GOLOMT BANK, MONGOLIA BECOMES THE COUNTRY’S FIRST MEMBER OF ‘FACTOR CHAIN INTERNATIONAL’ TO INTRODUCE INTERNATIONAL FACTORING SERVICE IN MONGOLIA
Golomt Bank, one of the largest Banks in Mongolia with correspondent relationship with over 260 financial institutions globally, today announced the Bank’s new business scope of international factoring service under two-factoring system first time in Mongolia in partnership with Factor Chain International (FCI).
As the volume of international trade continuous to increase, importers and exporters with business interest in Mongolia increasingly interested in opting for open account trade calling a demand for cross border international factoring in Mongolia. According to FCI, factoring industry grew by 6% in 2014 surpassing EUR 2.35 trillion while international cross border factoring grew at even faster pace, representing 22% increase year-over-year.
Golomt Bank offers a comprehensive trade finance solutions to its clients in partnership with major financial institutions active in most economically active regions globally.
Factors Chain International (FCI) was founded in Holland in 1968, with key objectives to promote International Factoring in countries where factoring services were not offered, and to connect Factors into a Global network, by adopting a common framework of cooperation, so as to encourage the use of Factoring services in cross-border commercial transaction. It has members of over 400 leading financial institutions from over 90 countries to enable international factoring between member organizations....learn more >
Financial Market Development Forum discusses solutions towards development
Last Friday, the National Financial Market Development Forum was organized at the State Palace to find solutions for improving the nation’s financial market.
The forum touched on all issues concerning the financial sector, including the development of inter-sectoral communication, support of fair competition, strengthening of the public’s trust in the market, and increasing the sector’s efficiency.
In his opening remark, Speaker of Parliament Z.Enkhbold underlined that Mongolia’s financial sector makes up 4.7 percent of GDP. He specified that four percent of GDP is made up by banks, while 0.7 percent is made up of other financial organizations. He noted that the current development of the nation’s financial sector is insufficient according to international standards.
“Last week, 34 percent of Mongol Post was successfully traded at ...learn more >
Mongolia and Japan to build dry coal processing plant
Yesterday, the Mining Ministry of Mongolia and New Energy and Industrial Technology Development Organization (NEDO) of Japan signed a memorandum of understanding on establishing a test factory for dry coal processing.
In 2013, the Mining ministry of Mongolia and the Ministry of Economy, Trade and Industry of Japan agreed to implement a project introducing coal drying technology. Erdenes Tavan Tolgoi and Nagata Engineering established a memorandum of cooperation on August 13, 2013. After conducting studies and research, the sides concluded that a test plant for enriching cola with dry technology could be built in Mongolia. Yesterday, Erdenes Mongol and Nagata Engineering signed an agreement for the project's implementation.
The sides plan to build a test plant with capacity for concentrating 300,000 tons of coal annually. The parties are planning for a new concentra ...learn more
UNESCO registers Mongolian Camel Coaxing ritual
During the 10th session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage, which took place in Windhoek, Namibia between 30th November and 4th December, UNESCO registered the Mongolian Coaxing ritual for camels. The purpose of the ritual is to enable a female camel to accept a new-born calf or to adopt an orphan. The mother is tied close to the calf and the singer begins a monotone song which varies in accordance with the mood of the female camel. The ritual often takes place at dusk. Following the UNESCO decision a confirmation ceremony took place in the Central Culture Palace on the 5th February.
Mongolia has thirteen UNSECO registered “treasures”, including the Mongolian ger (yurt), horse-head fiddle, the “urtiin duu”-traditional folk song, knuck ...learn more >