A Mongolian tech start-up is preparing to expand through a pioneering new method of attracting investors.

erxes is a software company that merges multiple tools into one application. (image via erxes)erxes is a software company that merges multiple tools into one application. (image via erxes)

erxes is a software company that merges multiple tools into one application. (image via erxes)

Erxes (stylized as erxes, all lower case) is a software company that merges marketing, sales and customer service tools into one application. It was founded by three Mongolian entrepreneurs in 2017; Mend-Orshikh Amartaivan (MJ), Bat-Amar Battulga and Naran Batjargal, who are now the company’s chief executive officer, chief technical officer and chief operating officer respectively.

The trio aim to take market share from companies that offer marketing and management software individually, such as Mailchimp (email marketing) and ConvertFlow (website conversion). According to its website, erxes says its single application, which costs $29 per month for five people, could save small marketing teams thousands of dollars every year.

“We have 18 staff in three offices,” MJ said to Mongolia Weekly. “Due to these challenging times, we're operating from the Mongolia office, as all core members are Mongolian nationals. We have a few remote staff working from the US and France.

"In 2021, we're planning to set up our US office.”

The idea started after the founders had worked in tech for a while but couldn’t find software that could wrap different services into one application.

“We couldn't find a complete solution that addressed our needs,” MJ said. “That's when we decided to create a customizable customer engagement platform. The main goal was to meet the unique needs and requirements of each startup or company at a reasonable price.”

In the three years since it started, the company’s software has been picked up by KFC, Xerox, Toyota, Volkswagen, Toto, Pizza Hut and others.

In order to fund more growth, erxes has chosen to undertake what’s known as a Continuous Agreement for Future Equity (CAFE), which is based on the continuous securities offering (CSO) approach. It allows investors to make cash investments in a company at any single time to get company equity at a later date.

This means erxes will put 9 percent of their equity on the market, allow the market to say what it thinks the company is worth, and raise money when that valuation goes up.

According to Fairmont, this approach avoids some of the barriers associated with traditional public offerings, such as issuing a fixed number of shares and negotiating their price with investors.

Another key difference is that erxes won’t be listed on any public stock exchange. Instead, it will simply have an ‘Invest Now’ button on its website.

The CSO model doesn’t necessarily mean the company won’t hold a traditional IPO sometime in the future, although Amartaivan said that the approach isn’t on the cards for now.

“We're still open to any opportunity that might arise in the future,” he said. “But we're not expecting to launch a traditional IPO anytime soon, as it does not align with our current focus.”

Over the next two years, Amartaivan says the company is focused on setting up shop in the US to improve their customer experience.

“We're planning to set up our US team in the upcoming year. This will allow us to provide faster and smoother customer service,” he said. “It's kind of a no-brainer considering more than 40 percent of our existing 1 million downloads and the majority of our SaaS customers are from the US.”

Even though erxes is now hitting the big time, it remains keenly focused on its Mongolian roots and the role it plays in diversifying the Mongolian economy beyond mining. Amartaivan told Mongolia Weekly that he’s optimistic about the tech industry in Mongolia.

“People are getting hired as remote engineers for foreign tech companies,” he said. “Some are setting up offices in Mongolia as a gateway to other Asian markets. So, I think this is proof that there is a bigger potential in Mongolia.

“One of our goals is to bring forth Mongolian engineers on the global tech stage. Once we pass this benchmark, hopefully, it will set the path and make it easier for other Mongolian startups to follow.”

On 23 November 2020, the European Union and Mongolia took stock of their good trade relations, and looked at opportunities to further strengthen their bilateral trade and investment cooperation agenda.

The discussion took place at the third annual sub-committee on trade and investment in the framework of the Partnership and Cooperation Agreement (PCA) between the EU and Mongolia, which entered into force in 2017.

