Mongolia’s Cryptocurrency Exchange “AIS-X” Establishes Business Partnerships with Local Financial Institutions, Starting Operations as an Integrated Financial Service from March 2019
Mongolia’s Cryptocurrency Exchange AIS-X (Operated By: National Investment Exchange Llc) Announced That It Will Start Operating the Exchange in March 2019.
AIS-X is an exchange that offers more than just a cryptocurrency trading service. The Japanese founders of AIS, Mr. Takigawa and Mr. Kondo, focused their attention on the future expansion of use of cryptocurrency and blockchains, as well as the growth of the Mongolian economy, and they made the most of their excellent network of connections in Mongolia to start the AIS business. Striving to enhance customer convenience, AIS-X has established business partnerships with local financial institutions to achieve the goal of an integrated financial service. Three financial institutions have entered into partnerships with AIS-X.
The 1st financial institution is National Investment Bank of Mongolia (hereinafter “NI BANK”). In 2014, NI BANK received the award of “Fastest Growing Customer Service in Mongolia” from the Mongolian Bankers Association, and in 2015, it received the “Fastest Growing Corporate Bank in Mongolia” award from the Global Banking and Financial Review. Through the partnership with NI BANK, AIS-X’s clients will be able to make deposits and withdrawals in legal tender from all around the world, and the option of managing fixed-term deposits with high interest (e.g. USD, EUR, MNT, CNY, JPY) will be provided. Also, by making it possible to issue NI BANK debit cards, AIS-X will strive to further enhance customer convenience when making withdrawals.
The 2nd financial institution is National Securities. National Securities is a securities company that holds a full license enabling it to be the lead manager for an IPO. Through the partnership with National Securities, AIS-X’s clients will be able to buy and sell securities around the world. Looking ahead, there are plans for a securities trading service where AIS-X exchange tokens are used directly.
The 3rd financial institution is Express Finance Service (hereinafter “EFS”). EFS is an institution that conducts loan operations. Through the partnership with EFS, AIS-X’s clients will be able to receive loans in cryptocurrency and legal tender, using cryptocurrency as collateral. By making use of such loans, clients will no longer need to sell the cryptocurrency in their possession in situations where funds are required, releasing them from the tax risk involved at the time of selling.
AIS-X also offers an AI Concierge service, where AI analyzes the behavioral characteristics of users and provides investment advice best suited to each user’s individual character. The strength of AIS is that, through this technology, it can attract beginners and other users who are not good at making investments.
At AIS-X, exchange tokens called “AIS” are issued. In addition to the integrated financial service, it also operates two types of mining businesses (Double Mining), and the system is that part of the profits from these businesses is distributed to holders of AIS tokens.
The 1st business is cryptocurrency mining. Mongolia’s electricity costs are low compared to many countries, and combined with a cold climate, it is a country ideally suited to cryptocurrency mining. AIS-X has specially customized Baikal’s mining machines, enabling mining to be conducted at rates of maximum efficiency.
In the 2nd business, AIS-X conducts resource (mine) mining, making it the first cryptocurrency exchange in the world to perform such activities. Mongolia has abundant underground resources, and there are reserves of rare metals that are vital to industry, such as gold, silver, and molybdenum. AIS-X is negotiating a partnership with Mongolia’s largest mining company Sharyn Gol JSC, and it will be involved in resource mining projects through direct investment.