BANK OF THE YEAR MONGOLIA 2021

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About Us

Golomt Bank was established on March 6, 1995 as a subsidiary company of Bodi International LLC, a major player in the social and economic sector of Mongolia. We operate with a well-balanced presence in all of three market segments: Retail, Corporate, and SME. Golomt Bank one of the systemically important banks in Mongolia, which is a leader in the country’s development and operates under the motto “Investing for a brighter future” for the happy life of every citizen and customer. We have successfully accomplished our position as a well-recognized brand in Mongolia through our accomplishments and culture over the past few decades.

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Vision

Mongolia's global benchmark bank

Mission

The genesis of prosperity

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Pioneer Bank

Since its establishment, Golomt Bank has taken many new steps, introduced advanced and innovative products and services, and accelerated the development of the Mongolian banking and financial sector for the first time.

  • International payment card system
  • Internet banking, 24-hour banking service, ATM
  • Western Union money transfer
  • Combined Dual Currency card
  • UnionPay RMB card, firstly entered the world market outside of China
  • Smart banking service, smart-phone based banking application
  • American Express®Goldcard, American Express®Greencard
  • Classic card, customers can choose according to their lifestyle and financial needs
  • Zes credit card and Gan steel card named the best innovation of 2016 in Mongolia
  • SocialPay digital wallet, Fintech product based on advanced technology, easy-to-use, and the simplest solution for saving time.

As Golomt Bank is a pioneer in the field of advanced technology, introduced a one-minute loan technology using a smartphone firstly in 2019, which become smart solution and saves customers’ time.

International Credit Ratings

moody’s

Updated as of July 26, 2022

Category Moody’s Rating
Issuer Credit Rating B3
Outlook Stable
Counterparty Risk Rating-Foreign currency B3/NP
Counterparty Risk Rating-Domestic currency B2/NP
Baseline Credit Assessment B3
S P global

Updated as of August 06, 2021

Category S&P’s Rating
Issuer Credit Rating B/Stable/B
Outlook Stable
Senior Unsecured B
Transfer & Convertibility Assessment B+

History and Highlights

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2021 year

  • Golomt Bank has successfully introduced the SWIFT GPI system which is an updated version of the SWIFT international payment network. As a result, it is possible to track international transfer and quickly make international payments between banks of the network.

  • Introduced “Si” debit and credit card products for high segment customers.

  • Opened two new branches which are called New Airport and Lavai..

  • Established a correspondent relationship with Is Bank of the Republic of Turkey and introduced the Turkish lira to payment system.

  • Introduced and created hedging services to the market.

  • The Cyber Security Management Center which aims to protect against cyber attacks by external hackers, has launched an international standard SOMM model.

  • Sponsored the “Heart Will Not Forget” project to diagnose and operate on the children with congenital heart defects in our country and cooperated as an official partner.

2020

2020 year

  • Celebrated 25th anniversary of the bank.

  • Created 4 types of gateways: Payment gateway, Corporate gateway, Retail gateway, Government gateway, and offered to its customers as part of the “Open Bank” policy.

  • Issued a closed bond bank guarantee in cooperation with Golomt Capital LLC for the first time in the Mongolian market.

  • Introduced platforms FINEDU website for comprehensive financial education /www.finedu.mn/ and DUA website, the first economic research website in Mongolia /www.dua.golomtbank.com/.

  • Sponsored the “Heart Will Not Forget” project to diagnose and operate on children with congenital heart defects.

2019

2019 year

  • Organized The FMC Financial Forum successfully, inviting the top 500 financiers of the largest business organizations in Mongolia.

  • Updated Internet Banking and Smart Banking services, based on artificial intelligence and new technology.

  • Launched “My Finance” service based on Data analysis for the first time in Mongolia.

  • Introduced NFC remote technology to all MasterCard, Visa, UnionPay and American Express cards.

  • Introduced “The Color” card for children and youth.

2018

2018 year

  • Launched Virtual card without plastic for online payment.

  • Organized 7 series of “Zaisan” lectures and trainings and 2,000 customers participated.

  • Introduced Classic Debit card.

2017

2017 year

  • Introduced SocialPay digital wallet application, which simplifies payments.

  • Launched Alternative card number service and credit card partial payment service.

  • Updated golden debit and credit MasterCard to the market.

2016

2016 year

  • We provided a full range of banking services to the contractors and subcontractors of the new International Airport project.

  • Introduced American Express® Green Card and Copper Credit Card.

2015

2015 year

  • 100% insured corporate bonds are being traded for the first time in Mongolia.

