“CHULUUT” FLUORSPAR PROCESSING PLANT PROJECT UPDATE
The Chuluut project’s total progress is reached up to 77% this week constituted by equipment foundation 87%, sandwich panel 76%, structural and covering material 100%, electrical installation 3%, pipe and plumbing work 40%, external boiler 46%, and flooring 99% completion. The construction team is planning to install Crusher upon arrival this week.
ECONOMY
COAL EXPORT DROPS NEARLY 50 PCT AMID COVID-19 PANDEMIC
Mongolia exported a total of 11.2 million tons of coal in the first seven months of this year, a decrease of 46.4 percent compared to the same period last year, according to official data on Tuesday.
The sharp decline, said the Mongolian Customs General Administration, is largely due to the COVID-19 pandemic.
In a bid to boost cooperation with China amid the pandemic, Mongolia has introduced a temporary regulation called Green Gateway, which came into effect on Saturday, according to the Mongolian Ministry of Mining and Heavy Industry.
Minister Gelen Yondon said he hopes the regulation will help Mongolia increase its export of mining products, such as coal and copper concentrates, to China.
Source: Xinhua
BUDGET DEFICIT REACHES 9.8 PERCENT OF GDP
Mongolia’s budget deficit currently stands at 9.8 percent of gross domestic product (GDP) amid the coronavirus crisis. According to Finance Minister Ch.Khurelbaatar, in the amendment to the 2020 State Budget, deficit would be MNT 3.8 trillion.
The budget revenue fell by MNT 2 trillion in the first half of 2020 and tax revenue flow was curtailed by MNT 3.4 trillion due to coronavirus stimulus package which zeroed most taxes.
Source: News.mn
CENTRAL BANK PURCHASES OVER 11 TONS OF GOLD SO FAR THIS YEAR
Mongolia's central bank said Wednesday that it had purchased a total of 11.3 tons of gold in the first seven months of this year.
Purchasing gold is one of the key tools for the Bank of Mongolia to ensure the country's economic stability by consistently increasing foreign currency reserves, the central bank said in a statement.
Mongolia's foreign exchange reserves stood at 3.6 billion U.S. dollars at the end of the first half of this year, enough to cover imports for nine months, the bank said.
Central banks across the world typically hold gold as part of their foreign exchange reserves because of its historic long-term returns and high liquidity.
Source: Xinhua
See also: BoM purchases 2.2 tons of precious metal in July
LOAN DEFAULTS DECREASE BY 2.7 PCT
According to report from Bank of Mongolia, total loan outstanding has reached to MNT 17.2 trillion as of June, 2020;
• MNT Loan- MNT 15.6 trillion
• Foreign Currency Loan- MNT 1.6 trillion
Loan outstanding increased by MNT 1.1% and normal loan increased by 2.7%.
Default loan decreased by 2.7% and past due loan decreased by 12.2%. Total loan outstanding includes:
• MNT 8.7 trillion loan to individual
• MNT 8.2 trillion loan to corporate.
9.5% of total loan, 1.3% of individual loan and 17.5% of corporate loan are foreign currency loan.
Payment balance loss of USD 1.1 billion occurred.
According to pre-performance of May, 2020, total payment balance of Mongolia has loss of USD 1 billion and 131 million. Current and asset accounts balance have loss of USD 838.9 million, financial account balance has loss of USD 11.3 million. Foreign currency reserve of Mongolia is USD 3.8 billion as of May.
Source: GoGo News
MONGOLIA SMI: JULY DATA SHOWS ECONOMY RECOVERING RAPIDLY FROM COVID
• The headline Sales Managers Index reflects rapid growth in economic activity
• Business Confidence about the next few months now at 11-month high
• The Sales Growth Index is at a 25-month high reflecting real economic growth
• The Job Index remains below the 50 " no growth" level but is likely to regain the levels of one year ago in August.
Overall the Mongolian economy is clearly back in growth mode. The economy suffered very badly from the abrupt closure of vast areas of the Chinese economy earlier in the year in response to the Coronavirus. But many business sectors are now seeing a sharp revival in activity levels, and it is likely that Gross Domestic. Product will increase in real terms in the third quarter.
