The Asian Bankers Association (ABA) and the Mongolian Bankers Association (MBA) held a very particular webinar on “Mongolian Banking: Current Status and Opportunities” on October 17, 2022.
The webinar on Mongolian Banking gave the participants a better understanding on: (a) the economic and the financial market condition of Mongolia; (b) the industry sectors or areas for investments in Mongolia; (c) special programs, projects, products or services of the MBA that have benefited local banks and may be adapted by banks and financial institutions from other countries; and (d) potential areas for collaboration between MBA and other member banks.
Moderated by Mr. Oliver Hoffman, Erste Group Bank AG’s Managing Director & Head of Asia, the October 17 webinar opened with Welcome Remarks by Mr. Eugene Acevedo, ABA Chairman & President/CEO of Rizal Commercial Banking Corporation (RCBC) which was followed by the special presentation by Mr. Lkhagvasuren Amar, Executive and Secretary General of MBA.
During the one-hour webinar, Mr. Amar first introduced the basic organizational structure of MBA as well as the latest economic and social developments in Mongolia, including the rich natural resources that Mongolia owns.
Speaking of China as the major market of exports, he shared that the slowing down of the economic growth of China due to the Covid-19 pandemic had inevitably impacted the local economy of Mongolia at the same time. To help stimulate the economy, the Mongolian government has adopted quite a few measures and strategies, including subsidies for interest rates, keeping labor force intact and support polices for the SMEs.
Furthermore, to give the audience a better understanding on the financial sector in Mongolia, Mr. Amar also analyzed Mongolia’s position in global banking competitiveness and various financial indexes of Mongolia globally, such as the bank risk index and bank depth index. Emphasizing that bank loans remain to be the main engine to fuel the economy in Mongolia, Mr. Amar indicated that the bank loan quality/loan portfolio is getting better which is a positive trend for Mongolia.
The webinar wrapped up with the Q & A Session where questions related to the latest financial situation in Mongolia in the post-Covid era, foreign investments in the Mongolian banking sector and major challenges for the Mongolian banking industry, among others, were raised.
The presentation (PDF format) of the session can be downloaded HERE.
The video recording of the webinar can also be viewed at the ABA YouTube Channel.