Xac Bank

What Xac Bank does

Xac Bank (ХасБанк) is a privately held Mongolian commercial bank headquartered in Ulaanbaatar, operating branches and calculation centers across all 21 provinces (aimags) of Mongolia alongside a digital banking platform anchored by the InstaXPay mobile app, XacTeen+ youth app, and Business Digital Bank portal. The bank serves three primary customer groups: individual retail consumers, micro/small/medium enterprises (MSMEs), and corporate/institutional clients, with a pronounced social-mandate focus on youth entrepreneurs (35 and under), women-owned businesses, and green/sustainable projects channeled through a dedicated Eco Bank division. Founded in 2001, XacBank has built a product portfolio spanning current and savings accounts, Visa debit and virtual cards, MSME and consumer loans, auto/equipment leasing via the XacLeasing subsidiary, insurance, and international remittances; 96% of total transactions are processed digitally, supported by ISO/IEC 27001 and PCI DSS certifications, FATF/Wolfsberg AML compliance, and Google Pay NFC integration.

Revenue is generated primarily through net interest income on loans and deposits (including subsidized lines co-financed by EBRD, IFC, FMO, ADB, Finnfund and the Green Climate Fund), transaction and card fees, foreign-exchange and remittance spreads, and leasing income. Cumulative development-finance facilities exceed USD 400 million since 2018, with a USD 147 million syndicated loan signed in March 2025 — including USD 80 million from the EBRD plus EU co-financing — earmarked for the youth business program that financed over 4,000 young entrepreneurs in its first year. The bank is recognized as a TOP-5 large taxpayer in Mongolia (contributing approximately 112 billion MNT in taxes, fees, and charges in 2025) and received the CDP Impact Award 2026 for its youth entrepreneurship and sustainability work.

The business model combines a high-cost physical distribution network (branches, ATMs, Express ATMs) with a digital-first delivery channel, allowing the bank to serve low-density rural populations while maintaining unit economics consistent with mobile-led transaction processing. Customer acquisition is hybrid — direct via the InstaXPay self-serve app and Business Digital Bank portal, complemented by field relationships in the branch and calculation-center network. Pricing is not publicly disclosed; rates are set on a case-by-case basis, with preferential terms for youth, women-owned, and green-segment borrowers funded by concessional development-finance lines.

Name

Xac Bank

Legal name

XacBank (ХасБанк)

Website

https://xacbank.mn

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Xac Bank (ХасБанк) is a Mongolian commercial bank founded in 2001, serving retail, MSME, and corporate customers across all 21 provinces through branches, ATMs, and the InstaXPay digital platform, with specialist financing for youth entrepreneurs, women-owned businesses, and green/sustainable projects.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Lending & Credit Disbursements (FSAMAKAH)

akta.pro secondary industries

Credit Cards & Revolving Credit (FSABAAAC), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking
• Microfinance lending
• Digital banking
• Green finance
• MSME financing

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices26 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income (Loans & Advances): Interest earned on loan products including retail loans, MSME loans, auto loans, youth business loans, green/sustainable loans, housing savings, and salary loans.
2. Deposit Taking & Savings: Interest paid to depositors on current accounts, savings accounts, term deposits, and specialized products such as housing savings for citizens abroad.
3. Payment Card Services: Revenue from debit and credit card issuance, transaction fees, international card transactions, and card-related services.
4. Digital Banking Services: Fees from internet banking, mobile banking (InstaXPay), and digital payment processing.
5. Cross-border Remittance & Foreign Exchange: Revenue from international money transfers, SWIFT transactions, currency exchange, and cross-border payment services.
6. Leasing (XacLeasing): Auto leasing and equipment leasing services provided through affiliated company xacleasing.mn.
7. Corporate/Institutional Banking: Payment settlement services for businesses, business digital banking, salary package transfers, and corporate credit facilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels8 records

Core offering

XacBank is a Mongolian commercial bank that provides retail and corporate banking services, including deposit accounts, consumer and business loans, payment cards, remittance, insurance, leasing, and digital banking through its InstaXPay mobile platform. The bank maintains an extensive physical network of branches and ATMs across all 21 provinces of Mongolia, complemented by a digital ecosystem with 96% of transactions executed through digital channels.

Product overview

Xac Bank is a commercial bank in Mongolia offering a comprehensive portfolio of banking products and services through both traditional branch network and digital channels. The core banking platform includes current accounts, savings deposits, loans, payment cards, and remittance services. Digital banking is delivered primarily through InstaXPay (consumer mobile banking), XacTeen+ (youth banking), and Business Digital Bank (corporate internet banking). The Eco Bank division focuses on green financing, renewable energy, and energy efficiency projects. The bank also operates XacLeasing as a subsidiary and provides specialized youth entrepreneurship financing programs. Recent digital product launches include Google Pay integration for NFC contactless payments.