Source: WorldEconomics.com
ZORIG FOUNDATION SURVEY ON PEOPLE INTERESTED IN FOREIGN SCHOLARSHIPS
Zorig Foundation is surveying people who are interested in foreign scholarships. The purpose of the survey is to include the opinion and experience of people who wish to obtain a Masters's degree from foreign scholarships, specifically Australian Awards, to advance their education and career. We seek to determine the statistics of interested applicants, their experience with the application process, and the challenges of applying. The outcome of the survey will be a set of recommendations based on the survey respondents' needs requirements.
-Information needs of the possible applicants
-Common challenges that arise during the application process
-The overview of the interested/potential applicants
The results will be used for future operations of the Zorig Foundation and its Partner organizations' scholarship programs. The survey will take approximately 10-15 minutes. Your participation is highly appreciated.
If you have any questions or concerns regarding the survey, please contact the research team leader, S.Boldsaikhan (boldsaikhan@zorigfoundation.org).
Source: Zorig Foundation
TECH HELPS CASHMERE HERDERS, HAZELNUT FARMERS FIGHT SOIL EROSION IN ASIA
This is the goal in Mongolia, where nearly 70% of grasslands have been damaged due to warmer temperatures and overgrazing by cashmere goats whose highly prized wool is a top export.
A project by the Wildlife Conservation Society for sustainable cashmere uses satellite maps to help herders find places where the vegetation is healthy enough for grazing.
In a pilot, the U.N. development agency UNDP is working with the Mongolian government, the Sustainable Fibre Alliance and herders, using blockchain technology to track the cashmere herds and limit production from overgrazed areas.
Herders use a mobile phone app created by Toronto-based Convergence.Tech to register their cashmere with a radio-frequency identification (RFID) tag that is regularly scanned from the goats to the processing facilities.
The pilot last year in three northeastern provinces tagged and registered about five tonnes of cashmere.
Source: Reuters
CHINESE ENGINEERS TO START WORK AFTER COMPLETING 21 DAYS OF ISOLATION
A team of 31 Chinese engineers and technicians has been isolated in Choibalsan, the main city in eastern Mongolia’s Dornod Province, since 22 July. The group entered Mongolia through the Zamyn-Uud border crossing and were put under observation for coronavirus symptoms in the city’s Choibalsan Hotel.
The Chinese workers are expected to complete their 21 days of mandatory isolation on 12 August and to start work on the expansion of the Choibalsan Thermal Station. The expansion will increase the capacity of the power plant by 50 megawatts and will be financed by a Chinese Government loan worth over USD 70 million.
TBEA, a Chinese group is working to facilitate the expansion within 18 months after winning a tender announced by the Mongolian government. The company plans to bring over 250 Chinese workers to Mongolia.
Source: News.mn
COOPERATION IN VOCATIONAL EDUCATION AND TRAINING SECTOR TO BE DEVELOPED WITH GERMANY
Minister of Labor and Social Protection A.Ariunzaya held a meeting with Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to Mongolia Mr. Jörn Rosenberg on August 4.
At the meeting, the two parties mutually shared information on bilateral relations and cooperation, especially, major works fulfilled in labor, social protection and vocational education and training sectors as well as progress and outcomes of joint projects and programs.
Ambassador Jorn Rozenberg expressed willingness to strengthen current relations and focus more attention on vocational education and training sector. A project entitled “Partnership-based Technical and Vocational Education and Training” has being successfully implemented at phases- in 2013-2016, 2016-2019 and 2019-2021 within the framework of promoting vocational education and training with support of the Government of Germany.
Source: Montsame
PUBLIC TRANSPORT SERVICE TO BE UPGRADED WITH ELECTRIC AND ECO-FRIENDLY BUSES
At today’s regular meeting of the Cabinet, Acting Governor of the capital city and Mayor of Ulaanbaatar J.Batbayasgalan gave updates on Ulaanbaatar road and public transport service-related issues.
Relevant ministers and authorities were assigned to annually include road sector investment projects in the state budget, upgrade public transport service with new electric and eco-friendly vehicles, reflect the funding necessary for public transport service in the state budget every year, and develop and present bills on exemption of public transport buses and trolleybuses from customs duties and VAT.
Incidentally, the Ulaanbaatar City Master Plan 2030 includes the construction of 240 km roads in the capital city between 2020 and 2025 and 244 km roads between 2025 and 2030. A total of 949 buses and trolleybuses provide public transport service in 98 lines in Ulaanbaatar and most of the public transport vehicles or 133 and 531 buses are going out of service this year and next year respectively, as their permitted service-life of 12 years expire.
