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Mongolia’s Fintech Regulatory Frameworks to be Overhauled
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Ulaanbaatar, MONGOLIA - The Asian Development Bank (ADB) has approved a technical assistance project aimed at developing comprehensive regulatory frameworks for financial technology (fintech) in Mongolia.
ADB’s Support for Fintech Growth in Mongolia
The $400,000 project, titled “Developing Financial Technology Legal and Regulatory Frameworks for Mongolia,” will help the Government of Mongolia assess existing regulations and develop new ones to support fintech growth while ensuring financial stability and consumer protection.
“Fintech has been rapidly expanding in Mongolia, driven by mobile account penetration, but this growth has also raised regulatory challenges, including cybersecurity risks and money laundering concerns,” said an ADB spokesperson. “This project will help the government strengthen its regulatory capacity to address these issues and promote a supportive environment for fintech innovation.”
Key Areas of Focus
The project will focus on three key areas:
Assessing Existing Regulations
The project will assess existing legal and regulatory frameworks for fintech in Mongolia, identifying gaps and inconsistencies that need to be addressed.
Developing a Fintech Regulatory Roadmap
The project will develop a comprehensive regulatory roadmap for fintech in Mongolia, outlining the steps needed to support the growth of fintech while ensuring financial stability and consumer protection.
Strengthening Regulator Capacity
The project will strengthen the capacity of regulators and industry associations to effectively regulate and promote fintech innovation in Mongolia.
Project Details
- Project Number: 55234-001
- Country: Mongolia
- Project Type: Technical Assistance
- Source of Funding: Asian Development Bank (ADB)
- Amount: $400,000
- Duration: [insert duration]
- Implementing Agencies: Asian Development Bank and Financial Regulatory Commission of Mongolia
Contact Us
For more information, please contact the ADB’s Media Relations Department at media.relations@adb.org or +63 2 632 4444.