Mongolia and EAEU sign interim trade agreement www.gogo.mn

During a virtual bilateral meeting held on May 22, 2026, the Ministry of Economy and Development of Mongolia and the Eurasian Economic Commission (EEC) officially signed a Joint Statement regarding the Interim Trade Agreement between Mongolia, the Eurasian Economic Union (EAEU), and its member states.

The document was signed by J.Enkhbayar, Mongolia's First Deputy Prime Minister and Minister of Economy and Development, on behalf of the Mongolian government. Representing the Eurasian Economic Commission was Andrey Slepnev, Member of the Board and Minister in charge of Trade for the EEC.

The formal execution of this joint statement officially confirms that the milestone trade pact will go into effect on July 22, 2026, paving the way for enhanced economic cooperation and commerce between the regions. 

Russia loses to Mongolia and Indonesia in coal exports to China www.open.kg

In April 2023, Mongolia significantly increased its coal exports to China, allowing it to surpass Indonesia, which had long been a leader in this segment. According to the General Administration of Customs of China, Mongolia sent 11.33 million metric tons of coal to the neighboring country, while Indonesia exported 11.12 million tons, which is 22% less compared to the same period last year.
The decrease in shipments from Indonesia, which amounted to 8% in the first four months of the year, did not prevent it from maintaining its leadership in total exports, totaling 61.43 million tons compared to 39.37 million tons from Mongolia, which demonstrated an impressive growth in shipments of 61% compared to last year.

Analysts note that the decline in coal prices in the domestic market of China has reduced the competitiveness of Indonesian supplies. At the same time, Indonesia has presented an ambitious plan that may cause further instability in the market. The new plan for the centralization of coal and other goods exports under the management of a state-owned company, announced by President Prabowo Subianto, raises concerns among investors worried about control over pricing.

Coal imports from Russia and Australia have also noticeably decreased: in April, volumes fell by 30% and 39% respectively. This trend was part of an overall reduction in coal imports to China, which decreased by 14% year-on-year in April, totaling 33.1 million metric tons. Since the beginning of the year, the decline has been 2.1%, leading to a total import volume of 149.4 million metric tons.

Record 46,000 runners join Ulaanbaatar Marathon 2026 www.qazinform.com

The “Ulaanbaatar Marathon 2026” international race drew record-breaking participation this year, with more than 46,000 runners and athletes joining the event across all categories. The 5-kilometer race saw the biggest growth compared to previous years, attracting around 23,000 runners alone, MONTSAME reports.

The marathon featured several race categories: full Marathon (42 km) – more than 700 runners; half Marathon (21 km) – thousands of participants, including elite local and international athletes; 10 km Sports Run – strong participation from amateur and professional runners; 5 km Health Run – around 23,000 runners; and 1.5 km Family Run – families and children joined in large numbers. A total of 17,000 people have participated in the 21km and 10km races.

Notable athletes competing in the 21 km half marathon included Mongolia’s Honored Athlete Ser-Od B., international master runners Sarangua B., Munkhbayar N., Bat-Erdene G., and Natsagdorj O. International participants included Japanese runners Higuchi Daisuke and Ishikawa Ryuga, British runner James Drakeford, Russian athlete Vdovina Aleksandra Mikhailovna, and Chinese runner Cui Wei Kang.

Organized annually to promote running sports and encourage healthy, active lifestyles, the Ulaanbaatar Marathon has become one of Mongolia’s largest sporting events.

The growing number of participants reflects the rising popularity of running and fitness culture in Mongolia, as thousands gathered in the capital city to celebrate health, endurance, and unity.

Earlier, it was reported that robot had set the world record at Half Marathon in Beijing.

Tatyana Kudrenok

Meiteng’s full-size intelligent coal dry separation plant in Mongolia www.im-mining.com

Since October 2025, a complete intelligent coal dry separation project constructed by Meiteng Technology in Mongolia has maintained stable operation, it says further demonstrating the significant advantages of its independently developed DCP Full-Size Coal Dry Separation Dream Plant technology, for which the company owns full intellectual property rights, in adapting to harsh climatic conditions while achieving coordinated improvements in coal quality, energy efficiency, water-free processing and intelligent operation optimisation.

