Terra (CEO Shin Hyun-sung), a South Korean blockchain company, signed a MOU (Memorandum of Understanding) with Ulaanbaatar, a capital of Mongolia, regarding a project that will establish mobile payment infrastructures. Terra and Ulaanbaatar are going to form a joint task force (TF) and carry out a demonstration project in Nalaikh, which is one of nine districts of Ulaanbaatar. They are going to eventually carry out demonstration projects in other areas in the future.
Terra is going to provide transparent and convenient digital payment method based on blockchain-based payment system and technology to Mongolia. It is expected that Terra’s technology will bring revolution for financial infrastructures of Mongolia, where cash transaction is main payment method.

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<CEO Shin Hyun-sung (left) of Terra and Governor Radnaabazar Choijinsambuu of Nalaikh took a commemorative picture after signing a MOU.>

P2P (Peer to Peer) payment method that will be used during a demonstration project also supports safe transactions between users who use different banks.
Terra is planning to have discussions with local governments so that people in Nalaikh can pay utility bills with Terra’s Stablecoins and receive government funding through Stablecoin.
“We are going to have our P2P mobile payment system become an ‘Alipay’ in Mongolia.” said CEO Shin Hyun-sung of Terra. “We are going to continue to expand our blockchain-based financial infrastructures in Mongolia.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com