The Mongolian Stock Exchange’s Top 20 Index (MSE Top 20) has delivered a striking performance, rising more than 200% over the past decade—from 10,000-15,000 points in 2014 to 52,433.3 points by February 2025. Mongolia’s equity markets are gaining traction as investors seek growth opportunities in this frontier economy, with Delphos, a leader in frontier market finance, playing a pivotal role. This surge underscores the country’s expanding potential in key sectors such as energy, fintech, and infrastructure. Supported by regulatory reforms, increased investor confidence, and Delphos’s expertise, Mongolia is emerging as a compelling destination for equity investors seeking exposure to a rapidly evolving economy.
Often overlooked, Mongolia offers more than a strategic link between China and Russia—it is a land of immense investment opportunities. With strong fundamentals, growing liquidity, capacity-building initiatives, and underexposure ripe for early movers, Mongolia is quietly shaping up to be the next big frontier for equity investors.
Explore Mongolia’s growing equity market and learn why investors are turning to energy, fintech, and infrastructure in this frontier economy. How to invest in Mongolia's equity market. Why Mongolia is the next frontier for equity investors. Graph showing the Mongolian stock exchange about how Mongolia equity market tripled since 2017. 
With GDP growth projected at 6.3% by 2025 and public debt levels steadily declining, Mongolia offers a foundation of economic stability balanced by strategic regional importance.
Bart Turtelboom, Chairman & CEO at Delphos, captures the unique appeal, noting, “Frontier investors look for asymmetric upside with real fundamentals. Mongolia checks all three boxes.”
This blog explores key focus areas poised for equity expansion, from renewable energy to fintech, and demonstrates why Mongolia is an untapped reservoir for institutional capital.
Investing in Mongolia’s Emerging Economy
Mongolia has demonstrated significant economic growth in recent years, fueled by its abundant natural resources and strategic position within the Asia-Pacific region. However, as with many emerging economies, it faces the dual challenge of reducing dependency on its mining sector while fostering sustainable and diversified growth. By prioritizing innovative business models and strengthening its private sector, Mongolia is working to attract global investors and deepen its integration into the global trade network.
To support this transformation, the government has introduced policies aimed at enhancing the business environment, improving the investment climate, and expanding access to financing. These measures have successfully drawn foreign investment, with companies implementing modern business models across a range of industries. Mongolia’s commitment to economic diversification and innovation positions it as an emerging market poised for transformation and long-term growth.
Top Reasons for Equity Investors to Invest in Mongolia Now
Mongolia’s location and growing economy offer exciting opportunities for equity investors in emerging markets. Here’s why Mongolia deserves attention:
Critical Mineral Exports Drive Growth: Mongolia isn’t just a coal economy. In 2024, it exported a record 83.7 million tons of coal, but its equity potential is increasingly tied to copper, gold, and rare earth elements (REE). The Oyu Tolgoi copper mine, one of the world’s largest, is ramping up production under Rio Tinto, while Mongolia expands partnerships in rare earths and uranium to diversify revenue and meet regional demand.
Resilient Growth, Broader Economy: GDP grew 4.9% in 2024 after a strong 7.0% in 2023, driven by services and investments in energy and mining. Non-mining sectors like agriculture and tech contributed 27% of GDP, highlighting Mongolia’s pivot to a more diverse economy.
Rising Trade and Openness: Foreign trade turnover hit US$25.2B in the first 11 months of 2024—up 13.4% year-on-year. Mongolia trades with over 150 markets, with growing exports to South Korea and Japan alongside major flows to China.
Investor-Friendly Policies: Mongolia is easing forex regulations, stabilizing taxes for equity investors, and digitizing permits through E-Mongolia reforms. These changes reduce barriers, support deals, and simplify exits—key for private equity and venture strategies.
With its critical mineral resources, robust growth, expanding trade, and supportive policies, Mongolia offers unparalleled opportunities for equity investors looking to maximize returns in emerging markets. Investors looking for high-growth markets should keep Mongolia on their radar.
Unlocking Mongolia’s Potential: A Prime Opportunity for Equity Investors
With simplified tax codes and improved FX regulation, Mongolia is shaping a welcoming space for FDI. Integrated payment systems and digital tools further enhance operational viability for global investors.
Impact-driven projects and development finance play a crucial role in Mongolia’s investment landscape, aligning with the goals of project sponsors and investors to foster economic growth and address complex financial and societal needs.
