What Golomt Bank does

Golomt Bank JSC (Голомт Банк ХК) is a Mongolian commercial bank established in 1995 as a subsidiary of Bodie International LLC (Бодь интернэшнл ХК), a diversified Mongolian conglomerate. The bank provides retail, corporate, MSME, and government-employee banking services across Mongolia through a multi-channel platform combining an extensive physical branch and ATM/CDM network with a digital stack comprising the SocialPay mobile application, Internet Bank, Smart Bank, and Online Account Opening. Its product portfolio spans 80+ offerings across savings and current accounts, consumer and corporate loans (mortgages at 6-19.2%, consumer loans at 18-24%, business and green loans), debit and credit cards on Visa/Mastercard/UnionPay/American Express networks (including the VVIP World metal card, Platinum, UnionPay Steel card, and SocialPay-issued virtual cards), insurance via partner carriers, and international remittance in 14 currencies through SWIFT, Western Union, Visa B2B Connect, Visa Direct P2P, Paysend, and Alipay.

Revenue is generated through net interest income on the loan book, transaction and FX fees on cards and remittances, digital banking service fees, and merchant acquiring economics. The bank differentiates via first-mover digital payment innovation (SocialPay with QR, I-Bill integration with State Bank, Big Loyalty/Junior Loyalty programs), a green finance portfolio covering consumer, mortgage, vehicle, water, and business sustainability loans, and long-tenured international partnerships including a 28-year relationship with Commerzbank (since 1998) and a 2026 USD 64 million concessional facility from the Asian Development Bank for MSME and green lending.

Golomt Bank operates wholly-owned subsidiaries SocialPay (digital payments) and QPay (merchant/POS digital loans), and jointly controls Izi Pay (Изи Пэй ХХК) for POS terminal services. It holds ISO/IEC 27001:2022, ISO/IEC 27701:2019, PCI DSS v4.0.1, SWIFT CSP, and GDPR compliance certifications, was ranked 5th among Mongolia's Top 100 Enterprises in 2025, and has been certified by the Great Place to Work Institute for four consecutive years (2022-2025) as the first bank in Mongolia's financial sector to achieve this designation.

Name

Golomt Bank

Legal name

Golomt Bank JSC

Website

https://golomtbank.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Golomt Bank JSC is a Mongolian commercial bank offering retail, corporate, MSME, and green-finance banking through a multi-channel platform that combines an extensive branch/ATM network with the SocialPay mobile app, cards on Visa/Mastercard/UnionPay/Amex, and 14-currency international remittance. Founded in 1995, it ranks 5th among Mongolia's Top 100 Enterprises (2025).

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

In-App / Online Checkout Wallets (FSAMAEAH)

akta.pro secondary industries

General-Purpose Debit Card Schemes (FSAMAAAB), Open Banking APIs & Connectivity (FSAMAFAA)

Keywords

• Commercial banking services
• Retail lending products
• Digital payment platform
• Green finance solutions
• International money transfers

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices2 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: Revenue generated from lending activities including mortgage loans, consumer loans, business loans, and green loans. Interest rates range from 6% (government-subsidized mortgage) to 24% depending on product type and risk profile.
2. Fee and Commission Income: Fees from card services (annual fees, transaction fees), international transfers (SWIFT, Western Union), account maintenance, and service charges.
3. Digital Banking Services: Revenue from digital channels including mobile banking transactions, online services, and fintech partnerships.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels7 records

Core offering

Golomt Bank is a full-service commercial bank in Mongolia offering retail and corporate deposit accounts, lending products (consumer, mortgage, business, green/eco loans), payment cards (credit, debit, virtual) across Visa, Mastercard, UnionPay and American Express networks, and digital banking through the SocialPay mobile application and Internet Bank platform. The bank also provides international money transfers via SWIFT and Western Union, currency exchange, insurance distribution, and merchant acquiring services.

Product overview

Golomt Bank operates as a comprehensive commercial bank offering an integrated platform of financial products and services through multiple channels including digital (SocialPay mobile app, Internet Bank, Smart Bank), branch network, and ATM/self-service banking. The product portfolio encompasses retail and business banking services organized into five main categories: (1) Digital Banking Platforms (SocialPay, Internet Bank, Mobile Bank, Smart Bank, Virtual Cards, Junior/SocialPay NFT); (2) Lending Products (consumer, salary, pension, green/eco-friendly, mortgage, vehicle, business/enterprise loans including specialized products for women entrepreneurs, herders, and sustainable/green financing); (3) Card Products (credit cards ranging from entry-level Copper to premium World metal card across Visa, Mastercard, UnionPay, American Express networks; debit cards including Premier VIP, Si, Color, Classic variants; virtual cards; and the Skate wearable payment device); (4) Savings & Current Accounts (term deposits, demand deposits, national savings program, children's and expat-specific products, package bundles); and (5) Payment Services (domestic and international transfers via SWIFT/Western Union, Visa B2B Connect, Visa Direct P2P, Paysend, Alipay; currency exchange). The bank also provides insurance products through partners (accident, travel, mortgage, vehicle, property, machinery), merchant services (POS, I-Merchant), and loyalty programs (Big Loyalty, Junior Loyalty). Strategic partnerships include a USD 64M ADB sustainable financing facility and 28-year Commerzbank strategic alliance.

