April 2009

A member of the World Bank Group is advocating for the greater credit information sharing and establishment of a private credit bureau in Mongolia, essential to a robust financial infrastructure.

A news release in Ulaanbaatar, April 6, 2009 stated the International Finance Corporation (IFC) would support private sector development, mobilize private capital and provide advisory and risk mitigation services to businesses and governments.

It stated better credit information sharing would boost the country’s competitiveness by enabling banks, leasing companies, credit unions, and other institutions to better assess the risks of potential customers, both commercial and consumer.

To achieve the goals, IFC, the Mongolian Bankers Association, and the USAID-funded Economic Policy Reform and Competitiveness (EPRC) Project hosted a conference in Ulaanbaatar for Mongolian commercial banks, the Bank of Mongolia, the Financial Regulatory Commission, members of the Mongolian Parliament, business associations, and other stakeholders.

Over 100 participants learned about global trends and best practices in credit information and regulatory issues, and discussed the challenges of establishing and operating a credit bureau in Mongolia.

IFC Principal Operations Officer Colin Raymond said, “Reliable credit information is an essential part of a country’s financial infrastructure, especially when the economy is under pressure from the global financial crisis.” He said, “There is an important need for a private credit bureau in Mongolia, and we want to provide policymakers and other stakeholders with the information they need when considering the legislation during the next parliamentary session.”

IFC, the Mongolian Bankers Association, and EPRC are also cooperating to improve the availability of credit information in Mongolia. EPRC conducted a pre-feasibility analysis for a private credit bureau and was instrumental in preparing a draft law on credit information, while IFC conducted the feasibility study and business plan for the Credit Information Centre, which will be Mongolia’s first private credit bureau, which is expected to be registered in April 2009.

Other keynote speakers included:

• Bank of Mongolia Deputy Governor - B Enhhuyag
• Financial Regulatory Commission Chairman - D. Bayaesaikan
• Credit Information Centre Chairman and Vice President Mongolian Bankers’ Association - M. Bold
• IFC Manager - M. Fischel
• IFC Principal Operations Officer - C. Raymond
• Post Bank Deputy CEO - Z. Narantuya
• IFC Principal Financial Specialist - T. Lythgoe
• Credit Bureau Singapore Executive Director - W. Lim
• CRIF CEO - C. Gherardi
• Credit Services AP Experian Managing Director - D. Martin
• Golomt Bank Chief Risk Officer and CIC Board member - M. Chinguun
• Compuscan Marketing Director - F. Lenisa.

Mongolian Bankers Association Executive Director Shagdarsuren Zuunai said, “The availability of fast, reliable information will help Mongolian banks become more competitive in a difficult environment. The commercial banks and several non-bank financial institutions recognize this and are cooperating to make credit information more accessible.

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