The project is located in Mongolia’s Gobi region, where winters are long and extremely cold, with temperatures dropping to as low as -30°C, while summer surface temperatures can soar to 42°C. The area also experiences frequent strong winds and recurring sandstorms throughout the year. Evaporation far exceeds precipitation, making industrial water resources extremely scarce. Leveraging its independently developed intelligent dry separation technology, Meiteng Technology says it successfully addressed these challenges.

The entire system operates without using water as the separation medium, eliminating dependence on scarce water resources. While significantly reducing environmental impact, the process combines high-precision sensor-based detection with intelligent control systems, demonstrating outstanding adaptability and operational reliability under extreme conditions such as heavy dust, strong winds and large temperature fluctuations. The project Meiteng says has successfully achieved its optimisation goals of “quality improvement, energy reduction, water conservation, and rapid construction,” providing a reliable solution for coal separation in arid and water-scarce mining regions worldwide.

Due to local resource conditions, the raw coal processed by the project had relatively high ash content and unstable quality. Some low-grade coal contained 60-80% dilution, which had long limited its commercial value and utilisation potential. The commissioned full-size particle intelligent dry separation system for this project adopts a process configuration of TDS® separation for the 200-25 mm fraction, TGS® separation for the 25-3 mm fraction, with the -3 mm one bypassed.

Through this integrated process, low-grade contaminated coal previously considered difficult to market due to its high impurity content is upgraded into high-quality coal products that meet market requirements. The system significantly improves the added value and utilisation efficiency of coal resources, transforming materials once regarded as waste with little or no market value into commercially viable coal products, thereby creating substantial economic benefits for the client.

The TDS® (intelligent sensor-based dry sorter) and TGS® (intelligent gradient-fluidised dry separator) were independently developed by Meiteng Technology. Since their commercial launch in 2016, more than 520 units have been deployed worldwide. The maximum processing capacity of a single unit has reached 600 t/h (taking 300-50 mm lump coal feeding for example), supported by extensive coal separation data models covering virtually all coal types.

The TDS® is designed for the separation of +25 mm lump coal, with a maximum separation size of up to 300 mm. The system utilises dual-source recognition combining X-ray and CCD imaging technologies, together with compressed-air jet separation for multi-mineral particles. Meiteng says it has maintained the No 1 market share in China’s coal industry for years and ranks among the leading technologies in the global coal separation market.

The TGS® is designed for coal separation in the -80 mm to 3 mm size range. The technology integrates air jigging, X-ray detection, and feedback control technologies, with a maximum single-unit processing capacity of 600 t/h (taking 25-3 mm coal feeding for example). The wide application of these two technologies has significantly promoted the green and intelligent development of coal separation technology worldwide.

Since trial operation started in October 2025, Meiteng says the system has consistently delivered stable and outstanding performance, including system processing capacity continuously maintained above 285 t/h; coal misplace rate in rejects kept below 3%; calculated gangue discharge rate on feedings exceeding 95%; plus the calorific value of the blended clean coal product increased by approximately 2,200 kcal/kg compared with raw coal, while ash content was reduced by 25-28%. Both the TDS® and TGS® achieved fully automatic operation with adaptive response to fluctuations in feed quality.

Compared with conventional dry separation methods, Meiteng says its intelligent dry separation system offers three core advantages: high separation accuracy, strong equipment reliability and advanced intelligence. “The system overcomes the limitations of traditional dry coal preparation plants, which often require frequent manual adjustment and control, involve heavy equipment maintenance workloads, and struggle to maintain long-term stable operation. By enabling intelligent and stable operation, the system creates a more efficient and user-friendly working environment for on-site production management personnel while significantly reducing the operating and maintenance costs of the coal preparation plant.”

The project was designed with a processing capacity of 285 t/h, an annual throughput of 1.5 Mt/y, and a maximum annual processing capacity of 2.0 Mt/y. The entire system consists of three main modules: ROM hopper and primary crushing module, screening and TDS module and TGS module, together with a bulk stacking and handling system. Auxiliary facilities include four additional units: power generation unit, compressed air unit, MCC and control room unit and dust collection unit. The plant incorporates a total of 27 process equipment units, with an installed capacity of 1,777 kVA, hourly power consumption of 1,046 kWh, and a total footprint of approximately 18,000 m².

