TRAVELING: VISA+TICKETS | INVESCORE NBFI | THE ULTIMATE MONGOLIAN SNACK

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📌 DID YOU KNOW?

🧳 THE PRE-TRAVEL HASSLE: VISAS + TICKETS

The travel season has already begun! And if you’re planning to visit Mongolia this summer, don’t skip the next 4 editions of our newsletter - in the coming weeks, we’ll be providing you with a series of essential info that will make your visit both easier and more memorable.

So, first things first, how do you get here?

Check if you need a visa

As of now, Mongolia allows visa-free travel for nationals of 65 different countries. Here’s their full list. Note that if your home country is in the list, but the visa-free regime only applies to those citizens who hold a diplomatic and official passport, you will still have to get a visa. That is, unless you actually hold a diplomatic passport.

Apply for a visa, if required

People from these countries may apply fully online via the E-visa portal. In case your country is not supported by the portal, visit the nearest Mongolian embassy/consulate. Here’s the detailed information on all our diplomatic missions abroad. And before you apply, don’t forget to check out the general visa information page.

Plane vs. train

Now that the visa issue is settled, it’s time for you to decide how you’re coming to Mongolia. Except, there’s really not much to decide. Considering that China’s borders are still closed and Russia’s restricting its international travel, it’s pretty much impossible to enter Mongolia by train, unless you live in Russia - in which case you could easily buy your train tickets on tutu.

For tourists from other countries, we strongly recommend traveling here by plane. We have only one international airport and its flight schedule is not that complicated. Currently, direct flights are available from Germany, Japan, Kazakhstan, Kyrgyzstan, Russia, South Korea, and Turkey. You can contact the operating airlines directly to purchase your ticket.

If the country you live in doesn’t have a direct flight connection to Mongolia, choose the closest country that does and make your way there first. For example, if you live in Portugal, then you’ll have to get to Germany first to get on the plane to Ulaanbaatar.

Hope this helps! 😊

INVESTMENT OPPORTUNITY: INVESCORE NBFI

Mongolia’s largest NBFI, InvesCore (MSE: INV), is making a follow-on public offer (FPO) to raise $5.5 million. Here is what you need to know.

Best IPO ever

InvesCore raised a record $6.6 million through an IPO three years ago. Since then, they have become one of the largest and fastest-growing companies on the MSE despite the economic recession, COVID-19, and the lockdowns. Its stable growth and strong performance made a reputation for them. How strong? Well, the TOP-20 index fell 22% this year while InvesCore's share price increased by 12.5%. In fact, their stock price has increased every quarter as shown in the above chart.

By the numbers

• Loan portfolio: Grew 236% in the last two years to $70.7 million (Q1, 22)

• # of clients: Grew 171% in the last two years to 101,318 (Q1, 22)

• Shareholders: Grew 3 times since IPO

One of a kind

The unique aspect of InvesCore is that they are a hybrid of traditional finance and fintech. Not only do they have 18 physical branches all over Mongolia, but they have also launched the “Pocket” app which already has 460,000 users. They also implemented the “Market Place” business model, providing opportunities to other NBFIs and banks to provide their digital loan products through the "Pocket" platform.

Next mission: Central Asia

They have already made their first move in the region by opening 4 branches in Kyrgyzstan, with a $2.4 million loan portfolio and 832 clients. Their next target in Central Asia is Kazakhstan.

If you are looking to invest, consult your broker for more information and advice. You can directly participate in the FPO or just buy InvesCore shares on the MSE.

Visit their website for more information.

🏃‍♀️ QUICK STORIES

📌 Mongolia to improve online public services with World Bank loan. The $40.7 million credit aims to improve the country's legal framework for building trust and cybersecurity in the use of digital technologies, through the Smart Government II Project. The project is also expected to enable shared cloud computing and other digital services in the public sector.

📌 Mongolia urges transparency as Rio Tinto seeks control of giant Oyu Tolgoi project. A top official at the Oyu Tolgoi copper-gold mine has called for greater transparency and more power to the local management, as Rio Tinto looks to buy out the Turquoise Hill stake in the project, paving the way to direct ownership of Oyu Tolgoi.

📌 Mongolia’s Fact-Checking Center partners with Meta. The center will participate in Meta’s third-party fact-checking program in Mongolia as part of the tech giant’s ongoing efforts to reduce the spread of misinformation and improve the quality of the news people find online.

📌 In the first 5 months of 2022, total foreign trade turnover reached $7.2 billion, a 21.9% percent increase compared to the same period of 2021. Exports exceeded imports by $946.5 million, keeping the foreign trade balance positive.

🐐 GLIMPSE OF MONGOLIA

About: Mongolian curd cheese, a.k.a. Aaruul, drying in the sun on the roof of a ger. It’s a common snack enjoyed all over the country that comes in many forms and tastes - from sweet and soft worm-shaped pieces to sour cubes you can hardly chew.

For foreigners, it usually takes time to get used to Aaruul’s unique taste and smell. Here are some pictures of people trying it for the first time in their lives. Yup, their reactions are definitely not positive, but believe us, Aaruul doesn’t taste that bad 😅, and it really does grow on you with time!

🟦 TOP NEWS

• Mongolia to host 2023 IIHF World Championship Division IV. (MONSTAME)

• Mongolia's central bank purchases 6 tons of gold in first 5 months. (China.org.cn)

• Erdenes Mongol LLC to become National Wealth Fund. (MONSTAME)

• Women’s Resilience in Mongolia: How Laws and Policies Promote Gender Equality in Climate change and Disaster Risk Management (June 2022) (ADB)

• India sends holy relics of Lord Buddha to Mongolia today. (The Economic Times)