SocialPay and SocialPay Junior digital wallet Qorus Reinvention Awards - APAC 2024-2025 - Winner

Golomt Bank nominates 2 products SocialPay and SocialPay Junior (further mentioned as "SocialPay package" together) for the Qorus-Infosys Finacle Banking Innovation Awards. We initiated the development of digital wallet, SocialPay, with three main goals: "innovate the design and experience of the digital banking platform", "usage of AI and ML", and "create valuable digital-only products and services". In terms of UI and UX, it is instantly “recognizable”, “easy” to use and “unique”, as well as, the services we deliver are first-to-market and pioneer services.

The SocialPay package integrates a total of different 26 apps on the customer's phone and has brought many monetary and non-monetary results, such as the payment business and its revenue, innovative services for the younger segment, and innovative branding in the banking industry. Operating under the motto "SocialPay so Smart", the app delivers the following new solutions that will impact consumers, business organizations, technology partners, and the Mongolian payment system.

- Using AI to understand Mongolian speech and make transations by voice. - Make transactions by recognizing printed and written account numbers using OCR technology - Make transactions using your apple IWatch application. - Make payments using NFC technology with virtual card - Design your app by choosing the theme color you want. - Create instant credit card with online credit scoring. - Make international QR payments using UPI-QR. - Play games from SocialPay gaming platform. - By using the technologies developed by domestic start-up companies in Mongolia, we are contributing to the start-up and technology industry. - Not only banking services, but also more than 50 business’ services are delivered to users through SocialPay wallet

A voice transaction with SocialPay takes 5-10 seconds, while 15-20 seconds traditionally. For competing banks, there are currently no separate applications and their internet and smart banking transactions require 45-60 seconds to perform 10-14 operations. According to this, the SocialPay package takes 3-4 times less time and steps. Moreover, the wallet not only saves users time and money, but also reduces the amount of plastic waste by recommending virtual business cards and virtual cards. Also, within the framework of social responsibility, we have created a basic service to create an eco system that meets the needs of all family members, with the aim of providing children aged 7-17 with proper financial education and preparing customers for the future.

The bank is at a distinct advantage by delivering completely new products that are not available in the banking and financial sector of Mongolia, such as voice and OCR transactions using artificial intelligence solutions, Mobile NFC, Loyalty platform, Virtual credit card, local and international QR code payment with UPI QR, all types of utility payments. Therefore, the above products and services are enabling users to get international banking and financial services by greatly saving the customer's time and costs.

Introduction of SocialPay Junior application: Golomt bank has introduced a financial application, a version of SocialPay for children aged 7-17 for the first time in Mongolia in September 9, 2023. In the Junior application, parents can create an account for their child, set transaction limit and change settings with their Internet bank. Moreover, by introducing the SocialPay Junior application to the market, it supports the financial education of children, instills the healthy money management and financial products from an early age, as well as, contributes to society. For a Junior user, following great features are available. - Create your own "theme" color of the app - Transfer money to friends without commission - Demand money from friends and parents - QR payment at the store - Make purchases from the online store - Opening a virtual card of Golomt Bank (free of charge) - View your account statement (track your income and expenses) - Make purchases from mini app - Create tasks and send invoices to their parents upon task completion. - Chat with each other and send gifts