June 15, 2023 – The Sustainable Banking and Finance Network (SBFN) welcomes the Financial Regulatory Commission (FRC) of Mongolia as its newest member.
Established in 2006, FRC is one of Mongolia’s two financial regulators; supervising and regulating the non-bank sector. Regulated areas include insurance and securities markets, non-bank financial institutions, savings and credit cooperatives, real estate agents, precious metals and stones, and virtual asset service providers. At the same time, FRC promotes transparency and fair competition in the non-bank financial sector towards the greater interest of the public and financial market participants.
The SBFN membership agreement was signed during Mongolia’s Sustainable Finance Week, on the occasion of the tenth anniversary of the Mongolia Sustainable Finance Initiative. The week-long event to promote green, climate, and SDG-aligned finance and investment was officiated by H.E. Khurelsukh Ukhnaa, President of Mongolia and attended by SBFN members from 10 countries.
“We are motivated to join SBFN to further advance sustainable finance within the financial sector. As the regulatory body responsible for overseeing the non-banking financial market of Mongolia, we are committed to creating a favorable environment that effectively manages environmental, climate, social and governance risks, and performance in the financial sector,” said Mr. Bayarsaikhan Dembereldash, Chairman of FRC.
“We are excited to welcome FRC to be the 80th member institution, marking another milestone of the network and the long-time partnership with Mongolia. We look forward to supporting FRC’s sustainable finance ambition to play a key role to support Mongolia’s low-carbon and green economy,” said Rong Zhang, SBFN Global Coordinator.
SBFN is an IFC-facilitated network of 80 financial sector regulators and industry associations representing 63 countries around the world.
Visit the FRC website to learn more about the Association
Related Information:
SBFN Mongolia Country Progress Report (2021)
SBFN Analytical Tool (Beta)