Operation
Since our establishment, we have been the pioneer and champion of Mongolia’s banking sector and domestic market by continuously introducing innovative products and services.
Golomt Bank, a leader in technology-based services, has been the first to introduce innovative and innovative products and services to the Mongolian market, marking the beginning of the digital transition in line with the world’s rapid development. Through the continuous growth and development of artificial intelligence-based algorithms, Golomt Bank, which is making a digital explosion in the banking sector, seeks to stay open to technology, find solutions to customer problems, and move forward together.
Open Bank
From 2020, Golomt Bank has defined a new face of Mongolia’s modern banking and financial sector and introduced a comprehensive Open Bank business model based on innovation. The Open Banking product, which is a model for the international banking and financial sector, is a set of services tailored to the specifics of the customer and the business through the API (Application programming interfaces) connections.
Golomt bank introduced a Retail gateway service to meet the daily financial needs of customers in partnership with fintech and technology-based organizations. Through the gateway, customers can receive all banking services and products ranging from daily transactions to any other services fast and efficiently.
The Corporate gateway service allows organizations can manage their accounts and make payments through the API system, and employees can access banking products and services through the system.
Digital Bank
Golomt bank, as a leader in Mongolia’s digital banking sector, continuously innovates and develops its technological capacity in line with the global trend. Since its establishment, the bank has been the driving force of Mongolian banking sector development through introducing number of innovative products and services. For instance:
- In 1999, Issued the first “Master Card” in Mongolia after becoming an official member of Master Card Worldwide
- In 2000, Issued Visa card for the first time in Mongolia and became an official member of “Visa International”
- In 2010, Introduced China UnionPay RMB card for the first time in the International market
- The Bank is the only bank in Mongolia that can issue and accept American Express brand cards
- In 2017, Golomt Bank introduced the SocialPay digital wallet, the first fintech service in Mongolia.
Golomt Bank’s unique advantage is constantly updating and developing technological and artificial intelligence-based algorithms in the Mongolian banking sector, creating automated and easy-to-use solutions for banking products and services, and introducing innovative products and services to the market.
Golomt bank has been continuously improving its internet banking services, which were firstly introduced in 2002. Golomt bank launched the latest version of its digital banking services through Digital Bank 5.0 in 2019. Through this launch, the digital channel products including Internet bank, Smart banking, and SocialPay application received significant updates.
- 65% - of the total customers are receiving banking services digitally.
- 97% - of the total customers make their transactions via digital channels
Corporate Bank
Instead of investing in high-profit, high-growth sectors, Golomt Bank focuses on environmentally friendly, community-friendly, positive change supporting socially responsible projects and programs, and improving customer financial education. Hundreds of projects and programs funded by Golomt Bank, have grown into influential and critical players in Mongolia’s economy. Golomt Bank aims to make a valuable contribution to the country’s development by financing all sectors of the economy. Golomt Bank developed a “Tailor Made” financing solutions that can fully meet special needs and demands of each organization.
Golomt Bank provides its products and services to 26% of SMEs operating in Mongolia and focuses to expand its operations in the future.
More than 60% of SME enterprises and service providers in Mongolia are women, creating wealth, reducing unemployment, strengthening the economy, and strengthening their position in society. Under the motto of “Women entrepreneur’s supporter bank”, we have successfully organized a series of e-learning and comprehensive programs for female clients.
Retail Bank
The Bank is one of the leaders in the retail banking market in Mongolia by introducing “Customer-centric” banking services nationwide.
Golomt Bank delivering various products and services such as savings, current accounts, digital banking, loans, card products that meet the needs of about one million customers through its branches, settlement centers and online channels
The Bank is the market leader in mortgage loans, providing MNT 2.3 trillion in loans to 39,770 customers since its inception, and helping 139,195 people, or 4.2% of Mongolia’s total population, to purchase and own apartments.
- Mortgage loan – 24.4%
- Individual loans – 15.0%
- Individual deposits – 17.0%
Sustainable Development
Golomt Bank has been pursuing a Sustainable Finance Policy since 2015. Which was renamed as the Sustainable Development Policy in 2019 expanding its commitment to Sustainable Development Goals to cover all banking activities in addition to finance.
