The Korea Times
KakaoBank has signed a memorandum of understanding (MOU) with Mongolia’s MCS Group, taking a step toward expanding its footprint in Central Asia, the company said Thursday. MCS Group is one of Mongolia’s leading conglomerates, with subsidiaries spanning telecommunications, finance and engineering. It also operates M Bank, the country’s only digital bank. The agreement, signed April 3 at KakaoBank’s headquarters in Pangyo, Gyeonggi Province, details plans for a strategic equity investment in M Bank, as well as the joint development of alternative credit-scoring models tailored to local financial conditions. Speaking at a press conference, Wednesday, KakaoBank CEO Yun Ho-young described the partnership as “a meaningful step in bringing KakaoBank’s inclusive finance model to the global stage,” following the company’s expansion into Indonesia and Thailand. Mongolia possesses strong growth potential for digital finance, supported by high internet penetration and state-led efforts to expand financial infrastructure, KakaoBank said. At the same time, its young population, with a
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