Khan Bank
With Khan Bank, the hard part is figuring out which of Asiamoney’s five awards for Mongolia it deserves most, given it checks pretty much all of the boxes.
Its total assets jumped 18.8% in 2020, year on year. The bank saw healthy gains in its total loan portfolio (6.7%) and deposits (21.8%) as well solid increases in equity, liquidity, return on equity and return on assets. It serves about 78% of Mongolian households through a network of over 550 branches.
Khan’s digital platform users topped 1.58 million in 2021, a period in which the ratio of transactions made through digital channels reached 97%. Under its CEO, Munkhtuya Rentsenbat, Khan Bank revamped its overall digital strategy with an improve-and-reform push in 2021: the bank digitalised all business processes and upgraded its network of more than 1,300 ATMs, 200-plus express banks and 170-plus kiosk machines.
But what really earned Khan Bank our best domestic bank award is its nimble and efficient response to Covid-19.