Khan Bank: Best SME Bank Mongolia 2015
The bank with the largest geographical footprint in Mongolia, Khan Bank is determined to reach all levels of society through its formidable network of 535 branches and 372 cash machines. Operating in a sparsely populated but highly dynamic country, the bank is already now able to offer its full suite of up-to-date products and services to over 80% of the nation’s households. Khan Bank is Mongolia’s premier retail bank serving both private customers and businesses.
With an estimated $1.3tn in yet untapped mineral reserves, and sandwiched in between two major industrials powers, Mongolia is one of the world’s most exciting – and promising – economic frontiers. Though young, its financial sector is exceptionally competitive.
The country’s new government, often described as a dream team and led by Prime-Minister Chimediin Saikhanbileg, is now set to mine Mongolia’s vast potential by introducing new legislation to further encourage foreign investment. Mongolia is expected to once again become home to the world’s fastest growing economy.
Khan Bank, present in all far-flung corners of the country and boasting a solid e-banking platform, is singularly well placed to help empower the economic upswing and reap its rewards. The bank maintains a small and medium-sized enterprises (SMEs) development centre – the Khan Bank Incubator – which supports both established businesses and start-ups with training programmes, workshops, marketing, and counselling services.
The bank not only provides SMEs with credits, but aims to be an active partner of entrepreneurs. In this, Khan Bank takes the long-term view and strives to enable local business to seize opportunity and expand at a clip similar to, or indeed higher than, that of the overall economy.
Founded in 1991, Khan Bank has consistently invested in technology and innovation. That strategy paid off and the bank may now claim a 90% market share in rural Internet banking. Its mobile banking platform enjoys a 52% market share.
The CFI.co judging panel was pleased to see that Khan Bank has pioneered the implementation of corporate social responsibility (CSR) principles in the Mongolian financial services industry. Through the Khan Bank Foundation, a growing number of initiatives are supported that help underwrite the economic and social development of the country. The foundation leverages the reach of the bank’s branch network to carry out more than twenty nation-wide campaigns and programmes.
The judges commend Khan Bank’s foresight in establishing the institution at the very heart of Mongolian society, thus ensuring the bank a privileged position from where it has embarked on a path of sustainable growth. The judges have no doubt that Khan Bank is an exceptionally worthy winner of the 2015 Best SME Bank Mongolia Award.
