EuroChamber was founded by leading European and Mongolian companies with a strong support from the EU Delegation, to contribute to positive business environment in Mongolia through its work as a united voice of European and Mongolian businesses, and to increase business between Europe and Mongolia.


UBH Center, 11th Floor, Suite No 1111, 1 st khoroo Sukhbaatar District, Ulaanbaatar Mongolia

(+976) 9575 2050

Banking & finance Innovation and Digitalisation

EuroChamber’s Banking and Finance Working Group met on 13 September and discussed about the progress on EuroChamber’s position paper issues, judicial reform and possibilities on developing direct debit services in the country. The following topics were suggested by the members of the Working Group:

EuroChamber’s Banking and Finance Working Group met on 13 September and discussed about future topics for the group to work on. These included:  

  • Judicial reform:

Abuse of the judicial system in business needs to be curtailed by removing the incentives to abuse it, and introducing penalties for doing so. There is momentum behind judicial reform, as evidenced by the recent change in court proceedures regarding cases submitted to the supreme court. The IPO’s of the banks will help to further drive this change.

  • Direct debits:

Direct debits bring efficiency to collection of payments, cutting admin costs. Currently, the banks have e-billing services, but in contrast to direct debit, it involves manual processing of each payment. The group will explore the topic further.     

  • Hedging:  

The banks have some products available, they are little used due to high costs involved. It was agreed that the available products would be reviewed by the working group to discuss the current options available.

The group agreed to explore the topics further.

We thank our member Ard Financial Group for hosting the meeting.