Oyu Tolgoi Says Dividends Will Begin in 2027 www.montsame.mn

Oyu Tolgoi LLC and Rio Tinto Group have informed the Government of Mongolia in a letter that dividend payments will begin in 2027, Mendsaikhan Zagdjav, the Minister of Finance, reported at a Cabinet meeting.

During a meeting between the Prime Minister of Mongolia and Rio Tinto’s Chief Executive Officer, the two sides discussed a proposal for Oyu Tolgoi to distribute dividends to its shareholders in 2027 in proportion to their respective ownership stakes.

The letter also noted that the Government is making plans for Oyu Tolgoi to contribute MNT 3 trillion in 2027. This amount would be in addition to the taxes, mineral royalties, and other fees the company is expected to pay to the state budget that year.

The company also expressed confidence in continuing close cooperation with the Government of Mongolia, maintaining Oyu Tolgoi’s long-term financial sustainability while increasing its contribution to Mongolia and turning these opportunities into tangible results.

Ulaanbaatar to Cut Municipal Tax Rate on Services from 2% to 1% www.montsame.mn

At its regular ninth session, the Citizens’ Representatives Khural of the capital city has approved a resolution to reduce the municipal tax rate, following a proposal submitted by Purevdagva Byaruuzana, Governor of the Capital City and Mayor of Ulaanbaatar.

Under the decision, the municipal tax rate will be reduced from 2% to 1%. The measure is intended to ease the tax burden on businesses operating in the capital, support private-sector activity, improve the business environment and reduce the tax burden on residents amid challenging economic conditions.

Mayor Purevdagva said the capital city currently levies a 2% tax on two categories of goods and six types of services. The tax rate on six types of services—including bars, restaurants, hotels, resorts, car washes, auto repair and maintenance services — will be cut by 50% starting on the first day of the new year.

However, the existing 2% tax on all types of tobacco and tobacco products, as well as alcoholic beverages, will remain unchanged. He added that the city would reconsider the tax on these two categories of products, given their domestic production and added value

The resolution to reduce the municipal tax rate will take effect on January 1, 2027.

Alaska Guardsmen, Mongolian first responders conquer rugged terrain during Uvs 2026 disaster response exercise www.ak.ng.mil

Against the backdrop of western Mongolia’s rugged mountain basins and vast inland lakes, U.S. service members, civilian subject matter experts and Mongolian emergency personnel joined forces Sept. 21-25 for the Uvs 2026 Disaster Response Exercise and Exchange.

The five-day bilateral humanitarian assistance and disaster relief exercise brought together the Alaska National Guard, U.S. Army Pacific, the U.S. Embassy in Ulaanbaatar, the Mongolian National Emergency Management Agency and the Uvs Province Local Emergency Management Agency.

As part of the U.S. Army Pacific Resilience program and the National Guard’s State Partnership Program, Uvs 2026 tested interagency interoperability and crisis response across one of Mongolia’s most geographically diverse provinces. Uvs Province features steep mountain ranges, steppe plains and major water basins that regularly expose local communities to flash flooding, severe winter storms and seismic hazards.

“Mongolia is actively implementing international cooperation and learning from global best practices to reduce disaster risk,” said NEMA Maj. Gen. G. Ariunbuyan, chief of the National Emergency Management Agency, during the exercise opening ceremony. “Disaster protection exercises have the most important impact on ensuring sustainable local development and strengthening resilience.”

More than 520 Mongolian emergency, military and law enforcement personnel from five western provinces — Uvs, Bayan-Olgii, Govi-Altai, Zavkhan and Khovd — participated in the readiness inspection and field training alongside 16 disaster protection services, 12 specialized units and 60 tactical response vehicles.

Alaska National Guard personnel designed, organized and led nine specialized training tracks, providing critical instruction to more than 150 Mongolian first responders. The curriculum blended classroom academics with hands-on field training exercises in urban search and rescue, high-angle rope rescue, hazardous materials response, mass casualty medical triage and boiling liquid expanding vapor explosion, or BLEVE, firefighting.

