Thanks to MBANK’s creative work, Kyrgyzstan’s financial scene is undergoing a revolutionary change. Being the nation’s first digital ecosystem bank, MBANK has implemented innovative solutions that make banking easier for millions of customers. The integration with the Thunes Direct Global Network, a collaboration that maximizes cross-border payments and solidifies MBANK’s standing as a pioneer in financial innovation, is one of its most recent and revolutionary projects.
The Significance of the Thunes Integration
International money transfers can be difficult for Kyrgyz people and businesses because of lengthy processing times, expensive fees, and complicated procedures. These problems are directly addressed by the integration with the Thunes Direct Global Network. For a nation like Kyrgyzstan with an expanding global presence, Thunes’ sophisticated payment infrastructure makes cross-border transactions easy, quick, and affordable—a major turning point.
With just a few clicks thanks to this partnership, MBANK customers can send and receive money anywhere in the world. The process is now simpler than ever, whether you’re an individual sending money to loved ones overseas or a business owner handling imports. MBANK now enables transfers to over 160 countries, reaching more than 7 billion wallets and accounts worldwide.
Advantages for MBANK Clients
For MBANK users, the integration offers several advantages:
● Faster Transactions: Bid farewell to days of waiting for transfers abroad. Instantaneous payment processing increases user convenience.
● Reduced Costs: By lowering transaction fees, the system enables everyone, including individuals and small enterprises, to make international payments.
● Improved Accessibility: By using the MBANK mobile app, users can send and receive money directly, doing away with the need for intermediary services.
These enhancements are consistent with MBANK’s dedication to offering customer-focused, digital-first solutions.
Promoting Kyrgyz financial inclusion
The partnership with Thunes is a step toward increased financial inclusion in Kyrgyzstan and goes beyond simple technological advancement. MBANK is empowering underbanked communities and allowing them to engage in the global economy by making it easier for them to access international payment systems. Additionally, by helping small businesses reach a wider audience, this initiative promotes regional economic growth.
MBANK: Digital Transformation and Rapid Growth
The year 2023 marked a milestone for MBANK, as it became the most popular financial app in Kyrgyzstan, surpassing 10 million downloads—a staggering increase from 0.3 million in 2021. MBANK’s active customer base has grown fifteenfold since 2021, now serving over 3 million Kyrgyz citizens (80% of the adult population). These achievements highlight the trust and confidence MBANK has garnered within Kyrgyzstan.
MBANK’s financial success is equally impressive. The bank’s assets have increased fivefold since 2021, reaching over $1.05 billion in 2024. The deposit portfolio has also surged, growing from $151 million in 2021 to $793 million in 2024. The loan portfolio has expanded fourfold, from $107 million in 2021 to $408 million in 2024. These figures underscore MBANK’s role as a leader in Kyrgyzstan’s fintech revolution.
The collaboration with Thunes is yet another gem for MBANK. It emphasizes the bank’s objective to establish new standards for service delivery and spearhead the financial sector’s digital transformation in Kyrgyzstan. This integration aligns with MBANK’s broader efforts to enhance its digital services, including Visa Direct, Islamic banking solutions, and innovative financing options like MPLUS, MBANK’s Buy Now, Pay Later (BNPL) service.
What Will Happen to MBANK Next?
MBANK’s leadership isn’t sitting back and enjoying its success. The MBANK ecosystem will be expanded, digital services will be further improved, and new financial products catered to Kyrgyz’s needs will be introduced in 2024. This includes more extensive uses of Islamic finance, an area in which MBANK has already experienced notable expansion with the launch of MISLAMIC, a fully digital Islamic banking platform.
The bank also prioritizes client security by putting cutting-edge safeguards in place like improved monitoring tools and hyperconvergent architecture. These initiatives guarantee that customers have a smooth and secure banking experience.
Conclusion
MBANK is redefining banking in Kyrgyzstan with its incorporation into the Thunes Direct Global Network. The bank lays the groundwork for a time when international payments will be as easy as domestic ones by utilizing cutting-edge technology and putting the convenience of its customers first.
MBANK offers a secure and convenient way to send money overseas, whether you’re an individual or a business owner looking for effective payment solutions. In addition to staying current, MBANK, Kyrgyzstan’s first digital ecosystem bank, is spearheading the transition to a new era of financial services.
MBANK is at the forefront of Kyrgyz banking’s emerging future. Are you prepared to see the difference for yourself?