Finance Mongolia 2013, the first financial exhibition and conference of its kind in Mongolia, took place at the Misheel Expo Centre over the weekend. At the event, several financial sector organizations provided the public with information about the financial sector and stock market.
The organizations displaying their services at the event were eager to explain the benefits of the financial market to the participants at the event. The information they provided gave visitors a general understanding of what stocks and shares are and how the equity market works. Most of the participants were brokers and dealers.
Mongolia’s top banks, including Khan Bank, the Trade and Development Bank of Mongolia, Khas, and Khadaglamj, along with insurance savings companies such as Mongol Daatgal, MIG Insurance, and Soyombo Insurance, exhibited their services and products at the weekend event.
Brokers at the conference said at the conference that since the distribution of Erdenes Tavan Tolgoi stock to the public, interest in the stock market has grown and many people are now seeking to learn more about the sector. They noted, however, that the number of accounts being opened at the Mongolian Stock Exchange has declined recently, along with trade.
According to the Manager of Khan-Uul branch of insurance company Mongol Daatgal, the people of Mongolia have yet to learn the importance of insurance, as the sector hasn’t seen much development in the past. At the conference he said, “By passing a law regarding driver responsibility, the public has become more informed about (accident) insurance and its significance. After receiving compensation from insurance companies, drivers are realizing the importance of insurance.” Mongol Daatgal provided 5.9 billion MNT in compensation payments last year.
Participants at the Coal Mongolia 2013 conference last week noted that the financial and banking sector in Mongolia is underdeveloped compared to other developing nations. They also observed that in most developed countries information about the financial sector is widely accessible and available to the public.
Bankers at the Finance Mongolia 2013 event noted that although the banking sector in Mongolia has seen much progress in recent years due to the country’s enviable economic growth, the size of the sector is still not large enough to absorb the inflow of capital. They further noted that the event would have been more effective in informing the public if it had been organized near the centre of the city.