To address the unique geography of western Mongolia, Alaska Guardsmen and civilian specialists led surface water search-and-rescue operations on Khyargas Lake and integrated rotary-wing aerial rescue drills with NEMA’s 111th Airborne Search and Rescue Unit. Under the leadership of Alaska National Guard tactical lane leads, responders also incorporated unmanned aerial systems, disaster communications and cybersecurity defense into an overarching Incident Command System framework.

“This joint exercise was unique in that it integrated leadership decision-making, interagency coordination and rescuer skills into a unified operation dedicated to saving human lives,” Ariunbuyan said.

During planning conferences leading up to the event, Alaska National Guard leadership—including Col. John Boston, Capt. Andre Andrews and Master Sgt. Michael Knecht — worked closely with U.S. Army Maj. Andrew Adams, the bilateral affairs officer to Mongolia, U.S. Army Pacific planners and NEMA Deputy Chief Col. Ts. Uranchimeg to tailor the curriculum to regional humanitarian needs.

“The State Partnership Program exists to build enduring relationships that translate directly into operational readiness,” Boston said. "By working side-by-side with our Mongolian partners to synchronize our response frameworks, we ensure that if a real-world disaster strikes, our combined response will be rapid, coordinated and effective at saving lives.”

Beyond the technical lanes, U.S. civilian subject matter experts and Alaska Guardsmen worked side-by-side with Mongolian counterparts to adapt standard ICS protocols to regional command structures, bridged by dedicated bilateral linguist teams.

Following the conclusion of Uvs 2026 on Sept. 28, Uranchimeg met with U.S. delegation leaders in Ulaanbaatar to review exercise outcomes and initiate early planning for the multinational Gobi Wolf 2028 exercise. Both nations reaffirmed their commitment to expanding disaster management capabilities across the Indo-Pacific region.

PGL announces 2027 $1 million tournament in Mongolia www.dust2.us

PGL has announced that Ulaanbaatar, Mongolia, will host the tournament organizer's fourth event of 2027. The tournament was originally set to be held in China, but PGL moved it to Mongolia after receiving an exception from Valve.

The tournament will feature sixteen teams and a $1 million prize pool, along with $300,000 in VRS invite bonuses. Fourteen teams will be invited to the tournament based on the January 2027 VRS update. The two other teams will be filled by qualifiers in Asia and Europe.

PGL Ulaanbaatar will take place less than a month before BLAST Open Ulaanbaatar 2027, with the tier-one Counter-Strike scene converging on the Mongolian capital twice in quick succession.

Ulaanbaatar's mayor, B. Purevdagva, said, "We believe this event will strengthen Ulaanbaatar’s reputation as a dynamic, globally connected city and a growing hub for esports and digital culture."

State Flag Raised, Nine White Banners Displayed to Mark Chinggis Khaan’s Birth Anniversary www.montsame.mn

To mark the 820th anniversary of the founding of the Great Mongol Empire, the 864th anniversary of the birth of Chinggis Khaan and Mongol Pride Day, the State Flag was raised and the State Nine White Banners were ceremonially paraded in a clockwise procession at Sukhbaatar Square.

The Nine White Banners serve as a formal representation of the majesty, independence, and unity of the Mongol state. As established in the 1992 Constitution of Mongolia, the traditional Great White Banner is officially recognized as a symbol of state honor.

The architectural designs for the placement, interior and base of the Nine White Banners were prepared by architect Amarsaikhan Ya. The banners were crafted by master artisans under the guidance of Enkhdavaa D., a master craftsman and lecturer at the Mongolian State University of Arts and Culture.

The State Banners are made using selected white horsehair, at least 80 centimetres long, taken from the manes and tails of white stallions chosen from among the herds in Mongolia's 21 aimags and the capital city.

Personnel from Military Unit 032 of the Mongolian Armed Forces and state security officers took part in the ceremony, while a military brass band performed ceremonial music.

Under Presidential Decree No. 4, dated January 9, 2012, the birth date of Chinggis Khaan was designated as the first day of the first month of winter according to the lunar calendar, based on the findings of a relevant working group and a proposal from the Mongolian Academy of Sciences. The day has since been observed annually as Mongolian National Pride Day.