Featuring a simplified process flow, a limited number of equipment units, all-steel structural construction, and a modular layout, the system requires relatively small installation space and enables rapid deployment. In addition, it requires minimal operational and maintenance personnel and allows easier on-site management, making it particularly suitable for construction and operation in remote areas.

To fully leverage the strengths of both parties, the project adopted a China-Mongolia joint execution model. Meiteng Technology was responsible for design, manufacturing and procurement, cross-border logistics, and full-cycle technical services, while the Mongolian owner undertook civil construction, installation works, and overall project management.

Meiteng: “Through efficient coordination and professional collaboration to bridge cultural differences, both parties developed multiple tailored construction strategies in advance based on site conditions and dynamically adjusted execution plans in response to weather variations. Technical discussions and safety trainings were regularly organised to ensure continuous efficiency in both manpower and equipment deployment.”

Approximately 725 t of materials were transported over a distance exceeding 1,900 km and cleared through cross-border logistics and customs without any errors. At the same time, the owner allocated sufficient resources to ensure robust on-site HSE management and personnel logistics support, achieving zero lost-time injuries throughout the entire construction period.

Mongolia, Japan hold joint exercise for engineering and sapper forces www.akipress.com

Japan and Mongolia continue to develop cooperation in the field of defense, exchanging experiences and knowledge to strengthen international interaction. The joint exercises "Road-2026" between the Armed Forces of Mongolia and the engineering unit of the Japan Self-Defense Forces began in Hitachinaka, Ibaraki prefecture, at the Japan Self-Defense Forces Engineering School on May 18.

Under the guidance of the Ministry of Defense of Mongolia and the Japan Ground Self-Defense Force, a program is being implemented to enhance the capabilities of the Mongolian Armed Forces, focusing on the engineering skills necessary for UN peacekeeping operations. The training process includes both theoretical training in Japan and field exercises in Mongolia.

At the opening ceremony of the exercises, Major General Yoshiharu Takashi said that this twelfth year of joint training for the engineering troops of both countries proves its effectiveness and stability. He noted that this year the focus will be on the construction and development of bases, as well as on electricity and water supply systems, with the aim of preparing highly qualified officers.

15 soldiers from Mongolia are participating in the exercises, studying aspects of constructing facilities for peacekeeping operations, as well as their infrastructure and supply systems.

The theoretical training will last in Japan until June 19, while the practical part will take place in Mongolia in August. The project, which started in 2014, aims to develop qualified military engineers for participation in UN missions and enhance operational compatibility between the two countries.

Fintech Landscape of Mongolia in 2026 www.thefintechtimes.com

With only 3.6 million people, what are the fintech, digital and wider economic developments of Mongolia in 2026?
Mongolia’s fintech landscape in 2026 reflects a country attempting to modernise at speed while balancing the realities of geography, economic concentration and financial inclusion. It is a market shaped by vast distances, a young digitally connected population and an economy still heavily influenced by mining and commodities. Yet over the past several years, Mongolia has quietly emerged as one of Central Asia’s more interesting fintech stories.

That trajectory was already visible in Richie Santosdiaz’s earlier 2024 article for The Fintech Times, “Fintech Landscape of Mongolia”, which highlighted how digital lending, mobile banking and payments innovation were beginning to reshape the country’s financial ecosystem. By 2026, many of those trends have accelerated further, particularly around digital banking infrastructure, instant payments, open banking and AI-driven fintech services.

Unlike some larger Asian fintech markets where competition revolves around scale alone, Mongolia’s fintech development has been driven by accessibility and practicality. Mongolia is the world’s most sparsely populated sovereign nation, with communities spread across enormous geographic distances. In many respects, fintech has become essential to overcoming structural barriers around physical banking access and financial service delivery.