Source: Montsame
ARVO OTT: WE CONCLUDE THAT CURRENT LEVEL OF MONGOLIAN DIGITALIZATION IS RELATIVELY GOOD - INTERVIEW
Delegations from the Estonian e-Governance academy had visited state agencies for further cooperation last February. During their working visit, the Mongolian Economy interviewed Mr. Arvo Ott, Chairman of the Management Board of e-Governance Academy and Heiko Vainsalu, Consultant in Roksnet Solutions Ltd, which is partners with e-Governance Academy.
– What is the purpose of your visit here in Ulaanbaatar? Tell us some news from the meetings here?
-Arvo Ott: Actually, we had a joint project that focuses on the state assessment. Maybe you can call this gap analysis. We have meetings during this week with CITA, foreign ministries, and banks to get a bigger picture of e-Government. This project is implementing six months to one year. We can simply continue its goals. But I need to look at some resources and maybe recommendations and discuss some regulations which might be of interest for both sides. We have Estonian experiences.
Source: Mongolian Economy
BUSINESS
MONGOLIA-S.KOREAN JOINT STARTUP BUSINESS PROMOTION CENTER TO BE FOUNDED
The corresponding Government Agency of the Republic of Korea has sent an official statement to the Municipality of Ulaanbaatar city that a project on establishment of Mongolia-.Korean Startup Business Promotion Center was selected.
More specifically, a memorandum of cooperation on establishment of joint business promotion center was established between the Governor’s Office of the Capital City, Science, Manufacturing and Innovation Department of the Capital City and Young Entrepreneurs Council and Korea Institute of Startup and Entrepreneurship Development at the Ministry of SMEs and Startups on March 17, 2020.
The center was resolved to be founded in B block of New Yarmag sub center, covering 1000 sq.m to develop high tech and innovative production and services. With the establishment of Mongolia-S.Korean Startup Business Promotion Center, following works are planned to be carried out.
Source: Montsame
INFORMATION OF STANDARD RESORTS AND CAMPS COMPILED
One of the activities that Zavkhan aimag carrying out to develop responsible tourism is to register and promote resorts and camps that meet the quality standards.
The number of domestic and foreign tourists visiting Zavkhan aimag is rising year by year. In correspondence to this, a new brochure and catalog was issued last year based on the survey conducted in aims to register and identify the services for domestic and foreign tourists provided by camps and resorts in the aimag that meet the quality standards.
This year, the data has been updated, featuring the compilation of information on locations of the aimag’s attractions and its brief introductions, distances, prices and tariffs etc. The information can be obtained from the Tourism Association of Zavkhan aimag.
Source: Montsame
See also: Over 80 businesses source separating in Zavkhan aimag
SALKHIT, BAGANUUR AND SHIVEE-OVOO MINES FOCUS ON TECHNICAL REFORM AND CUTTING COSTS
Minister of Mining and Heavy Industry G.Yondon visited Salkhit, Baganuur and Shivee-Ovoo mines run by Erdenes Mongol LLC last weekend to check on winter preparations, performance and technical reform.
According to Director of Erdenes Silver Resources T.Munkhbayar, the current estimated reserves at Salkhit mine can be increased two to threefold through drilling and mountaintop removal mining. He added that the company is planning to expand the refiner and increase the capacity of its ore processing plant to 600,000 tons per year. Once these works are completed, Erdenes Silver will expand its quality monitoring laboratory and connect a power line from Mandalgovi city to enhance electricity supply to plants.
Shivee Ovoo is currently operating with less than 14 machinery though it planned to use 20 machinery. Shivee Ovoo JSC representatives noted that they are facing delays in soil stripping due to failures in machinery and equipment.
Source: The UB Post
LOCAL COMPANY PRODUCING 30 TYPES OF LED LIGHTS
'Erdenet' LED light factory of And Energy JSC has been providing illumination for the streets of Erdenet, capital of Orkhon aimag, since 2014.
The factory with a daily capacity of 300-600 pieces was awarded the Best Taxpayer in 2019 and has been supplying 30 types of LED lights to the local market. Last year, all street lights in Erdenet were upgraded with MNT 800 million from local budget.