Mongolian Academy of Sciences Receives the Order of Chinggis Khaan www.montsame.mn

On the occasion of the 864th anniversary of the birth of Great Chinggis Khaan and Mongol Pride Day, the President of Mongolia issued a decree awarding the Mongolian Academy of Sciences (MAS), which traces its origins to the Institute of Sutras and Scripts, the State Supreme Decoration of Mongolia, Order of Chinggis Khaan.

The award recognises the Academy's historic contribution to linking Mongolia's long-standing tradition of valuing knowledge and honouring scholars with the modern scientific system; developing national research capacity; studying the Mongol language, history and cultural heritage; promoting them internationally; and contributing to the country's development.

Over the past century, the MAS has played a leading role in preserving the continuity of national scholarship and establishing a modern, multi-disciplinary scientific system.

The Institute of Sutras and Scripts, established in 1921, laid the foundation for the national scientific institutions of Mongolia. It was renamed the Institute of Sciences in 1931, the Institute of Sciences and Higher Education in 1957, and the Academy of Sciences of the Mongolian People's Republic in 1961. Since 1992, it has operated under its current name, the Mongolian Academy of Sciences, leading and coordinating the country's scientific research.

The establishment of the MAS helped expand research in history, linguistics, literature, economics and natural sciences, while strengthening research capacity in agriculture and medicine and establishing institutes specialising in natural and technical sciences. It also laid the foundations for subsequent achievements by promoting the integration of basic and applied research, training national researchers, building research teams and conducting regular international collaborative studies.

By regularly organising the International Congress of Mongolists and cooperating with researchers from both Western and Eastern countries, the MAS has helped Mongolia become a key centre of international cooperation in Mongol studies. It plays an important role in providing scientific interpretations of the history, language and cultural heritage of the Mongol people, preserving national historical memory and promoting it internationally.

Research into ancient cities and settlements dating from the Hunnu, Rouran, Uyghur and Turkic Khaganate periods, as well as Avraga, the first capital of Chinggis Khaan, and Kharkhorum, the capital of the Mongol Empire, has also advanced significantly. The Academy has compiled a unified database covering more than 100,000 historical and cultural sites, helped secure the inscription of historical sites on UNESCO's World Heritage List, and regularly organised exhibitions on Mongolia's history in foreign countries.

Researchers of Mongolia have successfully conducted numerous field studies in cooperation with their international counterparts. In these efforts, MAS researchers have identified, collected and examined rare and valuable geological, palaeontological, geophysical, biological and ancient historical finds. They have proposed significant new findings, hypotheses and interpretations of theoretical and practical importance, produced numerous collaborative and monographic works, and compiled maps and charts, making substantial contributions to the advancement of global science.

Mongolia's membership in the Interkosmos and Intersputnik organisations in the early 1970s laid the foundations for its space research programme. The MAS played a major role in the space exploration efforts, including the historic flight of the first cosmonaut in 1981.

Today, the MAS cooperates with more than 150 academies of sciences and research institutions in 35 countries, connecting national research with the international scientific community. Joint research projects, academic exchanges and publications in international journals have continued to expand knowledge of Mongolia, strengthen the capacity of national researchers and enhance the standing of the country's scientific sector.

Researchers in the natural sciences conduct theoretical and applied studies on Mongolia's flora, fauna, mineral resources and technologies for processing them. They have secured more than 300 national and international intellectual property rights, developed over 500 technological guidelines and feasibility studies, and introduced more than 150 technologies into production.

Their work also covers Mongolia's biodiversity, animal and plant ecosystems, and the biological, ecological and genetic characteristics of microorganisms. Other research focuses on developing scientific foundations for the conservation and sustainable use of biological resources, identifying the molecular mechanisms and genetic causes of cancer, discovering new biologically active medicinal substances and developing technologies for their production.

The Academy has established a comprehensive database of research on animal taxonomy, ecology, biology and genetics. It has also discovered more than 200 new natural compounds and around 70 previously unidentified plant species, which have been registered in global scientific databases. In addition, it has made valuable contributions to preserving the genetic resources of rare and endangered medicinal plants and increasing their populations.