The country’s wider economic backdrop also matters. According to broader international economic estimates and Mongolia-focused investment reports, Mongolia’s GDP surpassed approximately $24billion in 2025, while GDP per capita approached $7,000 as growth remained closely tied to mining exports, commodities and trade with neighbouring China. Ulaanbaatar continues to dominate the country’s economic and financial activity, serving as the centre for banking, technology startups and digital innovation.

Mining remains the backbone of Mongolia’s economy, particularly copper, coal and minerals linked to global supply chains. However, policymakers increasingly recognise the need for diversification and digital economic development. Mongolia’s long-term Vision 2050 development strategy continues emphasising digitalisation, innovation and economic modernisation as part of broader national development goals.

This broader digital transformation agenda has created fertile ground for fintech growth.

One of the strongest features of Mongolia’s fintech ecosystem is digital lending. Companies such as AND Global and its subsidiary LendMN emerged as major examples of Mongolia-born fintech firms scaling beyond traditional banking models. In 2025, AND Global raised $21.4million in Series B funding led by the International Finance Corporation and AEON Financial Service of Japan, reinforcing international investor confidence in Mongolia’s fintech sector.

LendMN itself has become one of the country’s most recognisable fintech platforms. Originally launched as Mongolia’s first fully digital lending fintech, the platform expanded rapidly through mobile-first microfinance and consumer lending solutions. In April 2025, LendMN secured an additional $20million debt financing facility from Lendable to support lending expansion for MSMEs and underserved borrowers.

These developments are particularly important in the Mongolian context because access to finance for SMEs and rural communities has historically been uneven. Fintech therefore plays a significant role not only in convenience, but also in financial accessibility.

At the same time, Mongolia’s traditional banking sector has also undergone substantial digital transformation. Major institutions such as Khan Bank, Trade and Development Bank and Golomt Bank have invested heavily in digital banking infrastructure, mobile apps and online financial services.

Golomt Bank in particular has positioned itself as one of Mongolia’s digital banking leaders. The bank’s SocialPay digital wallet and open banking initiatives have become increasingly visible components of the wider fintech ecosystem. According to publicly available information on the bank’s digital transformation strategy, a significant majority of customer transactions are now conducted digitally, while the institution continues expanding API-driven banking services and fintech integration capabilities.

Payments modernisation has accelerated further under the Bank of Mongolia’s wider financial infrastructure reforms. Recent reforms highlighted by Mongolia’s central bank leadership included upgrades to low-value and high-value payment systems, EMV migration for domestic cards, tokenisation capabilities and the introduction of Apple Pay in 2024 followed by Google Pay in 2025.

These developments reflect a broader shift occurring across Mongolia’s financial system: the gradual migration from cash-heavy transactions towards digitally integrated financial services.

Government digitisation efforts have also played a critical role. Mongolia’s E-Mongolia platform became one of the country’s flagship e-government initiatives, enabling citizens to access hundreds of public services digitally. By 2024, the platform had already surpassed 1.8 million users across more than 1,000 government services.

This matters because fintech ecosystems rarely develop independently from wider digital governance infrastructure. As citizens become more accustomed to digital public services, trust in digital financial services often grows alongside them.

The Mongolian fintech ecosystem itself is also becoming more organised institutionally. The Mongolian Fintech Association continues working with fintech firms, regulators and financial institutions to help develop the sector and encourage a more supportive regulatory environment.

Meanwhile, Mongolia’s wider investment environment has shown signs of increasing international engagement. The country’s 2025 DealBook report highlighted $2.6billion raised across 40 transactions involving Mongolian companies and foreign investors, signalling broader international interest in Mongolia’s evolving private sector and digital economy.

Yet challenges remain significant. Mongolia’s economy is still heavily exposed to commodity cycles and external shocks. Financial inclusion gaps persist in rural regions. Cash usage remains important outside urban centres. Venture capital availability is still limited compared with larger Asian markets, and scaling startups internationally remains difficult for many firms operating from Mongolia.

Cybersecurity, digital literacy and regulatory coordination also continue to be areas requiring ongoing development. As digital payments and lending scale further, maintaining trust and resilience within the financial system becomes increasingly critical.