Incidentally, the company traded shares worth around MNT 220 million in 2019 and produced street lights for Arkhangai and Khuvsgul aimags.
Source: Montsame
CLSA, ARGONAUT ON HAND FOR XANADU MINES RAISING
CLSA's rebuilt equity capital markets team is off and racing.
The stockbroker was in the market on Thursday – alongside joint lead manager Argonaut Securities – with a $10 million raising for Mongolia-focused copper and gold explorer Xanadu Mines.
It's the first raising CLSA's ECM team has been on since the firm picked up Jeremy D’Sylva to lead the division in January this year, after Jefferies raided CLSA in June 2019.
Xanadu was hunting for $10 million in fresh capital through a two tranche placement, with tranche one raising $5.6 million and the second tranche snaring the balance, according to terms sent to funds.
The offer was priced at 4.5¢ a share, which represented a 23.7 per cent discount to its last close and a 20 per cent discount to the five-day VWAP.
Funds raised would be used for drilling and exploration activities at Xanadu's Kharmagtai copper and gold project in southern Mongolia.
Source: Australian Financial Review
TUMEN SHUVUUT SEMI-ANNUAL REPORT: MNT 2 BILLION NET PROFIT
“Tumen shuvuut” JSC, a Tier 1 listed company, presented its semi-annual financial and operational report to public on August 4th, 2020 at MSE. Compared to the same period of 2019, the Company has achieved the following results:
• During the reporting period the Company produced 33.5 million eggs which showed an increase of 2 million eggs or 6% growth.
• Sales net revenue reached MNT 11.7 billion and the Company recorded a net income of MNT 2 billion or EPS of MNT 10.1.
• In cooperation with the “Dion Engineering” Ltd, “Tumen shuvuut” JSC opened the liquid egg factory which qualified the Euro standards.
• The newly established poultry farm started to operate with 40’000 chicks in Ikh Bulag in the 21st sub-district, Songino Khairkhan District, Ulaanbaatar.
Please click here for extended information about the company’s recent presentation.
Source: MSE
See also: Liquid egg factory commissioned
SUU JSC SEMI-ANNUAL REPORT: SALES REVENUE UP 5 PCT, BUT PROFITS DOWN
“Suu” JSC, a Tier 1 listed company, presented its semi-annual financial and operational report to public on July 31st, 2020 at MSE. Compared to the same period of 2019, the Company has achieved the following results:
• In the first half of 2020, net sales revenue increased by 5%, however, net profit shows a decline. Sales revenue increase was mainly driven by sales of PET packaged yogurt and long-lasting tetra-pack packaged milk. The decrease in net profit is due to the increase of cost of sales and the national currency inflation. In addition, the supply process delayed due to the spread of Covid-19 virus as well as the Company could not increase product prices in a timely manner were the main drivers of the decline in profit margins.
• The company is aiming to increase its net profit in the end of 2020 to MNT 6.1 billion which is an increase of 9% comparing to the previous year by introducing new products and investing in its operations.
Please click here to view the full report.
Source: MSE
DARKHAN NEKHII JSC PREPARES FOR EXPORT TO RUSSIA
Darkhan Nekhii JSC, a Tier 1 listed company on the Mongolian Stock Exchange, on August 3 presented its semi-annual financial and operational report to the public.
In the first half of 2020, the company’s total assets have reached MNT 63.1 billion, which means MNT 2.4 billion or 3.9 percent increase compared to the same period of last year.
The company is now successfully carrying out two major projects and implementing quality management system for three of its subsidiaries by receiving consulting service on ISO9001:2015 quality management system with support from the European Bank for Reconstruction and Development.
The company has also started production of eight types of products in preparation for exports to Russia.
Source: Montsame
MONGOL BASALT SEMI-ANNUAL REPORT: MNT 19.4 MLN NET PROFIT, DOWN 84 PCT
“Mongol Basalt” JSC, a Tier 2 listed company, presented its semi-annual financial and operational report to public on August 4th, 2020 at MSE. Compared to the same period of 2019, the Company has reached the following results:
• Net sales revenue of the “Mongol Basalt” JSC reached MNT 1.45 billion increasing by 29.8 percent or MNT 333 million. Net income decreased to MNT 19.4 million.
