Golomt Bank

Golomt Bank

Golomt Bank in Ulaanbaatar
Company type	Public Company
Founded	1995
Headquarters	Head office of Golomt Bank, D.Sukhbaatar Square 5, P.O.Box 22, Ulaanbaatar 15160, Mongolia
Key people	Munkhtsetseg Chultem (Chairperson of Board of Directors) Norihiko Kato(CEO)
Services	Corporate Bank, Retail Bank, Savings, Digital Bank, Card, Insurance, Loan, Comprehensive Banking and Financial Services
Operating income	MNT 453.7 billion (2023)
Net income	(MNT 209.2 billion (2023))
Total assets	MNT 11.6 trillion (2023)
Number of employees	2,400
Website	https://golomtbank.com/en

Golomt Bank, one of the first commercial banks in Mongolia, was established on 1995. Today, Golomt Bank grown to become the leading commercial bank in Mongolia with about 2,400 employees and 1 million customers comprising 20 percent of Mongolia’s banking sector alone. With the “Investing for a brighter future” slogan, the Bank delivers professional and world class commercial and investment banking services to businesses, investors, local and international customers, and partners. Golomt Bank, which is committed to building a better future, has contributed a total of MNT 500 billion to the state budget and directly or indirectly supported creating more than 15,000 jobs. Golomt Bank is an internationally renowned, industry-leading, experienced, and trustworthy bank.

History

Golomt Bank, operates under the motto of “Investing for a brighter future” as driving force of Mongolia’s development, was established on March 6, 1995 with only four people, as a subsidiary company of Bodi International LLC, a major player in the social and economic sector of Mongolia.

Since its inception, Golomt Bank has been an integral part of Mongolia’s economic development history, supporting and financing passionate, ethical, and outstanding businesses contributing to national development and economic diversification.

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.

• Retail Gateway

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.

• Corporate Gateway

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 2013, Updated and introduced Mongolia’s first smartphone-based banking and financial application, SMART Banking service 2.0 version.
• In 2016, Introduced American Express Green card and Zes Credit card.
• In 2017, Golomt Bank introduced the SocialPay digital wallet, the first fintech service in Mongolia.
• In 2021, Introduced “Si” debit and credit card products for high segment customers.
• In 2023, Launched SocialPay 3.0 version.

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.

• 73% - 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.

SME Bank

Golomt Bank provides its products and services to 26% of SMEs operating in Mongolia and focuses to expand its operations in the future.

• “Women Owned” trademark

In 2023, Golomt Bank and the National Chamber of Commerce and Industry of Mongolia jointly introduced the “WOMEN OWNED” trademark with the aim to support the women entrepreneurs, to create distinction of their products and services, and to promote women-owned businesses. With this achievement Golomt Bank became the first organization in Mongolia to introduce this kind of trademark. By using this trademark in products and services, not only can it increase sales through identifying and recognizing women entrepreneurs in the market, moreover participate in any projects and programs implemented by the organizers and open new doors for business partnerships.

Under the motto of “Women entrepreneur’s supporter bank”, we have successfully organized a series of e-learning and comprehensive programs for female clients. Women make up more than 50 percent of Mongolia's population, and their influence and potential on the economy is increasing. In this sense, women occupy 68 percent of small and medium-sized industries and service providers, create wealth, reduce unemployment, and strengthen their position in society as a driving force of the economy.

• Loans to support woman entrepreneurs

We have renewed the terms and conditions of this loan product. Golomt Bank introduced this product to the market in July 2021 and facilitated the issuance. Since that time more than 500 women who run enterprises have received financing and expanded their businesses into the next stage.

Retail Bank

Golomt Bank offers a wide range of products and services such as such as savings, current account, digital banking, loans, card products, foreign payments, and insurance to more than one million customers in all around corners of Mongolia through its branches and online channels. All these products and services are designed with the customer-centric in mind, aiming to provide convenient and tailored banking services.

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

In 2023, consumer loans intended to meet the short-term financial needs of customers have been provided through branches and digital channels. Sources drawn from citizens or customer fund increased by 15.2% to MNT 3,512 billion, mortgage loans increased by 21.5% to MNT 1,037 billion, consumer loans increased by 35.1% to MNT 1,199 billion.

• 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

• “The Genesis of Heritage and Culture” project: Golomt Bank initiated the “Genesis of Heritage and Culture" historical and archaeological project and is implementing it for the 3rd year in cooperation with the Institute of Archeology of the Mongolian Academy of Sciences (MAS). Within the project framework archaeological excavations and research works at the Turgeny Balgas-Tuul Khar Tune Ord place, the Inget Tolgoi Memorial Site, and the Mongol Empire Archaeology were successfully completed.
• Student Scholarship Program: Golomt Bank, a business initiative launched in 2003, has traditionally provided more than MNT 2 billion in scholarships to 1,700 students over 19 years.
• “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 850 children and 18,000 children have been examined and diagnosed.
• Cooperating with the Mongolian Morin Khuur Ensemble: For the 13^th 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.

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

1. Chairperson – Mrs. Munkhtsetseg Chultem
2. Member – Mr. Unenbat Jigjid
3. Member – Mr. Munkhtur Dagva
4. Member – Mr. Ganjoloo O
5. Independent member – Mr. James Bernard Dwyer
6. Independent member – Mr. Alexander Picker
7. Independent member – Mr. Robert W.van Zwieten
8. Independent member – Mr. Hans Holzhacker

International cooperation

Golomt Bank works to expand cooperation with international financial institutions, to increase opportunities for clients' export and import-based business financing, and to create opportunities for the fastest and widest choice of foreign payments.

• We work in connection with financial institutions more than 230 banks in the world.
• Foreign payments are made in 15 currencies.
• Cooperate with more than 100 internationally renowned banks and financial institutions.

Trade Finance Services:

• Import & Export letter of credit
• Standby letter of credit
• Bank guarantee issuance
• Documentary collection
• Import loan
• ECA backed loans
• Factoring

In 2023, Golomt Bank processed 32% of the outgoing payment transactions of Mongolia’s banking sector, according to International SWIFT Watch report, highlighting its significant market share in cross-border payments.

Trade Finance Cooperation

mmerzbank AG, Frankfurt am Main

Deutsche Bank AG, Frankfurt am Main

Atlantic Forfaitierungs AG, Zurich Switzerland

Asian Development Bank, Manila

Industrial & Commercial Bank of China

Baoshang Bank, China

The Export-Import Bank of the ROC, Taiwan

BHF-Bank AG, Frankfurt am Main

The Export-Import Bank of Korea, Seoul

Nordea Bank Denmark

Unicredit Bank

Hungarian EXIM Bank

BGK, Bank Gospodarstwa Krajowego

Vnesheconom Bank

International Investment Bank, Russia

SACE, Italy

CSOB, Czech

Kuveyt Türk Katılım Bankası, Turkey

RosExim, Russia

Awards

• “Bank of The Year” " 2022, 2021, 2018, 2014,2012, 2011, 2009, 2004 – The Banker /Financial Times/
• “Best Bank in Mongolia” 2015, 2013, 2012 – Global Finance
• “Best Bank in Mongolia” 2023, 2011 - Euromoney
• “Best SME Bank” 2022, 2021 – Asiamoney
• “Best Digital Bank in Mongolia” 2023, 2022, 2021, 2020, 2019, 2015, 2014, 2013, 2012 - Global Finance
• “Best Corporate Bank in Mongolia” 2021 - Global Banking & Finance Review
• “Great Place to Work” 2023, 2022 certified – Great Place to Work