On trade, the Parties:

discussed ways for Mongolia to make better use of tariff preferences under the special incentive arrangement for sustainable development and good governance (GSP+) as part of the EU’s Generalised Scheme of Preferences;

followed up on Mongolia’s GSP+ commitments, including in the areas of child labour and environmental protection;

took note of positive results from the European Commission’s Trade Related Assistance for Mongolia (TRAM) project;

discussed a possible bilateral agreement on geographical indications, and;

explored a possible regular dialogue on food safety and animal and plant health.

They also discussed the investment environment in both markets and the EU’s concerns on some Mongolian laws hindering foreign investment.

Next steps

The sub-committee on trade and investment will be followed by the EU-Mongolia Joint Committee on 3 December 2020 via videoconference. The Joint Committee (chaired alternately by the Minister of Foreign Affairs of Mongolia and the High Representative of the Union for Foreign Affairs and Security Policy) is entrusted to ensure the proper functioning of the PCA, set priorities in relation to its aims, and make recommendations for promoting the objectives of the agreement.

Background

In 2017 the Partnership and Cooperation Agreement (PCA) between the EU and Mongolia entered into force. On trade, the PCA commits the Parties to establish a dialogue on food safety and plant and animal health, cooperate on investment, facilitate trade, and implement international standards as well as to cooperate on GSP+ and support Mongolia’s economic diversification.

In 2019, trade between the European Union and Mongolia amounted to €562 million, which makes the EU Mongolia’s fourth biggest trading partner. The value of EU exports accounted for €486 million and consisted mainly of industrial goods (82.6%) and agricultural products (17.2%). In the same year, Mongolia’s total exports to the EU amounted to €76 million, of which 87% were agricultural products and 33% industrial goods

Mongolia registered 32 new COVID-19 cases in the last 24 hours, bringing the national caseload to 672, the country's National Center for Communicable Diseases (NCCD) said Tuesday.

"A total of 4,335 tests for COVID-19 were conducted across the country yesterday and 32 of them were positive," said Amarjargal Ambaselmaa, head of the NCCD's Surveillance Department, at a press conference.

The latest confirmed cases are locally transmitted. A total of 245 such cases have been reported so far across the country.

Domestically transmitted cases have been reported in the capital city of Ulan Bator and provinces of Selenge, Darkhan-Uul, Govisumber, Orkhon and Dornogovi.

More than half of the total domestically transmitted cases were reported in the northern Mongolian province of Selenge which borders Russia.

Until mid-November, many Mongolian citizens had returned home from Russia via Altanbulag border point in Selenge province, and international freight transport trucks had entered Mongolia through the border point.

The first locally transmitted case was a woman whose 29-year-old husband, a transport driver, returned from Russia and tested positive for the virus four days after he was released from a 21-day mandatory isolation on Nov. 6.

The country has imposed a nationwide lockdown until Dec. 1 to halt the virus's spread and identify all people who had contact with locally transmitted COVID-19 patients. Enditem

XacBank, a leading universal bank in Mongolia, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys on Tuesday announced the selection of Finacle’s core banking, treasury, and corporate banking solution suites to power bank’s digital transformation.

The Finacle solution suite will enable the bank to drive all-round business transformation to improve customer engagement, operational excellence, and the flexibility to launch tailored offerings on-demand, for continuous innovation and growth. With Finacle digital core banking suite, XacBank will gain a comprehensive set of capabilities and an open platform to establish a robust foundation for its digital future. The digital product factory will enable the bank to evolve its offerings at speed to keep in sync with market dynamics, a statement from the company said.

Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, “at XacBank, we aspire to be the preferred bank in Mongolia for all our customers' segments, by providing a modern digital banking experience, while securely serving their financial needs. To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs. With Finacle’s new-age digital core banking platform, I believe we are well placed to meet the present and future demands of our customers with ease while contributing to the economic development of Mongolia," Gumenjav said.

“Ulaanbaatar MMC Energy” has qualified for the FIBA 3x3 World Tour Final 2020, which will take place in Jeddah, Saudi Arabia on December 18-19, 2020. To qualify, the teams had to finish inside the Top 12 in the World Tour season standings after the last Masters.