Furthermore, research into animal and plant remains preserved in Mongolia's ancient marine and lake deposits and continental sedimentary rocks has helped establish their evolutionary relationships and verify findings at the international level. Through studies of ancient climates and environments, the identification of biostratigraphic units, and the development of reference collections of ancient flora and fauna, Mongolia's palaeontological research has earned international recognition.

Some areas of physics research have also reached international standards. In quantum field theory, researchers proposed that the geometric structure of space-time at very small scales, which remain relatively unexplored, has stochastic and quantum properties. Their development of classical and quantum field theories in this area has opened a new direction in physics.

More than 50 Doctors of Science and over 280 PhD holders work at the MAS's 16 research institutes. They have published more than 3,800 papers in leading international journals, which have received over 90,000 citations.

The Order of Chinggis Khaan is awarded to:

Organisations, citizens and legal entities that have made outstanding contributions to strengthening Mongolia's independence, sovereignty and national unity; building and developing a humane and democratic society and advancing social progress; conducting in-depth research into the country's traditions of statehood, history and culture and passing them on to future generations; and promoting them abroad, thereby rendering exceptional service to the state, society and nation.

The award is also conferred on foreign statesmen, public figures and citizens who have made tangible contributions to strengthening unity and prosperity among nations and peace throughout humanity; developing relations and cooperation with foreign countries; promoting Mongolia's reputation internationally; and advancing its economic, social and intellectual development.

Cabinet to Discuss Whistleblower Protection Among 20 Agenda Items www.montsame.mn

Today the cabinet is scheduled to discuss few agenda items. 

Some of the agenda includes the approval of the implementation plan for the "Herder of the New Era" national program; the expansion for the Chinggis Khaan International Airport; the draft Law on Protecting Whistleblowers; the revised Law on Protecting Witnesses and Victims; amendments to the Intergovernmental Agreement on the Trans-Asian Railway Network; and the implementation status of action plans for the Law on Economic Freedom, the Law on Investment, and the Law on Permits.

There are 20 items on the meeting agenda.

The Cabinet's regular meeting is currently underway.

Trump-backed critical minerals deals face growing pressure after blue wave www.bloomberg.com

Mining companies backed by billions of dollars in support from the Trump administration are facing a new risk: heightened scrutiny after the Democrats’ midterm sweep.

Even before a blue wave overtook Congress, Democratic lawmakers were questioning the methods used for President Donald Trump’s push to rebuild the nation’s critical minerals industry. His administration made a flurry of unconventional financing arrangements — including taking equity stakes and issuing stock warrants — to support mining and processing companies in a bid to lessen reliance on China.

Some of the beneficiaries of Trump’s deal-making bonanza, including USA Rare Earth Inc., Vulcan Elements Inc. and Kaz Resources, were singled out by Democratic lawmakers, including Massachusetts Senator Elizabeth Warren, earlier this year over potential conflicts of interest from their connections to the Trump family and Commerce Secretary Howard Lutnick. 

The deals have drawn criticism even from within the Republican Party. Former Senator Pat Toomey pointed to the rare-earth agreements in a post on X on Thursday.

“We all seem to oppose government-owned grocery stores,” he said. “But are we ok with government ownership of semiconductors companies and rare earth miners?”

Cutting Deals
USA Rare Earth, which is seeking to build a rare earth mine and processing plant in the US, landed a $1.6 billion agreement with the Commerce Department in January. The deal includes a roughly 10% government equity stake. The company selected Cantor Fitzgerald, the investment bank previously run by Lutnick and now led by his sons, as the lead placement agent for a separate $1.5 billion private stock offering. 

Vulcan Elements, a privately held rare-earth company, secured a $620 million conditional loan commitment from the Pentagon and a $50 million equity investment from the Commerce Department just months after 1789 Capital, a venture capital firm where Donald Trump Jr. is a partner, acquired a stake in the company.

USA Rare Earth and Vulcan Elements didn’t respond to requests for comment.

