the business partners today.
2018-2019 Finding MonRemit ltd
After extensive research and deliberate discussions, MonRemit LTD was established in February 2019 in London with one goal to help people send money to their homes, family and friends.
We are working hard to build the lowest cost, fast and reliable service to our consumers in Mongolia!
Our head company “Gyals credit NBFI” is partnering with Machnet Inc to offer digital remittance and cross-border payment services originating from the USA to Mongolia.
A company that is growing bigger every day, it is our utmost responsibility to keep our customers at the heart of everything we do.
Today Applied for Authorisation
MonRemit has applied for authorisation and currently at the assessment stage. We are ready, willing and organised to comply with the rules and requirements at all times by the FCA.