Here's the list of the 12 participating teams sorted by tour standings:

1. Riga (LAT) - 320 pts

2. Liman (SRB) - 320 pts

3. NY Harlem (USA) - 179 pts

4. Novi Sad (SRB) - 170 pts

5. Utena Uniclub (LTU) - 150 pts

6. Jeddah (KSA) - 140 pts

7. Lausanne Katapult (SUI) - 135 pts

8. Piran (SLO) - 130 pts

9. Sakiai Gulbele (LTU) - 118 pts

10. Ub (SRB) - 98 pts

11. Ulaanbaatar MMC Energy (MGL) - 53 pts

12. Amsterdam (NED) - 50pts

Amsterdam and Princeton were tied with 50 points and the same winning percentage and the Dutch qualified based on the third tie-breaker, points average.

Utena Uniclub, Ub and Ulaanbaatar MMC Energy will make their debut at a World Tour Final (the latter becoming the first-ever Mongolian team to do it).

The other nine already featured last year at the Utsunomiya Final, which saw Novi Sad win their 4th FIBA 3x3 World Tour title.

LONDON/FRANKFURT (Reuters) - It took Oxford University’s brightest minds decades of work to give them the expertise to develop a COVID-19 vaccine. In the end, it was a momentary error - and a dose of good fortune - that carried them over the line.

The Oxford vaccinologists were exhilarated on Monday when drugmaker AstraZeneca, with whom they developed the shot, announced that it could be around 90% effective, citing data from late-stage trials.

“It can only happen if extraordinary support is provided,” Adrian Hill, director of Oxford University’s Jenner Institute which developed the shot, told Reuters. “We had pretty well the whole institute in Oxford working on this vaccine.”

While skill and hard work drove development, AstraZeneca said it was a minor mistake that made the team realise how they could significantly boost the shot’s success rate, to as much as 90% from around 60%: by administering a half dose, followed by a full dose a month later.

“The reason we had the half dose is serendipity,” Mene Pangalos, head of AstraZeneca’s non-oncology research and development, told Reuters.

The plan was for trial participants in Britain to receive two full doses, but researchers were perplexed when they noticed that side effects, such as fatigue, headaches or arm aches were milder than expected, Pangalos said.

“So we went back and checked ... and we found out that they had underpredicted the dose of the vaccine by half.”

He said the team nonetheless decided to press ahead with that half dose group, and to administer the second, full dose booster shot at the scheduled time.

The results showed the vaccine was 90% effective among this group, while a larger group who had received two full doses produced an efficacy read-out of 62%, leading to an overall efficacy of 70% across both dosing patterns, Pangalos said.

“That, in essence, is how we stumbled upon doing half dose-full dose (group),” he told Reuters. “Yes, it was a mistake.”

The vaccine uses a harmless adenovirus to deliver genetic material that tricks the human body to produce proteins known as antigens that are normally found on the coronavirus surface, helping the immune system develop an arsenal against infection.

Pangalos said more analysis was needed to explain why an initial lower dose bolstered protection. One possible explanation was that lower antigen levels to begin with triggered an overall better immune system build-up, he added.

1991 TO TODAY

Even though good fortune played its part, the development of what Oxford scientists hailed as “a vaccine for the world” was built upon 30 years of testing and tweaking of methods.

The adenovirus “viral vector” platform that their candidate uses has been around since 1991, said Hill of the university’s Jenner Institute.

He had been working with Sarah Gilbert, another vaccinologist, to fine-tune the technology. This has involved using a chimpanzee cold virus as the vector to deliver the instructions, in trials with diseases such as flu, MERS and Ebola over the last decade. The hope was that it would one day prove its potential against one or more such deadly diseases.

They turned their attention to the new coronavirus, SARS-CoV-2, in January. Oxford Vice-Chancellor Louise Richardson said she was told of Gilbert’s work and that it looked promising for the new coronavirus, but was operating on a shoestring.

The university then offered a million pounds to underwrite the research until more funding came on board, Richardson told reporters, which duly arrived when the government and AstraZeneca became involved in May.

