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Happy Monday! IFC has a new leader in Mongolia. What’s his vision? We sat down with Matthieu Le Blan to discuss his leadership and strategy. Building on IFC’s long-standing commitment since 1997, he outlines IFC’s forward-looking focus on 3 key areas.

Today’s highlights in 3 sentences…

• 💸 ₮1 Trillion in Dividends

• 🤝 Soft Power on the Rise

• 🫧 Public NBFIs in 2024

Buckle Up!

MARKET

MSE: Tumen Shuvuut’s (TUM) profit surges 22.4% reaching ₮13.9 billion in 2024. 

MNG: Mongolia successfully launches a $500 million bond with a 6.625% interest rate and 5-year maturity. The bond attracts $3.8 billion in orders from 226 investors, resulting in a 7.7x oversubscription.

MSE: Last year, 39 public companies distributed ₮535.1 billion in dividends. This year, a similar number distribute ₮1 trillion, a 90.4% increase.

CHN: The Chairman of the Parliament begins his official visit to China today, continuing until February 27.

 🚀 Mongolia Jumps 14 Spots in Soft Power Index

Mongolia climbs 14 spots to 108th in the 2025 Global Soft Power Index, marking a significant leap in its global influence. This progress reflects the country's growing efforts in media, diplomacy, and cultural engagement.

📊 Key Highlights from the Report

Mongolia’s rise is driven by significant gains in key categories such as media, international relations, and culture. The country jumps 30 spots to 98th place in Media & Communication, driven by campaigns like #GoMongolia, which increase global visibility. The Culture & Heritage category also sees a 21-spot rise to 94th place, reflecting the success of Mongolia’s efforts to promote its rich history and traditions worldwide.

• 🌏 International Relations: Mongolia advances 16 places to 122nd, reflecting its expanding diplomatic ties and active participation in global platforms. Similarly, Business & Trade rises by 18 spots, fueled by the country’s growing influence in mining and trade.

• 🔎 Education & Science: Notable progress in Education & Science, climbing 21 spots, driven by global academic partnerships and educational reforms. However, the Influence score drops by 0.2 points to 142nd, indicating challenges in maintaining geopolitical influence despite positive overall gains.

Mongolia’s national brand is valued at $13.6 billion, reflecting its global reputation in culture, tourism, governance, and economic performance.

☝🏻 What is the Global Soft Power Index?

The Global Soft Power Index assesses the soft power of 193 countries through extensive surveys, gathering insights from over 170,000 respondents in more than 100 markets. The United States remains at the top, followed by China, which surpasses the UK to claim 2nd place. Japan and Germany round out the top 5.

Last but not least… The #GoMongolia initiative continues to gain momentum, with Mongolia hosting record levels of tourism and attracting high-profile figures over the past 2 years. Increased official state visits further demonstrate the country’s growing diplomatic influence.

🌸 Public NBFIs Thrive in 2024

As the year-end earnings season comes to a close, a clearer picture of Mongolia’s publicly listed non-bank financial institutions (NBFIs) emerges. The sector experiences notable expansion, driven by rising demand for financial services and increased lending activity.

🤑 More Borrowers, More Loans

Mongolia currently has 573 NBFIs in operation, reflecting an increase of 60 since 2022. These companies now serve a combined 5.4 million customers, up 18.9% from the previous year. Consequently, net loan volumes surge by 80% to ₮5.7 trillion, underscoring the sector’s significant expansion.

🍰 Public NBFIs: 20% of the Sector

Despite the large number of NBFIs, only 5 have gone public through IPOs. These listed entities see their total assets grow by an average of 61.8% in 2024, reaching ₮1.4 trillion and accounting for 19.7% of the sector’s total assets. Their net profit rises by an average of 54% to ₮135.9 billion, driven by increased interest income and a growing customer base.

• 💫 Funding and Capital Markets: NBFIs play a crucial role in Mongolia’s financial sector, attracting substantial funding. They account for 81.1% of all bonds issued in the financial sector. Additionally, 3 of the 10 open bonds on the  Mongolian Stock Exchange (MSE) come from NBFIs. 

📊 Market Performance: Ups and Downs

Among the five publicly listed NBFIs, 3 experience market value growth in 2024, while 2 decline. LendMN NBFI (LEND), which records the highest total asset growth, sees its market value soar by 183.5%, while Sendley NBFI (SEND) registers the largest decline at 4.8%.

• 💸 Dividend Distribution: 4 out of 5 listed NBFIs, excluding Ard Credit (ADB), declare a total of ₮19.5 billion in dividends from their 2024 net profits. The average dividend yield stands at 4.9%, based on each stock’s closing price at the end of the year.

Looking ahead… Mongolia’s NBFI sector continues to expand, shaped by evolving consumer financial needs and economic conditions. Recently, Investcor NBFI (INV) secured a listing on the London Stock Exchange, joining a select group of Mongolian financial institutions with an international market presence.

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⭐ Selected for you

ECONOMY & BUSINESS

• Capital Markets Mongolia LLC Announces Mongolia Investment Forum: New York 2025. (BusinessWire)

• Mongolia Joins the Services Trade Policy Database of the World Trade Organization. (Montsame)

• Orano Looks To Mongolia As New Source For Uranium After Stalled Projects In Niger. (NucNet)

• Mongolia to up Coal Exports to China by 20% in 2025, Expand Energy Sector. (SAN)

• This Mongolian Startup Can Help You Glamp Like a Nomad. (CNN)

• Why Mongolia is Becoming Interesting for International Companies. (BoardJournal)

POLITICS

• Mongolia Prices Tightest Deal. (IFR)

• Mongolia Launches Research to Assess Cybersecurity in Artificial Intelligence Applications. (GOV.MN)

• Silenced Voices, Shifting Power: Mongolian Civil Society, Geopolitics, and the USAID Funding Freeze. (TheDiplomat)

• Foreign Minister of New Zealand to Pay Official Visit to Mongolia in September. (AKIPress)

• South Korea and Mongolia Interested in Co-Op with Kyrgyzstan in the Energy Sector. (Kazinform)

CULTURE & LIFESTYLE

• Mongolia: Here's Why Tourists are Flocking to the World's Coldest Capital for Nomadic Festival and Loving it. (HindustanTimes)

• 3 Measles Cases Confirmed in Mongolia. (XinhuaNews)

• Not Even Minus 40 Degrees Can Freeze the Spirit. (TTW)

• The 8th Mongolian Children's Winter Sports Festival kicks off. (Kazinform)

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Publisher: Ts.Ankhbayar
Writer: M.Khulan
Graphics by: Ts.Tselmeg

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be or constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.