Still, Mongolia’s fintech ecosystem in 2026 demonstrates how smaller and less globally visible markets can become innovation laboratories for digital finance. The country may not rival the scale of China, India or Southeast Asia’s largest fintech hubs, but it is building something increasingly distinctive: a digitally connected financial ecosystem shaped by mobile-first adoption, infrastructure modernisation and the practical need to deliver services across one of the world’s most geographically dispersed populations.

As increasingly reflected across commentary from The Fintech Times, fintech ecosystems do not need to be enormous to become influential. Mongolia’s progress illustrates how frontier and emerging economies can leverage digital finance not simply for convenience, but for broader economic transformation, accessibility and long-term modernisation.

Author
Richie Santosdiaz

Richie is a global economic development advisor and Managing Partner of Santos-Diaz LLC, specializing in international trade and foreign direct investment across the UK, Middle East, and North America. With over 15 years of experience and a Masters from SOAS University of London, he has advised high-level governments and multinational corporates while contributing to major outlets like Forbes and the World Economic Forum. Currently based in Dubai, he leverages his background in emerging markets and RegTech to bridge the gap between global policy and private sector growth.

Mongolia, Rio Tinto Reach Agreement to Reduce Oyu Tolgoi Management Fees www.zsm.mn

Mongolia and Rio Tinto have reached an agreement to reduce management fees for the Oyu Tolgoi copper and gold project by 50 percent, according to government officials.

The negotiations were conducted by a government working group established under Prime Ministerial Decree No. 68 to review and reduce the project’s management fee structure.

Prime Minister Н.Учрал described the agreement as an initial achievement in ongoing discussions related to the Oyu Tolgoi investment agreement.

The working group, headed by Minister of Industry and Mineral Resources Г.Дамдинням, also agreed with Rio Tinto to eliminate overlapping payments associated with project management costs.

Officials said the agreement is expected to reduce total fee-related expenses by US$2.2 billion and increase Mongolia’s economic benefit from the project by an estimated US$1.5 billion.

“This is also good news for investors,” Prime Minister Uchral said. “It shows that Mongolia is capable of protecting its national interests while engaging in negotiations with investors on an equal footing.”

He added that the government will continue working toward further progress in negotiations related to the OT LLC investment agreement and efforts to reduce interest rates on Oyu Tolgoi project loans.

Oyu Tolgoi is one of Mongolia’s largest mining projects and remains a major contributor to the country’s economy and export revenues.

Source: Zuuniimedee № 98 (7830) May 21, 2026

The United States and Mongolia Collaborate on Conservation of Golden Stupa and Temple Complex at Erdene Zuu Monastery www.mn.usembassy.gov

Kharkhorin, Uvurkhangai province – On May 22, 2026, representatives of the U.S. Embassy, led by Ambassador Richard L. Buangan, together with the representatives of the Arts Council of Mongolia (ACM), the World Monument Fund (WMF), and Erdene Zuu Monastery launched a two-year project called “Conservation of the Golden Stupa and Temple Complex of the Erdene Zuu Monastery.” The initiative, funded by the U.S. State Department’s Ambassadors Fund for Cultural Preservation, aims to protect Mongolia’s invaluable cultural heritage and strengthen Mongolia’s capacity for cultural preservation.

The project, which is expected to finish in May 2028, will restore the iconic Golden Stupa, the spiritual core of Erdene Zuu Monastery. The grant will support the formation of an expert consulting team; comprehensive documentation and condition assessment; procurement of supplies and materials; site preparation and physical restoration of the Golden Stupa; and capacity-building training for local professionals to strengthen conservation skills and foster public engagement and awareness.

“Helping to preserve this temple is a testament to the enormous respect and admiration that America has towards Mongolia” U.S. Ambassador Richard L. Buangan said during remarks at the Erdene Zuu Monastery. “Together, we will safeguard this invaluable cultural treasure for future generations. This project also symbolizes the importance both of our countries place on religious freedom and the role that Buddhism has played in shaping the history, identity, and culture of Mongolia. This collaboration will harness the power of international cooperation and expertise in preserving Mongolia’s historical monasteries and religious artifacts, many of which were nearly destroyed in religious purges of the late 1930s.”