Differentiator

Problem solved

Functional benefit

Brands

• InstaXPay: Digital banking application for instant payments and financial services.
• XacTeen+
• Eco Bank (Эко банк)
• Digital Bank (Дижитал банк)

Products and services

• Current Account (Иргэдийн данс) Demand deposit account for individual customers supporting day-to-day payments and fund management, with digital access via InstaXPay.
• Savings Deposits (Хадгаламж) Term and savings deposit products for individual customers seeking interest income on funds held with the bank.
• Consumer Loans (Зээл) Personal lending products for individual retail borrowers, including consumer and housing-related financing.
• Payment Cards (Visa debit and credit) Visa-branded debit and credit cards issued to retail and corporate customers, including virtual card issuance capabilities.
• Remittance (Гуйвуулга) Domestic and cross-border money transfer service for individuals and businesses, including inbound international remittance corridors.
• Insurance (Даатгал) Retail insurance products distributed to individual customers in partnership with insurance providers.
• XacLeasing Leasing subsidiary providing asset and equipment lease financing solutions to individuals and businesses.
• Payment Settlement (Байгууллагын төлбөр тооцоо) Corporate payment settlement and cash management services for business customers, including domestic and international (SWIFT) transfers.
• InstaXPay Mobile Banking Flagship mobile banking application providing 24/7 account access, payments, transfers, card management, and contactless services for retail customers.
• XacTeen+ Youth Banking Specialized banking product and mobile experience designed for youth (10-17 age segment), supporting financial literacy and early banking engagement.
• Youth Business Banking Banking services and financing program supporting young entrepreneurs aged 35 and under, including dedicated credit lines from EBRD and EU funding partners.
• Eco Bank (Ногоон банк) Specialized green banking division providing financing for environmental sustainability, renewable energy, and energy efficiency projects.
• Women-Owned MSME Lending Program Targeted gender-lens lending program supporting women-owned micro, small, and medium enterprises (MSMEs) with access to credit and advisory services.

Named customers2 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core, significant and regulatory.

• GooglecoreTechnology or Integration · 15 April 2026XacBank integrated Google Pay service in April 2026, allowing Android phone users to make contactless NFC payments at POS terminals worldwide. Customers link their virtual Visa card (issued via InstaXPay app) to Google Wallet for seamless mobile payments. The bank highlights Google Pay's security standards, speed (1-2 seconds), and global acceptance in 80+ countries with 800+ million active users.
• President of Mongolia - Food Revolution National MovementsignificantStrategic or Co-development Partner · 1 January 2025XacBank participated in the President's 'Food Revolution' (Хүнсний хувьсгал) national initiative in 2025, channeling sustainable investment loans to food processing and agricultural enterprises.
• VisacoreTechnology or IntegrationXacBank issues Visa debit cards including virtual Visa cards, enabling international card payments, online transactions, and Google Pay integration. Visa card products support both physical (contactless) and online transactions globally.
• XacLeasing (ХасЛизинг)coreOthersXacLeasing (xacleasing.mn) is an affiliated company of XacBank providing auto leasing and equipment leasing services. It operates as a separate legal entity under the XacBank group ecosystem, extending the bank's product offerings to include vehicle and equipment financing.
• Financial Action Task Force (FATF)regulatoryOthersXacBank adheres to FATF recommendations and international standards for anti-money laundering (AML) and counter-terrorist financing (CTF). The bank implements FATF-compliant policies and procedures, including correspondent banking standards.
• Wolfsberg GroupregulatoryOthersXacBank participates in the Wolfsberg Group's Anti-Money Laundering questionnaire process, demonstrating compliance with international banking standards for AML/CFT internal controls.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Khan Bank: Khan Bank is the largest commercial bank in Mongolia, offering retail, MSME, and corporate banking across a nationwide branch and digital network. It is XacBank's most direct competitor for retail deposits, MSME lending, and digital banking customers in Mongolia.
• Trade and Development Bank of Mongolia (TDB): TDB is one of Mongolia's largest universal banks providing retail, MSME, and corporate banking with strong correspondent banking ties. It competes with XacBank in deposit gathering, MSME lending, and corporate payment services.
• Golomt Bank: Golomt Bank is a major Mongolian universal bank serving retail, MSME, and corporate segments with a growing digital platform. It overlaps directly with XacBank's retail/MSME franchise and digital banking strategy.
• M Bank (Mongolia): M Bank is a Mongolian commercial bank focused on retail and SME banking with active digital and mobile banking initiatives. It is a comparable mid-sized Mongolian competitor for XacBank's retail and MSME customer base.
• State Bank of Mongolia: State Bank is a Mongolian state-owned commercial bank offering retail and corporate banking services nationwide. It is a direct competitor in the domestic market and overlaps with XacBank's government-linked corporate banking relationships.

Regional players

• Chinggis Khaan Bank: Chinggis Khaan Bank operates in Mongolia providing commercial banking services. It is a smaller-scale domestic competitor comparable to XacBank in market position and product mix.
• Capitron Bank: Capitron Bank is a Mongolian commercial bank with retail and corporate banking operations. It is comparable to XacBank as a domestic mid-tier competitor sharing similar geographic and customer constraints.

Emerging players

• BRAC Bank: BRAC Bank is a leading emerging-market community development bank in Bangladesh with strong focus on MSME and women entrepreneur lending, supported by international DFIs. It is comparable to XacBank as a similarly mission-driven, DFI-backed community bank operating at scale.

Broad incumbents

• Equity Bank (Kenya): Equity Bank is a large Pan-African financial inclusion champion with deep MSME and digital banking franchises. It is a thematic comparable to XacBank as a community/commercial bank whose model combines physical reach with digital banking for underserved segments.

Others

• FMO (Netherlands Development Finance Company): FMO is a Dutch development bank that has directly invested in XacBank. While not a competing bank, FMO's portfolio of investee community/MSME banks across emerging markets provides a peer set for capital structure and impact-investing comparison.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/xacbank
• YouTubeyoutube.com/user/XacBankZuvBank
• Facebookfacebook.com/xacbank
• Instagraminstagram.com/xacbankofficial
• LinkedInlinkedin.com/company/xacbank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xac Bank