• In the reporting period the Company has completed the installation of the heat exchanger furnace and installed an integrated camera system. It also began to supply the M-50 - a new insulation material with lower cost and higher quality compatible for private houses.
• Moreover, the Company produced hydroponic soil which provides an opportunity to save 80 percent of water usage and support growing process by 22 percent and sold 600 packs to the South Korean customer.
Please click here for extended information about the company’s recent presentation.
Source: MSE
INVESCORE NBFI SEMI-ANNUAL REPORT: NET PROFIT MNT 6.1 BLN, UP 52 PCT
"Invescore NBFI" JSC, a Tier 2 listed company, presented its semi-annual financial and operational report on July 31st, 2020 at MSE. During the reporting period:
• Total assets increased by 50% or MNT 32.3 billion reaching MNT 97.4 billion, compared to the same period of last year;
• Total owner's equity rose to MNT 46.5 billion with the growth of MNT 10.8 billion;
• It recorded the total revenue of MNT 13.3 billion with the growth of 61% compared to the same period of last year.
• Net income amounted to MNT 6.1 billion which equates to a rise of 52% compared to the same period of last year.
Please click here to view the full report.
Source: MSE
ITOOLS SEMI-ANNUAL REPORT: NET PROFIT DOWN 18 PCT TO MNT 35 MILLION
“I Tools” JSC, a Tier 2 listed company’s CEO Mrs. Tamir presented its semi-annual financial and operational report to public on August 4th, 2020 at MSE. Compared to the same period of 2019, the Company has achieved the following results:
• Net sales revenue of the “I Tools” JSC reached MNT 1.4 billion or increase of 27.5 percent and net income decreased in 18 percent and amounted MNT 35.5 million. Moreover, from the data center operation, the Company recorded an income of MNT 858.9 million which resulted in an increase of MNT 142.9 million in net income.
• In cooperation with “Fibo Global” LLC, “ITools” JSC is launching a newly developed product “ICS MEET” into the market. This application will provide an opportunity to virtually connect 200-300 people and will become the pioneer online meeting application of Mongolia.
Please click here for extended informations about the company’s resent presentation
Source: MSE
MOODY'S ANNOUNCES COMPLETION OF A PERIODIC REVIEW OF RATINGS OF MONGOLIAN MORTGAGE CORPORATION HFC LLC
Mongolian Mortgage Corporation's B3 Corporate Family Rating reflects its strong asset quality, moderate capitalization and stable profitability as the sole mortgage servicer for the government's affordable housing finance program. The company's key credit weaknesses are its elevated counterparty risks due to its exposure to commercial banks in Mongolia and the Bank of Mongolia, its credit concentration to the Mongolian residential property sector and its weak liquidity.
Mongolian Mortgage Corporation's B3 rating does not incorporate any uplift for government support because the company's standalone assessment of b3 is at the same level as the Mongolian government's B3 issuer rating. Nevertheless, Moody's expects a high level of support from the government of Mongolia in times of stress. Moody's assumption of support is based on Mongolian Mortgage Corporation's close linkages with the central bank and the government, direct and indirect government ownership; and high systemic importance to Mongolia's financial sector.
Source: Yahoo Finance
DENISON MINES WINS USD 10 MILLION MONGOLIAN ARBITRATION
Denison Mines Corp announced that the London Court of International Arbitration (LCIA) recently rendered a final award in favour of Denison for the previously disclosed arbitration proceedings between the company and Uranium Industry a.s. (UI) related to the 2015 sale by Denison to UI of its mining assets and operations located in Mongolia.
The arbitration panel declared that UI violated its obligations to Denison under the related agreements, and ordered UI to pay the company US$10,000,000 plus interest at a rate of 5% per annum from November 16, 2016, plus certain legal and arbitration costs. The arbitration panel further dismissed all other claims and counterclaims.
In November 2015, Denison completed the sale of its mining assets and operations located in Mongolia to UI pursuant to an amended and restated share purchase agreement (the GSJV Agreement). The primary assets at that time were the exploration licenses for the Hairhan, Haraat, Gurvan Saihan and Ulzit projects.
Source: ResourceWorld.com
SKYMEDIA CORPORATION UPGRADES TO MINERVA 10 PLATFORM TO POWER NEXT GENERATION TELEVISION SERVICES
Minerva Networks, the leading provider of service management solutions for connected entertainment, announced today that Skymedia Corporation in Mongolia is upgrading its pay TV platform to Minerva 10 to power next-generation television services. The new offering will provide advanced discovery, navigation and consumption experiences on both legacy set-top boxes and new consumer devices, and it will also bring a new set of management tools to the service provider’s marketing and operations teams.