The site was included on the 2025 World Monuments Watch to galvanize support for its preservation. Located within Erdene Zuu—Mongolia’s oldest Buddhist monastery, founded in 1586 by descendants of Chinggis Khaan on the ruins of Kharkhorin, the Mongol empire’s ancient capital—the Golden Stupa anchors a complex that embodies the legacy of the Mongol Empire and Mongolia’s Buddhist heritage through its distinctive blend of Mongolian, Chinese, and Tibetan architectural styles.

The completion of the project will ensure the long-term preservation of one of Mongolia’s most important cultural heritage sites and will establish the national capacity for heritage conservation and management.

This partnership highlights U.S. respect for Mongolia’s rich history, culture, and literary heritage while showcasing American leadership in technological innovation for preserving world heritage.

The U.S. Ambassadors Fund for Cultural Preservation supports diverse projects categorized into tangible historical sites, museum collections, and intangible cultural expressions. It has funded more than 1,000 projects across 133 countries around the globe since its inception in 2001. The fund selects roughly 25 to 35 projects worldwide annually, distributing multi-million-dollar investments to protect global history. In Mongolia, 24 projects worth $2.1 million have been supported through the Fund since 2003. This year the program is celebrating 25 years since its establishment and the 250th anniversary of the independence of the United States.

Mongolia's coal shipments to China surge 61% in April, overtaking Indonesia www.miningweekly.com

China's coal imports from Mongolia surged 61% in April, propelling it ahead of Indonesia, which is traditionally the world's largest coal exporter and has long been China's top supplier of the fuel.

Mongolia shipped 11.33-million metric tons of coal across the border to its neighbour China, narrowly edging out Indonesia which sold 11.12-million tons, down 22% on the year, according to data from China's General Administration of Customs on Wednesday.

Over the first four months of the year, Indonesian shipments were down 8% but retained their lead over Mongolia at 61.43-million tons to 39.37-million tons, even as Mongolian shipments rose 61% from the year-earlier period.

"Higher domestic output and lower local coal prices have reduced the competitiveness of imported low-CV Indonesian cargoes in the Chinese coastal market," maritime analytics platform Signal Ocean said in a note.

More volatility for Indonesian coal shipments could be in store, after the major commodities exporter on Wednesday unveiled a sweeping plan to centralise exports of coal as well as other key commodities including palm oil under a State-owned firm. Investors were rattled by the plan, which President Prabowo Subianto said aimed to assert greater control over pricing.

China's imports from Russia and Australia, the number three and four suppliers, fell 30% and 39% respectively in April.

The declines came as China cut its overall coal imports. China's imports fell 14% year-on-year in April to 33.1 million metric tons, with year-to-date imports down 2.1% on the year at 149.4 metric tons. 

Record Participation Marks Ulaanbaatar Marathon 2026 www.montsame.mn

The “Ulaanbaatar Marathon 2026” international race drew record-breaking participation this year, with more than 46,000 runners and athletes joining the event across all categories. The 5-kilometer race saw the biggest growth compared to previous years, attracting around 23,000 runners alone.

The marathon featured several race categories: full Marathon (42 km) – more than 700 runners; half Marathon (21 km) – thousands of participants, including elite local and international athletes; 10 km Sports Run – strong participation from amateur and professional runners; 5 km Health Run – around 23,000 runners; and 1.5 km Family Run – families and children joined in large numbers. A total of 17,000 people have participated in the 21km and 10km races. 

Notable athletes competing in the 21 km half marathon included Mongolia’s Honored Athlete Ser-Od B., international master runners Sarangua B., Munkhbayar N., Bat-Erdene G., and Natsagdorj O. International participants included Japanese runners Higuchi Daisuke and Ishikawa Ryuga, British runner James Drakeford, Russian athlete Vdovina Aleksandra Mikhailovna, and Chinese runner Cui Wei Kang.

Organized annually to promote running sports and encourage healthy, active lifestyles, the Ulaanbaatar Marathon has become one of Mongolia’s largest sporting events. 

The growing number of participants reflects the rising popularity of running and fitness culture in Mongolia, as thousands gathered in the capital city to celebrate health, endurance, and unity.