Financial Advisory Firms like Delphos are already helping local companies align with international standards. In a capital-scarce environment, these dynamics create an edge for those who invest early and strategically.
Explore Mongolia’s markets with Delphos—discover equity opportunities in energy, fintech, and infrastructure for forward-thinking investors. How to invest in Mongolia's equity market. Why Mongolia is the next frontier for equity investors. Photo of Bart, Chairman and CEO of Delphos on how Mangolia is one of the few frontier markets where the fundamentals, policy environment, and demand trends are all moving in the right direction. 
Investment Opportunities in Mongolia for Equity Investors
Mongolia’s investment environment is evolving in step with its economic ambitions. The government has prioritized investor engagement, offering tax incentives, streamlined regulatory procedures, and newly empowered investment promotion agencies. Strategic sectors such as mining, renewables, and infrastructure are backed by policy frameworks that aim to de-risk early-stage capital.
As the regulatory landscape matures and investor confidence rises, Mongolia is becoming a viable choice for global capital seeking stable entry points into frontier markets.
Bart Turtelboom, Chairman & CEO of Delphos, shares his perspective on Mongolia’s promising investment landscape: “Mongolia is one of the few frontier markets where the fundamentals, policy environment, and demand trends are all moving in the right direction. For equity investors, these conditions do not come around often—and when they do, the advantage goes to those who act early.”
The Energy Sector: High-Performing Real Assets Driving Regional Growth for Equity Investors
The energy sector in Mongolia presents a significant opportunity for equity investors, as the country accelerates its mission toward renewable energy. Mongolia has committed to renewable energy, aiming for 30% capacity by 2030. With vast solar and wind potential, it is emerging as a key exporter of green energy across Asia. However, fossil fuels still dominate, making this transition essential to the country’s long-term climate strategy. Mongolia’s heavy reliance on coal for electricity generation underscores the urgent need to transition to renewable energy sources to meet future energy demands and environmental goals. The use of solar panels is increasing but remains in its early stages.
The IFC-backed 50-megawatt Battery Energy Storage System (BESS) bond in Ulaanbaatar showcases global confidence. Integrating clean energy into existing infrastructure is still a challenge, but the shift unlocks high-return investment opportunities in energy technologies and storage.
The financial services sector in Mongolia is emerging as a high-potential space for equity investors seeking growth in frontier markets. Driven by rapid modernization, supportive regulation, and rising demand, Mongolia’s financial system is undergoing a major shift. As of 2024, nearly 98% of the adult population holds a bank account, highlighting significant progress in financial inclusion.
Yet despite these gains, approximately 50% of Mongolians remain underserved—particularly in rural areas and among small businesses. This underserved segment offers first-mover equity opportunities in fintech, microfinance, and SME banking, where innovation and scale are ready to accelerate.
Delphos, a global leader in impact-oriented finance, has been instrumental in catalyzing this momentum. Through a US$15MM facility for Bogd Bank, Delphos is advancing financing solutions for women-led SMEs. These aligned capital strategies not only contribute to inclusive growth but also offer scalable equity investment opportunities in Mongolia’s evolving banking ecosystem.
“Banking in Mongolia today presents vast potential for equity investors, driven by modernization, digitalization, and a strong push for financial inclusion.” – Bart Turtelboom – Chairman and CEO – Delphos.
He highlights the vast opportunities in the financial sector as it modernizes, not just in Mongolia but across other Central Asian countries. With adaptive regulations fostering competition and innovation in digital payments and e-commerce, the region is becoming fertile ground for forward-thinking investors.
Digital Infrastructure: Investment in AI and Data Center is the Next Big Opportunity in Mongolia
Investments in broadband networks, data centers, digital platforms, and emerging new technologies like AI, IoT, and 5G are essential to unlocking new economic potential, boosting productivity, and fostering innovation across sectors. In an increasingly interconnected global economy, these advancements play a critical role in driving competitiveness and collaboration. With supportive government policies and growing interest from international stakeholders, digital infrastructure development presents a promising avenue for sustainable growth in the region.
Mongolia’s national AI strategy is more than policy—it is an economic lever. From agri-tech to digital identity systems, the country is building data infrastructure to support digital governance and citizen engagement. This trend supports the rise of new technologies in both public and private sectors.
Egune AI’s US$3.5MM raise is one of several signals that Mongolia’s tech innovation is investment-ready. These initiatives will help shape a digital future that is inclusive, scalable, and exportable.