The unprecedented urgency and resources given to Oxford to prove the platform’s effectiveness against COVID-19 meant it leap-frogged the vaccines against those other pathogens, which are still in early-stage trials.

Gilbert said the experience with MERS, or Middle East Respiratory Syndrome, which is caused by a different type of coronavirus, was especially instructive.

“It showed us that we could make a vaccine with this technology that would induce good immune responses against the coronavirus spike protein,” she told reporters.

“We’d also been thinking about how to go really quickly when a new pathogen arises and we need to make a new vaccine. We’d done some work preparing for that.”

2020: ‘A VERY LONG YEAR’

Andrew Pollard, head of the Oxford Vaccine Group and a professor who has spent two decades running clinical trials, said this experience gave him confidence in the prospects for Oxford’s new vaccine, known initially as ChAdOx1 nCoV-19.

“I think we knew right from the beginning of the year that if we could go through this development, we may well have something which can make a difference,” Pollard told Reuters.

But there was an issue. Limited interest in Oxford’s vaccines for other pathogens before this year meant they didn’t have the funding to prove the platform’s efficacy: until now.

“You either need a massive amount of money, or a pandemic to bring in that resource, and it’s tremendous that we’ve had this opportunity to validate that chimpanzee adenovirus technology for this coronavirus,” Hill said.

“If you’d said to me a year ago that in 2020 anybody would make a vaccine for a global pandemic - and in months rather than years - I would have thought that was hugely challenging.”

Pollard said that while speed of the COVID-19 vaccine’s development was in some ways extraordinary, 2020 had “been a very long year” since the team started work on the vaccine in January.

That culminated this past weekend, Pollard said, in having “an enormous mountain to climb to pull all of the information together” to be able to issue Monday’s data release showing the vaccine can be up to 90% effective.

“The last few weeks have been pretty exhausting. The feeling is absolutely one of extreme fatigue and tiredness at this point,” he told Reuters, speaking before he briefed the office of British Prime Minister Boris Johnson on the findings.

“If the results have not met those regulatory requirements, they would have told us just to carry on with the trial. So it was a great relief.”

Reporting and writing by Kate Kelland and Alistair Smout in London, and Ludwig Burger in Frankfurt; Editing by Pravin Char

A MASSIVE flying ancient beast the size of a small plane has been found in the Gobi Desert.

The dinosaur had enormous 36ft long wings and would be one of the largest winged reptiles ever known to live on Earth.

The giant lived 70 million years ago in a warm climate that was desert-like but not quite as dry as today.

At this time there were lots of dinos roaming around - the offspring of which would have been dinner for this large beast.

It was part of a mysterious branch of dinos known as the azhdarchids and was likely one of the largest that ever lived, researchers claim in the study published in Journal of Vertebrate Paleontology.

It joins another large dinosaur, from the same family called the Hatzegopteryx, which was unearthed earlier this year.

Discovered in Romania, the terrifying bird had a massive neck and jaws that could swallow other horse-sized dinosaurs whole.

The region of the Gobi desert where the latest fossil was discovered is called the Nemegt Formation.

It is home to numerous incredible Jurassic Park-style finds dating back to the Cretacious period.

But this is the first time the fossil patch has yielded a pterosaur - proving how international the species was.

The team worked this new finds gigantic size from predicting the chunks of neck fossil they have to go by, they predicted its footprint would be the same as the Hatzegopteryx which had a wing span of up to 39 feet.

Recently, the French company Poma outlined its plans for a new cable car route to connect Bayankhoshuu, one of UB’s ger districts, with the city centre.

The French Directorate General of the Treasury (DG Trésor) is providing finance for the cable car line. A financial protocol was signed in May 2020 followed by commercial agreements in June 2020.

The six-kilometre line will have three stations and include 122 cable cars.

“Our cable transport solution is a perfect fit with the principle of reducing environmental impact and substantially enhancing urban mobility in Ulaanbaatar and its outskirts, in particular the connection of the new district of Bayankhoshuu with the city centre,” Fabien Felli, Commercial Director and Member of the Executive Board at POMA, said.

