GOLOMT BANK, MONGOLIA BECOMES THE COUNTRY’S FIRST MEMBER OF ‘FACTOR CHAIN INTERNATIONAL’ TO INTRODUCE INTERNATIONAL FACTORING SERVICE IN MONGOLIA
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2016-04-26

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.