Since Trump entered office, the administration has also taken equity stakes in rare-earth miner MP Materials Corp. as well as Lithium Americas Corp. and Trilogy Metals Inc. The US government is also backing a project from Korea Zinc Co., the world’s largest producer of silver, in Tennessee.

Kaz Resources, which has received preliminary indications of support for as much as $1.6 billion from the US government, also counts Trump Jr. and Eric Trump among its passive investors. The brothers acquired indirect interests in the Kazakhstan tungsten venture through a series of transactions involving Dominari Holdings. The miner plans to go public through a direct listing next year.

“Since 2023, we have worked closely with US officials to secure a generational asset that will secure an independent tungsten supply chain for the West,” Kaz Resources said in a statement, adding it welcomed any questions from US officials.

A Bipartisan Push
Many critical minerals companies have enjoyed bipartisan support for reducing US dependence on foreign mineral supplies. The Biden administration also deployed billions of dollars for domestic mining and processing, including backing Lithium Americas’ Thacker Pass project in Nevada. Both Republicans and Democrats in the House of Representatives voiced support for the Trump administration’s 2025 deal with MP Materials, which was seen as a way to spur rare earth production outside China.

“These initiatives are essential for Western industrial resilience and national security,” said Pavlo Verkhniatskyi, a managing partner at the corporate intelligence firm COSA. “Investigations and political controversy could complicate financing, delay investment decisions, and slow strategically important initiatives.”

The current administration has argued that the US must secure alternative sources of materials in an industry dominated by China. The Asian country’s control over mining and processing has become a concern for Washington amid trade tensions and geopolitical competition.

But the dramatic expansion of the federal government’s role in the critical minerals industry has raised concerns about how some deals were negotiated and whether politically connected businesses received preferential treatment.

Under the microsope
Democratic lawmakers, including Representative Jared Huffman of California and Senator Martin Heinrich of New Mexico, have already called for greater transparency around the administration’s investments in mining and minerals companies. They’re seeking details about how recipients were selected, the legal authority used to make the investments and what safeguards were put in place to protect taxpayers.

“By privileging select corporations through direct ownership — essentially picking winners and losers — the government may undermine broader market competition and the development of innovative technologies or mineral or material substitutions,” Huffman and Heinrich, the top Democrat on the Senate energy committee, wrote alongside Representative Robert Garcia, the top Democrat on the House oversight committee, in a February letter to the Trump administration.

The risk is that Democrats wield their control of congressional committees to hold hearings, subpoena documents and investigate the administration’s selection of investment recipients. They could also use the appropriations process to challenge future funding and push for greater disclosure around the government’s growing portfolio of private-sector investments.

Still, the change in congressional control is unlikely to unwind agreements already signed or claw back money that has been legally obligated. 

“I don’t think the intent is necessarily to break existing binding legal contracts,” said John Miller, a TD Cowen analyst. Republicans have used similar tactics, he noted. In 2023 for example, House Republicans launched broad investigations into the Biden family’s financial dealings.

But companies with transactions where federal support remains conditional or agreements that have yet to be finalized face greater uncertainty as lawmakers examine the administration’s decisions.

“My view is that there will be a pause on these plans as some of the previous deals are looked at more carefully,” said Ed Meir, a consultant at Marex.

(By Jacob Lorinc and Grace Asenov)

TDB Invests USD 30 Million in a Three-Year Technology Transformation www.montsame.mn

MONTSAME spoke with Baatar Sukhbaatar, Deputy Chief Executive Officer in charge of Information Technology at the Trade and Development Bank, about the bank’s ongoing technological transformation.

- Good afternoon and thank you for accepting our invitation. To begin with, could you please introduce yourself to our readers?

- Good afternoon. My name is S. Baatar, and I serve as Deputy Chief Executive Officer in charge of Information Technology at the Trade and Development Bank of Mongolia (TDB). I have worked in the banking sector for nearly 20 years, primarily in technology and IT.

- Last month, TDB’s system upgrade attracted considerable public attention. Although customers were informed in advance, criticism and frustration followed the migration, particularly over difficulties accessing the mobile application and temporary service disruptions. Could we begin with what happened?

