And Global LLC, a sister company to LendMN, disclosed at the forum that they have begun exporting their technology to Myanmar and Philippines, acquired a Philippine bank with over USD 2 million and is now waiting for the Central Banks’ approval.

Another highlight was Mongolian Stock Exchange-listed tech firm iTools JSC. The company successfully launched its IPO last year and its sister company ICT Group announced a new blockchain-based platform for government bonds at the forum. Minister of Finance is currently testing the platform and will decide whether to introduce it to the public. Lkhamsuren Ganbold, CEO of ICT Group, noted the platform will help increase public accessibility to financial instruments. “Digital transformation is highly advantageous for us. Mongolia has low population and workforce. We can overcome this weaknesses through artificial intelligence. Since information technology does not require railroad and infrastructure, being landlocked is not a problem,” remarked Mr. Lkhamsuren. In addition, Gerege Systems LLC presented its upcoming instant messaging app GeChat. Gerege Systems is well-known to the public with its Kiosk-based.