XacBank

XacBank
Industry Financial services
Headquarters Ulaanbataar, Mongolia
Key people
 Bold Magvan (CEO)
Services Banking
Website www.xacbank.mn

XacBank (Mongolian: ХасБанк) is Mongolian banking and financial services company headquartered in Ulaanbaatar. XacBank was founded in 2001 following the merger of “Goviin Ekhlel” LLC and “X.A.C” LLC, two largest non-banking financial institute in Mongolia. The Bank serves individual consumers, small and medium-sized enterprises (SMEs) and corporate customers by providing full range of banking, insurance and other value add financial products and services. The Bank provides financial services through an extensive national branch network of 86 retail and 2 business service branches along with digital channels including ATMs, Internet and Mobile banking with team of 1,700 employees serving 700,000 customers all over Mongolia.

Background

XAC (Golden Fund for Development) LLC began in 1998 as part of the “MicroStart Mongolia” project under UNDP, shortly afterwards transformed into Mongolia’s first NBFI (non-bank financial institution) by uniting the micro-financial service activities of six national NGOs (non-government organizations).

XacBank was formed on October 1, 2001 by merging the two largest NBFIs, (X.A.C. (Golden Fund for Development) LLC and Goviin Ekhlel (Gobi Initiative) LLC), in Mongolia.[1]

TenGer Financial Group LLC

Founded in 1999 as one of the first non-bank financial companies in Mongolia and was initially known as Goviin Ekhlel. It then became a holding company of XacBank upon the merger of Goviin Ekhlel with X.A.C. (Golden Fund for Development) two major non-bank financial institutions in 2001, which created XacBank and X.A.C.-GE Holding. X.A.C.-GE Holding was renamed TenGer Financial Group. It is a parent of XacBank and other companies such as Tenger Insurance, ХасLeasing and ХасSecurity.

TenGer Financial Group's shareholders comprise well known international institutions, such as IFC, EBRD and Mercy Corps, and local business entities.

On September 3, 2012, TenGer established the first Sino-Mongolia Micro Finance Institution along with four other investors such as IFC.[2] With the combined international microfinance knowledge and experience of its investors, TianRong is in a unique position to lead in the microfinance sector in Xinjiang, China and elsewhere in Central Asia.

Products and Services

XacBank’s core products include current and savings accounts, various credit and lending products, as well as both domestic and international remittances.

Moreover, XacBank provides not only credit and debit card products such as MasterCard and VISA card being an associate member of these organizations, but also, popular international remittances and settlements through SWIFT, EUROGIRO and Western Union being a principal member of these networks.

The main product categories

Main Funding Sources

Largest funder

Network

Primary network
MFC (Microfinance Centre for Central and Eastern Europe and the New Independent States), EuroGiro network, Western Union, Swift network, GRI (Global Report Initiative)
Secondary network
MasterCard Worldwide, Visa International

Honorable Mentions

In 2008, XacBank had the privilege of co-hosting the 11th Annual Conference of Microfinance Institutions, under the patronage of the President of Mongolia, where MFC (Microfinance Centre for Central and Eastern Europe and the New Independent States) held its first ever conference in Central Asia. The microfinance industry is maturing, and the conference addressed the changes taking place, with investors arriving on the scene in force, and the need for traditional MFI models to upgrade with new technology and business practice. Microfinance generally refers to loans, savings, payments, and insurance services targeted at low-income clients.

See also

References

  1. ↑ "Mix Market Report". Mix Market Report. Retrieved 2012-06-18.
  2. ↑ "IFC Invests in the First Sino-Mongolian Microfinance Project, Supporting Regional Economic Cooperation". Retrieved 26 November 2012.

MicroFinanceFocus.com

External links

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