- First and foremost, I would like to apologize to our customers who experienced inconvenience or frustration following the system upgrade. For more than three years, TDB has been preparing for this transformation in phases, and last month we successfully migrated to our new core banking environment. It is important to understand the scale of this project. This was not simply an update to the mobile banking application that customers see and use on their phones. It was a comprehensive transformation of the bank’s core banking system and the interconnected systems that support it.

In simple terms, a core banking system is the technological heart of a bank. It continuously records, processes, stores and protects vast amounts of information, including customer transactions, account balances and lending records. Mobile banking, card networks, branch operations, regulatory reporting to the Bank of Mongolia and many other services are connected to this core.

If we compare a bank to a car, the core banking system is its engine. If we compare it to the human body, it is the heart.

So, when we talk about this transformation, we are talking about replacing and modernizing the technological foundation on which the bank operates.

- Why did TDB need to replace its core banking system in the first place?

- There were four main reasons, and all of them are directly related to the services we provide to our customers.

First, customer expectations have changed. People increasingly expect fast, reliable banking services anytime and anywhere, without necessarily having to visit a branch.

Second, transaction volumes continue to grow, which places greater demands on banking infrastructure.

Third, requirements relating to cybersecurity, fraud prevention, regulatory compliance, and customer data protection are becoming increasingly stringent.

Fourth, emerging technologies such as artificial intelligence and open banking require a modern and flexible technological foundation.

After evaluating these developments from multiple perspectives, we concluded that a transition to an internationally recognized banking platform was necessary.

Continuing to make incremental modifications to our legacy systems would not have been sufficient in the long term. From the beginning, therefore, we chose to prioritize sustainable growth and long-term competitiveness over short-term convenience.

We also understood from the outset that a transformation of this magnitude would require substantial time and investment, together with careful risk management.

To date, TDB has invested approximately USD 30 million, or around MNT 100 billion, in this technology transformation.

The scale of the investment and the project itself reflects its significance. In many respects, this is a technology initiative of national importance, and we will continue to invest as technology evolves and our systems advance.

Most importantly, we have successfully introduced international banking technology standards in Mongolia through the skills and expertise of Mongol professionals.

This has been an extensive undertaking, shaped by the knowledge, commitment, and hard work of many people.

- So, this goes far beyond updating a banking application. You have essentially transformed the technological foundation of the bank. Which system did TDB choose, and why?

- We selected the banking platform of Temenos, a Switzerland-headquartered global banking technology company, and have been adapting it to TDB’s operations, Mongolia’s legal and regulatory environment, and the specific needs of our customers.

Introducing an international banking platform is not simply a matter of purchasing software, installing it and switching it on.

It requires a thorough understanding of the system’s architecture, data structures, business processes, cybersecurity and data-protection requirements, followed by careful adaptation to the operational realities of the organization.

As banking services become increasingly digital, the importance of protecting information and maintaining a high level of cybersecurity grows with them.

For that reason, our decision was based not only on the functions the system offers today, but also on its scalability, flexibility, integration capabilities, security, regulatory compliance, and ability to evolve over time.

Temenos Transact has a modular architecture capable of supporting a wide range of banking products and services. Its API-based design also enables different components and external systems to integrate more flexibly.

Today, more than 1,000 banks across over 150 countries use Temenos core banking technology in their day-to-day operations. These include Austria’s Raiffeisen Bank, France’s Société Générale, the Netherlands’ ING Bank and ABN AMRO, South Korea’s Woori Bank, Japan’s MUFG Bank, Switzerland’s Swissquote, as well as globally renowned Standard Chartered.

These capabilities and its global track record were among the key reasons TDB selected Temenos.

- What tangible benefits will the transition to Temenos bring, particularly for customers?

- Fundamentally, this transformation takes TDB’s technological capabilities to the next level. It creates the foundation for many improvements, both for the bank and for our customers.

First, it enables us to manage customer information in a more integrated way and streamline internal processes.

International experience provides useful examples. At MidWestOne Bank in the United States, for instance, the reported processing time for a new account application fell from approximately 15 minutes to around two minutes following the introduction of Temenos technology.