“This is a project that makes sense for the development of this capital city and its suburbs, in the same way as has previously been achieved in Latin America and with our projects currently underway in France, in Toulouse and soon in Grenoble.”

Poma will supply the vehicles, towers and equipment, whilst rail consultancy Egis will be responsible for the design and construction of the stations and their foundations, as well as low and high voltage power.

Cable car transport was originally pioneered in the hilly Colombian city of Medellin in 2004 and is seen as a viable public transport solution in cities with significant physical obstacles, which in UB include the Tuul river and the railway line.

According to the World Bank, capital costs for new cable car lines sit around $10-25 million per kilometre (based on Latin American systems). Typical operating capacity sits around 1000-2000 people per hour per direction, which is classed as ‘moderate’ travel demand.

However, the World Bank cautions that cable cars should be developed on a ‘case-by-case’ basis and should not be seen as a magic bullet for public transport solutions.

“The possibility of developing a new cable car should be considered on a case-by-case basis as part of a thorough and comprehensive planning process,” the Bank says. “These systems, of course, are no alternative to high-capacity mass transit.

“With an average distance of 800 meters between stations, cable cars may not serve as many people as bus services, and require users to walk longer distances to and from the terminals.”

Nonetheless, the Bank argues that cable cars remain an ‘exciting and welcome addition to the toolbox of urban transport planners’, with cities around the world - including Hong Kong, Rio de Janeiro, and London - using them to connect communities.

So whilst cable cars may not be the only solution to improving public transport in UB, the new route has the potential to offer significantly increased access to employment and opportunities for the capital's more isolated residents.

Ulaanbaatar /MONTSAME/. At today’s pressing briefing by the Ministry of Health on the COVID-19 situation, Head of Surveillance Department of the National Center for Communicable Diseases (NCCD) A.Ambaselmaa provided updates on the latest test results.

A total of 3,011 PCR tests have been done nationwide since November 22, and as a result, 11 new positive coronavirus cases have been detected in Ulaanbaatar.

The new cases are all close contacts of COVID-19 patients, who had been confirmed to have the virus on November 21 and 22, and are taken in isolation under surveillance.

The total confirmed COVID-19 cases in the country have reached 640, and 53 percent or 340 patients of them have already recovered. 293 people are being treated at the NCCD.

As 11 AM, November 23, the total number of COVID-19 domestic transmission cases in Mongolia have reached 204, 51 cases in the capital city of Ulaanbaatar, 20 in Darkhan-Uul aimag, each 17 in Dornogobi and Orkhon aimags and 98 in Selenge aimag.

Canada’s Teck Resources (TSX: TECK.A TECK.B) (NYSE: TECK) announced that it has increased its steelmaking coal sales to China for Q4 2020 in response to increased demand.

Teck said sales have been at higher pricing levels compared to markets outside China. Estimated total fourth-quarter sales remain within the company’s existing guidance of 5.8-6.2 million tonnes, with approximately 20% of these sales now to Chinese customers.

Pricing in China for Teck’s steelmaking coal started to increase around the middle of the current quarter when a large portion of overall sales was already concluded, the company said. Additional spot sales to China were concluded gradually as the price was rising and achieved an average premium in excess of $35 per tonne above Australian FOB spot pricing at the time each sale was concluded.

Teck, the world’s second-largest seaborne coking coal miner, is seeing stronger-than-expected met coal demand in China, after authorities reportedly warned buyers to avoid Australian coal.

In October, China suspended purchases of Australian coal as Beijing continued to tightly control imports of the fuel amid soured political relations with Canberra, after the capital called for an international inquiry into the origins of the coronavirus pandemic.

China reportedly told coal traders and users to stop imports from Australia with immediate effect in a move that would choke a major trade channel for both countries, a major escalation of political tensions between the pair.

Teck said its contract sales to Chinese customers are also priced on the basis of CFR China price assessments. The most recent three cargos, it said, were sold at prices between $160/tonne and $165/tonne CFR China.