Non-Bank Financial Institutions and Credit Unions
FRC-regulated lending sector
Mongolia's non-bank financial institutions (NBFIs) and savings and credit cooperatives (SCCs) are licensed and supervised by the Financial Regulatory Commission (FRC). NBFIs operate under the Law on Non-Bank Financial Activities, whose Article 7 lists lending, factoring, financial leasing, guarantees, electronic payment and remittance, foreign-currency exchange and trust services among the licensed activities (Law on Non-Bank Financial Activities, legalinfo.mn).
In the second quarter of 2025 the FRC licensed 573 NBFIs, with total assets of MNT 7,983.4 billion, equal to 10.0 percent of GDP, while 177 licensed SCCs held MNT 376.9 billion in assets for 76,879 members (Financial Regulatory Commission, Financial Market Review, Second Quarter of 2025).
PEOPLE
Khaan Credit NBFI
Declared at 100% in his 2025 declaration (UIH.mn) · the worked example on this site of a profiled politician owning an NBFI outright
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Gazar Capital Partners NBFI LLC
Declared at 74% in his 2024 declaration (UIH.mn) · lending, foreign currency trading and guarantees among its activities
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Khas Khaan NBFI
Declared at 41% in his 2025 declaration, as reported from his filing (Graph.mn and UIH.mn)
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MONEY
Scale in mid-2025 - DOCUMENTED
The FRC reported 573 licensed NBFIs in the second quarter of 2025, up 4.4 percent year on year, with total assets of MNT 7,983.4 billion (up 38.7 percent), total loans of MNT 6,674.9 billion and 3,611,895 customers. Nationwide there were 561 branches, and 478 NBFIs (83.4 percent) operated in Ulaanbaatar (Financial Regulatory Commission, Financial Market Review, Second Quarter of 2025).
The SCC sector in mid-2025 - DOCUMENTED
Licensed SCCs decreased by 4 to 177 in the second quarter of 2025, while members increased by 3.6 percent to 76,879. SCC total assets were MNT 376.9 billion, total loans MNT 294.8 billion and total savings MNT 259.4 billion, with 85 SCCs in Ulaanbaatar and 92 in rural areas (Financial Regulatory Commission, Financial Market Review, Second Quarter of 2025).
Concentration - DOCUMENTED
In the second quarter of 2025, 14 NBFIs (2.4 percent of the sector) held 49.7 percent of sector assets and 51.4 percent of sector loans, and 58 NBFIs held 74.9 percent of sector assets (Financial Regulatory Commission, Financial Market Review, Second Quarter of 2025).
RECORD
The legal list of NBFI activities - DOCUMENTED
Article 7.1 of the Law on Non-Bank Financial Activities lists lending, factoring, financial lease, issuing a guarantee, issuing negotiable instruments, electronic payment and remittance service, foreign currency exchange, trust service, investment into short-term financial instruments, provision of investment and financial consultancy and information services, and financial intermediation activities related to real estate collateral, conducted under a licence issued by the Financial Regulatory Commission under Article 6.1 (Law on Non-Bank Financial Activities, legalinfo.mn).
Tighter consumer-lending rules in 2025 - DOCUMENTED
By Resolution No. 77 of the FRC of 2025 the Non-Bank Financial Lending Regulation was approved, and by Resolution No. 78 of 2025 the Regulation for Calculating and Monitoring Non-Bank Financial Activity and Prudential Ratio Indicators was revised. The debt-to-income ratio for consumer loan products issued by NBFIs shall not exceed 60 percent, and the loan-to-value ratio for consumer loans secured by passenger cars shall also not exceed 60 percent. The FRC organised a training session on 8 April 2025 for 300 registered NBFIs on the updated regulations (Financial Regulatory Commission, Financial Market Review, Second Quarter of 2025).
Audit and disclosure compliance - DOCUMENTED
In the reporting quarter, 529 NBFIs (92.6 percent of all NBFIs) fulfilled their legal obligation to have financial statements verified by an external audit, and 509 NBFIs (89.1 percent) complied with the requirement to publicly disclose their financial information, under Clause 15.4 of Article 15 of the Law on Non-Banking Financial Activities (Financial Regulatory Commission, Financial Market Review, Second Quarter of 2025).
A filled seal is documented. An open seal is an allegation, source named.
How to read this page. Every line names its source. A line marked ALLEGATION is a claim already published by the named source and already in the public record. Decode Mongolia republishes it as reported, with the source named, and has not verified it. An allegation is not a finding, and nothing on this page is proof of wrongdoing.