“An innovative video service is key to our continued growth and success,” said Mrs. D. Narantuya, Chief Executive Officer at Skymedia Corporation Mongolia. “The Minerva 10 platform will allow us to efficiently upgrade all of our subscribers to a superior television offering”.
Besides delivering a compelling user experience, Minerva 10 provides a unique set of service management tools that allow operators to promote specific content, build thematic pages, and highlight new movies, television shows and news events.
Source: Minerva Networks
EMC HALTS PRODUCTION FOR TWO DAYS FOR MAINTENANCE AND REPAIR
State-owned Erdenet Mining Corporation halts production once a year for major repair, maintenance and cleaning. Therefore, Mongolia’s biggest ore processing plant stopped its production for two days between 31 July and 2 August. During the two days stoppage, a total of 1410 employees from the company conducted 103 repair jobs on 10 key areas of production.
In June 2016, the Mongolian Copper Corporation acquired 49% of “Erdenet Mining Corporation” LLC (“EMC”) from the Russian Federation’s “Rostec.” The remaining 51% of EMC is held by the Mongolian state.
EMC is considered one of the biggest copper mines in Central Asia alongside the giant Oyu Tolgoi mine operated by Rio Tinto in the Mongolian Gobi. EMC was established in accordance with an agreement between governments of Mongolia and the then Soviet Union. It started in operations in 1978.
Source: News.mn
ORGANIC CASHMERE – A NEW ECO-FRIENDLY FASHION CHOICE
Most premium and top-of-the-line cashmere comes from Mongolia – they’re the softest, most organic and environmentally sustainable natural fiber you’ll ever find in the world.
The fashion industry is moving toward sustainability and eco-friendly productions as more realize the crucial need to preserve and conserve nature. This is a key focal point for eco-conscious Gobi Cashmere, a leading cashmere producer based in the heart of Asia. The Mongolian-based brand sources its cashmere fibers from a diverse breed of goats spread out in the vast landscape of Mongolia. This ensures Gobi obtains not only the finest fiber for its cashmere products, but also a wider choice of natural colors found nowhere else in the world.
Organic cashmere translates to pure, undyed and unbleached fibers. There are many types of cashmere, but not all of them are organic or environmentally sustainable.
Source: The UB Post
FIRST TADANO AT IN MONGOLIA
Mongolian crane rental company Sonoforte Group has taken delivery of the first new Tadano All Terrain crane to be delivered in the country with a 220 tonne ATF 220G-5.
The two engine, five axle ATF 220G-5 has a 68 metre seven section main boom with hydraulic luffing swingaway and an integrated 5.8 metre heavy lift extension. The crane’s first outing included a gruelling road trip through the Gobi desert in order to lift a train on to a newly laid railway track.
Sonoforte executive director, Marc Hawkins, said: “Mongolian conditions can be harsh. Temperatures range from minus 40 to 40 above – we have to cover huge distances between jobs, often without tarmac under the tyres. Our cranes can be working in the desert one week and in the taiga mountains the next. It was important to have a crane that could match the conditions…”
Source: Vertikal.net
SOCIALPAY DIGITAL WALLET IS THE FIRST APPLICATION THAT ALLOWS YOU TO MAKE PAYMENTS ABROAD
SocialPay Digital Wallet, in partnership with UnionPay International co.,ltd, has introduced the EMV UnionPay QRC international payment service using a banking application abroad. As a result, the application became Mongolia's first digital wallet integrated into the international QR / Barcode payment system, allowing customers to pay by mobile phone not only domestically but also internationally.
For example, it is now possible to make payments via SocialPay when making purchases from UnionPay stores and service organizations in more than 50 countries, including Mainland China, South Korea, Russia, Singapore, Taiwan, Hong Kong and Australia. To do this, bind your UnionPay card to SocialPay APP and scan the QR / Barcode, or read the QR / Barcode at the merchant to make a purchase.
UnionPay is the largest card payment organization (debit and credit cards combined) in the world offering mobile and online payments based on total value of payment transactions.
Source: GoGo News
