Key reforms implemented in the aftermath of the 2008-09 financial crisis have created a more flexible and resilient banking sector just as the economy entered a period of slowing growth in 2012. While the sector has expanded dramatically in the past two years, banks have faced a liquidity squeeze in 2012 that has reduced the pace of growth. Over...
The Social Welfare Law (SWL) passed by Mongolia’s parliament in January 2012 will bring much-needed reform to a system of pay-as-you-go contributions that has proved unsustainable and hampered growth in private insurance provision. Ending universal cash handouts and targeting welfare spending to the most vulnerable, the new Ministry of Human...
The number of brokers and dealers more than doubled between 2009 and 2012, yet trading modernisation looks set to catalyse consolidation. In 2011 the top 10 of the 76 brokers performed daily trades amounting to more than 91% of the market, and the financial viability of most brokerages remains doubtful. As the World Bank and IMF noted in a June 2012...
Although the first life insurer licence was awarded to National Life Daatgal in 2008 and premium income has more than doubled every year since, the segment remains minor, accounting for a mere $244,000 in premiums in the first half of 2012, out of the industry total of $29.4m. Established by Mongolian Investment Holding Group, the underwriter has prompted others to announce...
THE COMPANY: The name APU comes from Arkhi Pivo Undaa (vodka, beer, drinks). Established in 1924, three years after Mongolia’s communist revolution, APU is the country’s largest beverage producer, and its first national brand. The company was partially privatised in 1992, with 51% of its shares being...
Despite its relatively small size, retail banking in Mongolia has emerged as a key battleground for larger lenders in recent years. With some 77.7% of Mongolians holding an independently-obtained bank account in 2012, according to the World Bank, thanks to previous governments’ policies of cash handouts, the adult market is near saturated. The...
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