Blockchain startup Terra signs partnership with Mongolia’s capital city Ulaanbaatar
Mongolia’s capital city of Ulaanbaatar has unveiled plans to launch a pilot program that will see the city’s Nalaikh district deploy a blockchain-based payment system developed by stablecoin startup Terra.
Terra payment system
The pilot program will launch within the next six months and offer two main features: peer-to-peer (P2P) payments for instant transfers among users of different banks, and mobile payments. The initiative aims to move the largely cash-based economy of Mongolia into the digital era by introducing transparent and convenient digital payments, according to a release. A special task force was formed to oversee the project.
“We believe this pilot program with Terra will reform how the people of Nalaikh City make everyday payments,” said Radnaabazar Choijinsambuu, governor of the Nalaikh District of Mongolia’s capital city Ulaanbaatar.
“It will contribute to the development and enrichment of the nation’s digital payment infrastructure, while creating a new online platform to easily share information and offering great opportunities to connect with our citizens through advanced technology.”
Co-founded by Korean entrepreneur Daniel Shin, who founded and chairs TicketMonster, one of South Korea’s leading e-commerce startups valued at US$1.4 billion, Terra is a young startup with offices in Singapore and South Korea developing a new stablecoin designed for mainstream adoption. The venture was launched with a clear focus on the e-commerce industry.
As an immediate next step part of its partnership with Ulaanbaatar, Terra will work with the local government to replace the payment method of utility bills and government subsidies with its stablecoin.
“Facilitating P2P and recurring utility payments with Terra are important first steps towards building a blockchain-based financial infrastructure in Mongolia,” Shin said.