Strategic Infrastructure Investment Opportunities
Infrastructure development underpins every other sector. Mongolia has significantly increased spending on energy, digital systems, and transportation. It continues to seek private capital through financing partnerships and impact-aligned concessions.
The emphasis on shifting away from fossil fuels to more sustainable practices is accompanied by strong public support for renewable deployment—especially in energy-poor urban areas.
Mongolia – Leveraging PPPs and Private Capital for Economic Growth Opportunities
Mongolia is at the forefront of embracing innovative investment approaches to fuel its economic growth and development. The country is exploring new financing models, such as public-private partnerships (PPPs) and green bonds, to support the expansion of its renewable energy sector. By leveraging technologies like solar panels and wind turbines, Mongolia aims to reduce its reliance on fossil fuels and minimize its carbon footprint.
The government has launched several initiatives to foster innovation and entrepreneurship, including startup incubators, accelerators, and funding opportunities for small and medium-sized enterprises (SMEs). These efforts are designed to create a vibrant ecosystem that supports sustainable growth and positions Mongolia as a leader in renewable energy and technological innovation.
Creating an Investor-Friendly Business Landscape
The Mongolian government is creating a business-friendly environment to attract foreign investment and boost economic growth. By adopting new technologies and reforms, Mongolia has simplified regulations, cut bureaucracy, and introduced solutions to make doing business easier. However, challenges remain in ensuring fair access to opportunities while maintaining sustainable growth.
Here are three strategic initiatives designed to enhance Mongolia’s appeal to equity investors:
Tax Incentives for Equity Capital: Mongolia offers tax benefits like reduced corporate tax rates, investment credits, and temporary tax holidays. These are especially beneficial in sectors like renewable energy, mining, and infrastructure, boosting post-tax returns for foreign investors and driving capital into key industries.
Streamlined Business Regulations: The E-Mongolia platform and recent permit and licensing reforms have simplified starting and running businesses. Digital systems, along with updated laws on data protection, e-signatures, and cybersecurity, have reduced entry barriers and operational costs for foreign companies, increasing Mongolia’s investment appeal.
Robust Legal Protections: Mongolia’s Investment Law ensures equal treatment for foreign investors and offers tax stabilization agreements lasting up to 27 years. These guarantees provide predictability and confidence for long-term investments, strengthening Mongolia’s global competitiveness.
With targeted initiatives in high-growth sectors like renewable energy, mining, and manufacturing, Mongolia is becoming a top destination for international investment. By focusing on stability, transparency, and efficiency, the government is building a strong foundation for economic growth and attracting investors seeking long-term value in frontier markets.
Delphos: Unlocking Equity Investment Opportunities in Mongolia
If you are interested in investing in Mongolia or seeking competitively priced capital, Delphos is your ideal partner. Navigating frontier markets requires insight and proven structure, and we specialize in mitigating challenges while delivering scalable solutions that balance return and impact.
Delphos Explores the Evolution of Capital Raising Efforts in Mongolia
Delphos drives impactful financial solutions across Mongolia’s key growth sectors, mobilizing capital for inclusive banking, housing, and digital finance. Here’s how we’ve partnered with leading organizations to unlock growth and innovation:
Bogd Bank: Delphos successfully closed two transformative financing facilities for Bogd Bank:
In 2022, Delphos structured a US$15 million senior facility to boost credit access for women-owned small businesses and climate-focused enterprises, backed by international development finance institutions.
In 2024, Delphos secured an US$8 million blended capital transaction, further advancing inclusive finance and solidifying Bogd Bank’s leadership in green and gender-lens banking in Mongolia.
MIK (Mongolian Mortgage Corporation): In 2025, Delphos advised MIK on a groundbreaking US$150 million housing finance transaction. As one of Mongolia’s largest capital raises in housing finance, this deal expands mortgage-backed securities and increases affordable homeownership through long-term, structured investment.
LendMN: In 2026, Delphos advised LendMN, a leading mobile-first digital lender, on raising an up to US$20 million senior secured debt facility. This funding supports fintech-led SME lending and enhances digital credit access for underserved Mongolian borrowers.
Delphos combines decades of experience in emerging markets with unmatched expertise in structuring capital for high-growth sectors. Our focus on renewable energy, digital finance, and inclusive infrastructure ensures alignment with opportunities driving Mongolia’s next growth cycle. Backed by global insights from Africa, Asia, and Latin America, we deliver a strategic edge for frontier markets.

Published Date:2025-05-29