Golomt Bank became a member of the UNEP FI Banking Committee in 2017 becoming one of the 30 signatory members who created Principles for Responsible Banking. Currently, 197 banks worldwide are committed to these principles and are working together to develop a plan to implement and report them.
Golomt Bank became one of the founders of the Principles of Responsible Banking in New York on September 22, 2019. It announced that it would align its operations with the Sustainable Development Goals and the Paris Agreement on Climate Change .
The Gender Equality Committee, chaired by Golomt Bank’s board member, was established in 2020 and had been successfully implementing various e-learning programs and programs for women clients under the motto “Women’s Support Bank”.
Social Responsibility
- Student Scholarship Program : Golomt Bank, a business initiative launched in 2003, has traditionally provided more than MNT 1 billion in scholarships to 1,500 students over 18 years.
- Cooperating with the Mongolian Morin Khuur Ensemble: For the ninth year in a row, Golomt Bank has been working as an official partner and general sponsor of the Mongolian Morin Khuur Ensemble, a vital representative of the country’s unique cultural heritage, to disseminate the national root art and promote it around the world.
- “Heart Never Forgets” project supporter: Golomt Bank’s Altantulkhuur Children’s Fund has been supporting the “Heart Never Forgets” project since 2020. The project has provided life-saving surgery to 600 children as year of 2022.
- “The Genesis of Heritage and Culture” project: Golomt Bank initiates the archaeology project “The Genesis of Heritage and Culture” and signed a memorandum of cooperation with the Institute of Archaeology, Mongolian Academy of Sciences. Within the framework of the project, the “Palace Ruin of Khar Tün” of Tuul River monument has been selected, and the archaeological work has started.
Shareholders
The composition of shareholders of Golomt Bank:
- Golomt Financial Group LLC – 77.20%
- Swiss-Mo Investment AG – 5.21%
- Bodi International LLC – 3.42%
- Golomt Investment Ltd. – 2.57%
- Public – 11.60%
77.20% of Golomt Bank’s common shares are owned by the Golomt Financial Group. Golomt Financial Group LLC, established in 2014, is one of the largest and leading financial groups in Mongolia incorporating the nation’s leading financial institutions including Golomt bank, Golomt Capital, Mandal General Insurance, and Golomt Asset Management. Swiss-Mo Investment AG owns 5.21% of Golomt Bank’s common shares. Swiss-Mo Investments AG is a Swiss investment fund, holds equity interests in exchange, airports, airlines and hotel businesses. It is majority-owned by leading Swiss philanthropist, investor, Mr. Urs Ernst Schwarzenbach. Bodi International LLC owns 3.42% of Golomt Bank’s common shares. Established in 1993 with national investment. Bodi International LLC is a large group of companies that manages more than 10 affiliates and subsidiaries successfully operating in real estate development, management, construction, energy, mining, recreation and tourism. Golomt Investment Limited owned 2.57% of the company and was established in 2014 with an investment from Bodi International LLC. Through the Fortunate Golomt – Employee stock ownership program, 55 employees of the bank own 0.20% of the total common shares of Golomt Bank. Golomt Bank officially started the primary market trading in November, 2022 and public owns 11.60%. Golomt Bank’s IPO was recorded as the largest IPO in the history of the Mongolian Stock Exchange and in the shortest time to collect MNT 118.8 billion from the public, and it is openly traded on the Mongolian Stock Exchange.
Board of Directors
- Chairperson – Mrs. Munkhtsetseg Chultem
- Member – Mr. Unenbat Jigjid
- Member – Mr. Munkhtur Dagva
- Member – Mr. Ganjoloo O
- Independent member – Mr. James Bernard Dwyer
- Independent member - Mr. Alexander Picker
- Independent member – Mr. Robert W.van Zwieten
The economy of Mongolia has traditionally been based on agriculture and livestock. Mongolia also has extensive mineral deposits: copper, coal, molybdenum, tin, tungsten, and gold account for a large part of industrial production. Soviet assistance, at its height one-third of Gross domestic product (GDP), disappeared almost overnight in 1990–91, in the time of the collapse of the Soviet Union. Mongolia was driven into deep recession.
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