  • Golomt Bank a supporter of financial education launched a website www.edu.golomtbank.com.

  • Launched American Express® Rewards card for its customers.

2014

2014 year

  • Became the first bank in Mongolia to have a license to operate Custodian banking service.

  • Became the first commercial bank in Mongolia to comply with the law FATCA.

  • Allowed the bank’s customers to access Western Union money transfer service based on the Internet banking.

2013

2013 year

  • Signed an agreement to introduce the world’s leading American Express card in Mongolia.

  • Introduced a brand new service to pay taxes online in cooperation with the General Department Taxation of Mongolia.

  • Updated and introduced Mongolia's first smartphone-based banking and financial application, Smart banking service 2.0 (two zeros) version.

2012

2012 year

  • Introduced export and foreign trade financing products in cooperation with BHF, Commerz of Germany, and EXIM bank of South Korea.

  • Introduced the ordered transfer service to the market.

  • Opened the Business Centers for SMEs.

2011

2011 year

  • Golomt Bank’s all employees donated one day's salary to the people of Japan affected by the disaster.

  • Implemented “Employee Stock Ownership Program” successfully for the first time in Mongolia.

  • Organized “Human Resource Recruitment Campaign” involved about 1,500 people.

2010

2010 year

  • Established the “First Pension Fund” to secure the future of its employees.

  • Launched open a savings account online for the first time in Mongolia.

  • Introduced China UnionPay RMB card for the first time in the international market.

2009

2009 year

  • Organized international conference "Future trends in payment cards".

  • Introduced online ordering tickets of train and plane in Mongolia.

  • Launched the Mobile banking service.

2009

2009 year

  • Organized international conference "Future trends in payment cards".

  • Introduced online ordering tickets of train and plane in Mongolia.

  • Launched the Mobile banking service.

2008 on

2008 year

  • Launched EMV chip card first time to the market.

  • Became an exclusive partner of American Express.

  • Issued “Gold Savings” account that have not lost their value.

2007 on

2007 year

  • Launched “Self-service banking”.

  • Issued Platinum MasterCard.

  • Introduced E-Token solution for Internet Banking services.

2006 on

2006 year

  • Initiated an Automated Teller machine /ATM/.

  • Launched the Green loan.

  • Launched “Financial Supermarket” service, get all banking services from one place.

2005 on

2005 year

  • Issued Platinum Visa card with the highest level of service and various discounts.

  • Upgraded card payment systems.

  • Launched Youth Visa Card and Transparent Visa Card, and Mirror Master Cards to the market.

2004 on

2004 year

  • Introduced first savings book with magnetic tape security firstly.

  • Increased types of loan through branched of the bank.

  • Joined SWIFTNET, an updated version of the SWIFT network.

2003 on

2003 year

  • Issued “Golden Key” savings for children.

  • Received the gold trade license, and to do all kind of banking and financial services in the market.

  • Started Scholarship Program of Golomt bank for university students.

2002 on

2002 year

  • Launched Internet Banking service.

  • Introduced billing service to pay for housing and electricity from the card account.

  • Issued Employment Generation Fund loans.

2001 on

2001 year

  • Initiated “Telephone Banking” service first time in Mongolia.

  • Started trading through “Reuters” International trading network.

  • Approved and stated “Service Quality Standard”.

2000 on

2000 year

  • Issued Small business loans for the first time, amongst Mongolian commercial banks.

  • Joined “Western Union” money transfer and SWIFT networks.

  • Issued Visa card first time to the market, became an official member of “VISA International”.

1999 on 1

1999 year

  • Issued “MasterCard” first time to the market, became an official member of MasterCard Worldwide.

  • Opened the first branch in rural area.

  • Introduced value storage service.

1998 on

1998 year

  • Audited financials of the bank by international auditing firm “Arthur Anderson” for the first time amongst Mongolian banks.

  • Organized training for senior managers of the bank.

1997 on

1997 year

  • Introduced “Mobile Banking” and 24-Hour Banking services firstly.

  • Opened six new sub-branches in large densely populated areas.

1995 on

1995 year

  • Golomt Bank started its operations with four employees and a capital of MNT 436 million, by the order No.59 of President of the Bank of Mongolia.

  • Opened the first sub-branch of savings bank on the west side of the Government House.

1996 on

1996 year

  • Issued foreign settlement service license.

  • Released “Golomt” newsletter for its customers.

  • Introduced advanced non-cash payment system “Golomt Cheque” service for the first time in Mongolia.

  • 2018
  • 2017
  • 2016
  • 2015

Our accomplishments

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