“Mongolian Fintech Group” JSC was established in 2016 in order to provide a variety of financial services based on fintech technology through its subsidiaries, and to become a bridge for the international recognition and expansion of their business.
In 2007, he graduated National University of Mongolia bachelor’s degree in finance, and his postgraduate degree from the Institute of Developing Economies in Japan in 2011, graduated from a Senior Executive Leadership Program at Harvard Business School.
Mr.Naranbat started his career at the Ministry of Finance of Mongolia in 2008. While working in the Financial and Economic Policy Department of the Ministry, he was in charge of macroeconomics reports, the banking sector, housing finance, mortgage, and government bonds.
In 2012, he was appointed head of the treasury division at the State Bank owned by the Ministry of Finance.
Mr.Naranbat was promoted to Head of the treasury, General director of the finance department, Chief financial officer, as well as a Deputy CEO in a short period of time at the 5th largest bank in terms of assets in Mongolia.
He left his job in September 2016 and started his own business. Thus, in December 2016, Gyals tugrug credit union was established in cooperation with M. Tsolmon, a colleague of the Ministry of Finance.
In 2017, “Gyals Tugrug SCC has been15 branches in provinces, and as of December 31, 2021, it was ranked second largest Mongolian savings and credit union.
Expanding the first microfinance business to rural areas, we opened 12 branches in the year of 2018, 5 branches in the year of 2019, 8 branches in the year of 2020, and 6 branches in Ulaanbaatar city by 2022, which we have 54 branches in 17 provinces and 27 sums across the country.
In addition to expanding the microfinance business in Mongolia, we have introduced the first online money transfer project Sendly, and also Mongolia’s first payment gateway Hipay project in the market. Moreover, we established additional fintech companies such as Stocklab LLC online stock brokerage, Hi-Daatgal online insurance brokerage, Money market fund.
We invited our MOF colleagues to as co-founders and shareholders of above mentioned companies and look forward to great together
In June 2021, “Mongolian Fintech Group” JSC raised USD 3.8 million from a total of 213 individual investors in a private placement transaction.
Sendly NBFI LLC has successfully closed its IPO on September 30, 2022, with a 115.25% subscription on MNT 10.05 billion issuances from 3,416 individual investors.
As a result, “Sendly” achieved the 4th highest number of investors in the history of the Mongolian Stock Exchange since 2017.
Currently, “Mongolian Fintech Group” JSC consists of “Gyals Tugrug” LLC, “Sendly” NBFI JSC, “High Payment Solutions” LLC, “Stocklab Securities” LLC, “Master Solutions” LLC, “Money Market Fund” LLC, and “Megaball” LLC.
By the end of 2021, the total assets of “Mongolian Fintech Group” JSC reached MNT 24.7 billion.
Many projects of “Mongolian Fintech Group” LLC have been recognized by their peers in a short period of time and continue to successfully attract investments. Here are some of the projects.
One of them is “Sendly” NBFI, provides the fastest, cheapest and safest international money transfer. In 2022, “Sendly” launched an IPO and managed to raise 115 percent of the funds to be collected and raised a total of 11.5 billion MNT from its investors. As a result, Sendly has achieved the fourth highest number of investors in the history of the Mongolian Stock Exchange since 2017. / Insert exhibit /
“Sendly”, a mobile application with an international remittance ecosystem, has brought a total of 8.7 million USD or 24.8 billion MNT transactions to Mongolia since its launch in May 2020. In 2021 alone, 19.6 thousand transactions were received, which is 46.2 percent of the total number of 42.4 thousand SWIFT transactions received by all commercial banks in Mongolia.
Hi-Payment Solutions LLC, a payment system developer that combines traditional financial services with technology, was founded in 2017 and managed to develop the ecosystem payment in Mongolia. In a short time, the company has become a reliable partner of more than 270,000 users. We also cooperated with “ACI WORLD WIDE”, a technology supplier of the world’s best 19 banks to receive, store, and provide security standards for customer card information, and introduced the “E-commerce Payment Gateway” payment system for the first time in Mongolia, providing the opportunity to make payments that meet world standards. This service is used by more than 270,000 users through the “Hi Pay Wallet” application. Also, “High Payment Solutions” LLC is the only fintech company connected to the Bank of Mongolia via fiber optic cable. On October 24th, 2019, it received a “Card Acceptor” special license from the Bank of Mongolia, making it the only fintech company with this special license, apart from commercial banks.
“Stocklab Securities ” LLC, a subsidiary of “Mongolian Fintech Group” LLC, is the first to open a securities account for Mongolians who are living abroad. Thus, receive dividends from 1072 shares through it, and sell securities/shares held by other brokerage companies participating in trading on the Mongolian Stock Exchange. We also introduced a new service “Children’s account” on the threshold of 2023. Therefore, you can invest in your child’s future. Not only you can create regular stock savings every month, but also manage your own stocks.
Company Value
We have gathered with a team of experts with many years of experience in the financial sector and the best in IT. Currently, over 300 employees in our company are focusing to implement global financial technologies. In order to ensure the efficient and long-term stability of our employees, which is our main value, we offer a company share ownership program /ESOP/.
Every time we introduce a service that combines finance and technology, which is lacking in Mongolia, we reflect every innovative and best idea of our team members. Currently, the subsidiary companies of our group are recognized in the industry and continue to develop the first products and services throughout Mongolia.
"High Payment Solutions" LLC has undergone offsite and onsite audit by "Rock Pte" LTD located in Singapore. As a result, PCI DSS 3.2.1, or payment and information security standard with six chapters, 12 main principles and more than 200 sub-requirements, has been met. The founders of this organization will be the top five card holders in the world - Visa, Mastercard, American Express, JCB and Discover.
our financial data
Founder, Chairman of Board of Directors
Education
– A degree in Finance from Indiana University, USA
Experience
2021 – Chairman of the Board Mongolian Fintech Group Ltd
2020 – Mongol Alt JSC, CEO
2017 – Mongolian Mutual Finance Group LLC, Chairman of the Board
2016 – Gyals Tugrug SCC, Chairman of the Board
2014-2016 Agriculture Production Support Fund, Executive Director
2013-2014 Transport Darkhan JSC, Economist
2008-2012 Ministry of Finance, Specialist
Founder, Member Board of Directors, CEO
– Finance degree at National University of Mongolia. Ba 2007
– Economics, Postgraduate degree at Development Economics Institute, Japan 2011
– Senior Executive Leadership Program, Harvard Business School, USA 2022
Experience2021 – CEO, Mongolian Fintech Group Ltd
2019 – Chairman of Board, Sendly NBFI JSC
2018 – CEO, High Payment Solutions LLC
2016 – CEO, Gyals Tugrug SCC,
2012 – 2016 Deputy CEO, CFO, General Director, State Bank,
2008 – 2012 Specialist, Ministry of Finance.
