MONGOLIA’S FINANCIAL REGULATOR JOINS GLOBAL SUSTAINABLE BANKING NETWORK
Ulaanbaatar, MONGOLIA - A Milestone for Sustainable Finance
The Financial Regulatory Commission of Mongolia has become the 80th member institution to join the Sustainable Banking and Finance Network (SBFN), a global network of financial regulators and industry associations working towards sustainable finance.
Mongolia’s Sustainable Finance Week Celebrates a Decade of Progress
During Mongolia’s Sustainable Finance Week, which marked the tenth anniversary of the country’s sustainable finance initiative, the membership agreement was signed. The week-long event promoted green, climate, and SDG-aligned finance and investment, with SBFN members from 10 countries in attendance.
FRC: A Key Player in Promoting Transparency and Fair Competition
As one of Mongolia’s two financial regulators, the FRC is responsible for supervising and regulating the non-bank sector, including:
- Insurance and securities markets
- Non-bank financial institutions
- Savings and credit cooperatives
- Real estate agents
- Precious metals and stones
- Virtual asset service providers
The commission aims to promote transparency and fair competition in the non-bank financial sector, with a focus on the greater interest of the public and financial market participants.
Commitment to Sustainable Finance
“We are motivated to join SBFN to further advance sustainable finance within the financial sector,” said Mr. Bayarsaikhan Dembereldash, Chairman of FRC. “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.”
SBFN’s Global Reach
SBFN is an IFC-facilitated network of 80 financial sector regulators and industry associations representing 63 countries around the world. SBFN Global Coordinator Rong Zhang welcomed FRC’s membership, saying: “We are excited to support FRC’s sustainable finance ambition to play a key role in supporting Mongolia’s low-carbon and green economy.”
A New Milestone for SBFN
The FRC’s membership marks another milestone for SBFN, which aims to promote sustainable finance practices among its member institutions. The commission will work closely with SBFN to advance sustainable finance in Mongolia and support the country’s transition towards a low-carbon economy.