As a leader in digital banking, MBank is going global.
MBank, Kyrgyzstan’s first digital ecosystem bank, has achieved a remarkable milestone by surpassing 10 million downloads of its mobile application in 2024. This significant achievement highlights MBank’s dominant role in the country’s digital economy and underscores its appeal among Kyrgyz citizens, with over 3 million active customers representing 80% of the adult population. The bank’s innovative digital-first solutions continue to revolutionize the way people manage their finances, making it the preferred banking platform for the nation.
Financial Technology News: Backbase and Feedzai Partner for Integrated Financial Crime Prevention
Founded as a division of Commercial Bank Kyrgyzstan, MBank has transformed into a fully digital organization, playing a crucial role in driving the nation’s transition to an online banking ecosystem. With a mission to offer customer-focused, accessible banking services, MBank has become a key player in Kyrgyzstan’s digital banking revolution.
Key Achievements in 2024:
• $408 Million Loan Portfolio: MBank’s loan portfolio has grown 400% since 2021, reaching 35 billion KGS ($408 million) in 2024. This growth reflects the bank’s success in providing instant online loans, helping individuals and businesses access credit more easily.
• Visa Direct Transfers: MBank offers Visa Direct Transfers, facilitating seamless real-time payments both domestically and internationally.
• Comprehensive Digital Services: The MBank app provides a variety of services, including virtual card issuance, tax payments, and vehicle re-registration, making it a one-stop shop for managing personal finances and essential services.
• Entertainment Integration: Going beyond banking, the MBank app also features music streaming, TV channels, and films, providing users with a complete lifestyle experience.
Financial Technology Insights: Santa Isabel Chooses Sharetec for Core System Solution
International Partnerships and Security Innovations
MBank’s international payment capabilities have been enhanced through partnerships with platforms like Thunes and Mastercard, making it a leading choice for global trade. The bank has also invested in advanced security technologies, including hyperconvergent architecture and perimeter security systems, ensuring fast, secure, and reliable transactions.
Financial Technology Insights: TwentyOneVC Launches Crypto Arbitrage Service to Improve Market Efficiency
MBank continues to lead the way in Kyrgyzstan’s digital banking sector, with its rapidly growing $793 million (68 billion KGS) deposit portfolio and innovative financial ecosystem. As MBank remains committed to customer satisfaction and technological innovation, it is setting the benchmark for modern banking in Central Asia
Source: Businesswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