Similarly, Italy’s Credem reported significant growth in digital activity following its transformation, including an increase in online transactions and active digital customers.

We believe our customers will increasingly feel these benefits as they become familiar with TDB’s new platform and services.

Second, the new system provides a more flexible foundation for APIs, allowing banking services to integrate more efficiently with other platforms.

This creates opportunities for the future development of Open Banking and deeper collaboration with fintech companies and 3rd parties service providers.

Importantly, it also gives us a technological foundation that can be integrated with artificial intelligence solutions.

For example, AI can help organizations consolidate and analyze operational data, identify redundant workloads and duplicated processes, assess resource allocation needs and support better-informed management decisions.

Third, the transformation strengthens existing data and cybersecurity controls, risk management practices by bringing them to the new, more advanced technological level.

Technology-enabled financial fraud has become a global challenge, and fraudsters are constantly looking for vulnerabilities they can exploit.

For banks, protecting customers’ financial assets and personal information is therefore paramount.

As part of this transformation, we introduced HID Approve, an additional authentication layer widely used internationally, to replace MFA (Multi Factor Authentication) methods that previously relied on one-time codes sent via SMS.

Customers naturally want banking to be as simple and fast as possible. At the same time, banks have a responsibility to protect them from fraud.

Finding the right balance between convenience and security will therefore remain one of our continuing priorities.

- A transformation of this scale clearly requires substantial investment, time and human resources. But for customers, what they felt most directly were difficulties accessing everyday banking services after the migration. Why did this happen?

- Over many years, we had developed a considerable number of customized solutions around our legacy core banking environment to meet TDB’s specific business and service requirements.

Moving from that highly customized environment to a world-class, international standards based platform required us to migrate and test the  new systems, train our employees and, at the same time, completely rebuild our mobile and internet banking applications to further improve the customer experience.

In other words, many complex workstreams had to come together at once.

Following the migration, some challenges emerged as we worked to ensure that every customer could register, authenticate, and access the new environment smoothly while meeting the enhanced security requirements of the new system.

One of our highest priorities during the transition was to close potential avenues for fraud and strengthen customer protection. As a result, we applied more stringent authentication requirements. During the initial period, this contributed to additional system load and affected the experience of some customers.

There is also inevitably an adjustment period whenever people move to a new digital environment. As customers become more familiar with the new TDB application, we believe they will increasingly experience its improvements.

Some customers have also asked why the old and new applications could not have operated simultaneously while we transitioned gradually.

Although operating two systems in parallel may appear less disruptive from a customer’s perspective, it introduces significant technical complexities and creates additional challenges because two different core environments must operate and remain synchronized simultaneously.

That is why, despite the difficulty of the transition, we chose to implement the transformation in a big-bang approach, with the long-term interests of our customers in mind.

- So, adapting to a completely new digital banking experience naturally takes some time. Why was it necessary to redesign the application itself?

- Yes. All of us need some time to adapt to changes.

As customers become more familiar with the new TDB application, we believe they will find it more intuitive and convenient to use.

The new TDB application was redesigned using user-centered design principles. Customers can now complete the functions they use most frequently in fewer steps, making everyday banking faster and simpler.

We also incorporated spring-based animations into screen transitions to create a greater sense of continuity as users navigate the application.

Frequently used controls are positioned within the natural reach of the thumb, allowing customers to perform common actions such as payments and transfers more comfortably with one hand.

Another important improvement relates to accessibility. The color contrast of key elements, including monetary values, headings and buttons, has been designed to meet the highest AAA level of the Web Content Accessibility Guidelines, or WCAG.

This makes important information easier to read, including for customers with visual impairments and in challenging lighting conditions such as direct sunlight.

Some of these improvements may not be immediately obvious, but together they are designed to create a more accessible and intuitive digital banking experience.

- Another issue that drew significant attention was the change in account numbers. Why was this necessary?

- First, I want to reassure our customers that their previous account numbers remain valid.

Customers can continue using their existing account numbers to receive money from friends and family and for their everyday transactions.

There is also no need to change the account number registered for government services such as E-Mongolia and E-Barimt, or for social welfare payments, child benefits or pensions.

