Mongolia

Golomt Bank takes the best domestic bank award for Mongolia this year in recognition of its financial performance and efforts to improve sustainability and diversity.

Mongolia’s best bank for corporates this year is Golomt Bank, which has enhanced its products and services to support the changing needs of domestic corporates.

Golomt Bank distinguished itself during the awards period as a leader in corporate social responsibility demonstrating commitment to Mongolia's social and economic development and cultural heritage.

Khan Bank, the largest commercial bank in Mongolia, has been named best bank for environmental, social and governance in the country this year in recognition of its work to develop green financial products and services and to support sustainability.

Trade and Development Bank (TDBM) takes the diversity and inclusion award in Mongolia this year thanks to its clear strategy to improve gender equality within and outside the bank.

High mobile phone penetration in Mongolia has driven domestic banks to ramp up their digital transformation efforts. Khan Bank was the first in Mongolia to introduce internet banking in 2007. Its mobile application was launched in 2013, and in 2022, users of its digital platform totalled 1.7 million (close to 50% of the population), with the ratio of transactions made through digital channels over conventional reaching 99%.

Khan Bank is Mongolia's best bank for small and medium-sized enterprises after having grown its business and commitment to the segment.

Mongolia’s five big lenders have successfully completed their IPOs, doubling the size of the local stock market. But the challenge of attracting more foreign institutional investment remains.