Likewise, customers do not necessarily need to amend the account number used in existing contracts and arrangements relating to salaries, rent or other transactions.

In practical terms, one account can now be identified by two account numbers.

When migrating to the Temenos core banking platform, we were required to adopt an account-numbering structure aligned with the new system’s architecture and numbering principles.

However, to avoid unnecessary inconvenience for our customers, we made the decision to keep their previous account numbers valid as well.

- Thank you. One of the questions customers are asking most frequently is when services will be fully stabilized. How is the system performing now?

- At present, digital banking services, including downloading and using the new application, have stabilized for the vast majority of our customers.

I would like to sincerely thank our customers for their patience, understanding and cooperation throughout this transition.

International experience shows that, following a core banking migration of this scale, a stabilization period is normal before every part of the environment reaches its optimal state.

We will therefore continue strengthening security and service reliability while resolving any remaining issues.

For a bank, there is nothing more important than protecting the trust customers have placed in us over many years.

Our customers can be confident that TDB protects their funds and personal information, and we will continue to do so.
- Technology has become inseparable from our daily lives. To conclude our conversation, from your perspective as a technology professional, how do you see it shaping the way we live and work in the future?

- I believe advances in artificial intelligence and technology will increasingly create practical solutions that make people’s work and everyday lives easier. We are already seeing this beginning to happen in many countries.

Tasks that do not require human intervention will increasingly be supported or performed by AI, allowing people to focus their time and expertise on areas where they can create greater value.

Human resources have always been one of the most complex areas in business. Technology has the potential to transform even areas such as customer service and recruitment.

Until recently, for example, few people would have imagined robotic servers in restaurants. Similarly, future recruitment processes may involve candidates interacting with AI-powered virtual interviewers rather than always meeting another person face to face.

My outlook is optimistic. I believe technology can make many aspects of work and life simpler and more efficient.

Technology is advancing rapidly around the world. At TDB, we recognized this change early and made the decision to invest for the long term by pioneering the adoption of international banking technology in Mongolia.

Behind this transformation are the knowledge, expertise and years of dedication of TDB’s technology professionals.

This was not an easy decision, nor was it an easy project.

What makes this achievement particularly meaningful is that Mongol professionals studied and mastered international technology solutions, then successfully brought that expertise home and implemented the solutions in Mongolia.

Beyond strengthening TDB, we believe building this kind of technological capability can contribute to Mongolia’s international reputation and to the competitiveness of its businesses.

Looking ahead, government institutions, businesses and, in particular, organizations that interact closely with the banking sector will also need to continue modernizing their technologies so that they can integrate more seamlessly with platforms such as ours.

Achieving transformation on this scale requires coordinated effort across the wider ecosystem. Standards for interoperability and data exchange, cybersecurity frameworks and the regulatory environment must continue to evolve alongside technology.

Ultimately, TDB will continue working to provide customers with faster, simpler and more secure banking services while playing a leading role in advancing Mongolia’s banking and technology sectors. Thank you.

Interview by Suren M.

Mongolia, US Discuss Expanding Cooperation in Vocational Education www.montsame.mn

Nyam-Ochir Tumur-Ochir, State Secretary of Mongolia’s Ministry of Education, met with Casey Sacks, Assistant Secretary for the Office of Career, Technical, and Adult Education at the U.S. Department of Education, and Dewayne Duncan, Deputy Assistant Secretary, to exchange views on opportunities to deepen cooperation between the two countries.

During the meeting, the U.S. side shared its policies and experience in developing vocational and technical education systems, aligning training programmes with labour market demands, and improving students’ professional skills and employment opportunities.

The two sides also exchanged information on initiatives to strengthen partnerships between educational institutions and employers, as well as policies aimed at equipping students with skills needed in the era of emerging technologies and artificial intelligence.

Discussions further focused on potential cooperation to improve the quality and accessibility of vocational and technical education, develop a skilled workforce that responds to changing labour market needs, and introduce effective partnership-based financing models.

The two sides agreed to expand cooperation in the education sector, share expertise and explore new  opportunities to support the development of vocational and technical education.