Differentiator

Problem solved

Functional benefit

Brands

• SocialPay: Mobile payment application enabling QR code payments, money transfers, bill payments, and digital banking services
• SocialPay Junior
• SocialPay NFT
• Smart Bank
• I-Merchant
• Golomt Loyalty
• Junior Loyalty
• GolomtBank Big Loyalty

Products and services

• SocialPay Mobile banking application enabling QR code payments, peer-to-peer transfers, bill payments, loyalty programs, virtual card management, and cash withdrawals at ATMs; integrated gateway for utility payments, government services, and merchant transactions.
• Internet Bank / Smart Bank Online banking platform for account management, transfers, bill payments, and transaction monitoring through web browser and mobile access.
• 6% Government-Subsidized Mortgage Loan Government-supported mortgage program in partnership with Bank of Mongolia offering subsidized interest rate of 6% per annum. Maximum 160M MNT, term 360 months for eligible homebuyers.
• Green Household Consumer Loan (Ногоон өрх) Eco-friendly consumer loan supporting energy efficiency improvements including building insulation, solar systems, energy-efficient lighting, water conservation, and electric heating. Maximum 50,000,000 MNT, term 60 months.
• Herder Loan Specialized financing for livestock herders supporting agricultural and pastoral activities. Maximum 20M MNT, term 30 months.
• Salary Loan Credit product for employees of companies where salary is processed through Golomt Bank. Maximum 50M MNT, term 30 months, interest 18.00%-21.60%.
• Consumer Loan General consumer financing for household needs, purchases, and life events. Maximum 50M MNT, term 30 months, interest 18.00%-23.40%.
• Vehicle Loan Auto financing for personal vehicle purchases. Interest 18.00%-24.00%, term 30 months.
• Working Capital Loan Business financing for inventory purchases, operational expenses, and working capital. Up to 20% of bank's equity in MNT or equivalent currency, interest 16.80%-21.60% (MNT) or 8.40%-13.20% (USD), term 36 months.
• Sustainable & Green Business Loan Business financing for companies implementing environmental sustainability practices, environmental protection, and green initiatives.
• Business Loan for Women Entrepreneurs Support financing for female entrepreneurs and women-led businesses. Interest 16.8%-20.4%, term 36-60 months.
• Oyu Tolgoi Supplier Business Loan Specialized financing for Oyu Tolgoi LLC contracted suppliers, secured by supplier receivables. Interest 13.80%, term 24 months.
• POS Income Secured Loan Merchant financing secured by POS terminal transaction income. Interest 19.20%, term 12 months.
• Supply Chain Financing (Retail Chain) Receivables-backed financing for suppliers of Golomt Bank's contracted retail chain partners. Short-term liquidity solution.
• The Platinum Credit Card Premium Visa metal credit card with high credit limits, Priority Pass membership, VIP lounge access, and travel/accident insurance. Interest 24% retail, 36% cash, validity 2 years.
• The World Card VVIP tier Mastercard metal card with highest credit limits, representing maximum prestige and financial authority. Maximum credit limit 100M MNT or 100,000 USD, validity 4 years.
• The Premier VIP Debit Card Premium Visa debit card with VIP branch services, Priority Pass membership, travel/accident insurance, and highest transaction limits. 5-year validity, MNT 300,000 annual fee.
• The Color Card Mastercard/UnionPay debit card for youth aged 7-22 with NFC technology, financial education features, and age-appropriate transaction limits and parental controls.
• American Express Virtual Credit Card Digital-only American Express credit card for online transactions and cash withdrawals via SocialPay. Maximum limit 500,000 MNT, 2-year validity, 3,000 MNT annual fee.
• The Skate Card Mongolia's first skateboard-shaped wearable payment card with embedded contactless payment technology for all POS terminals. For customers aged 7 and above.
• International Transfer (SWIFT) Cross-border money transfer service via SWIFT network supporting 14 currencies (USD, CNY, EUR, JPY, KRW, RUB, GBP, CHF, AUD, CAD, SGD, HKD, PLN, TRY) with correspondent banking relationships worldwide.
• Western Union Transfer International money transfer service through Western Union network enabling secure remittances to over 200 countries with over 500,000 agent locations worldwide.
• POS Merchant Service Point-of-sale merchant services enabling physical retail locations to accept card payments through NEWLAND POS terminals with promotional campaign integration.
• I-Merchant Internet-based merchant service for online businesses to accept card payments through e-commerce integration.
• Digital Term Deposit Digital savings product for term deposits with competitive interest rates, available for online account opening.
• Golden Key Children's Savings Children's savings program encouraging early financial habits with special terms for young savers.
• Travel Insurance Comprehensive travel insurance for premium card holders covering trip cancellation, medical emergencies, evacuation, and baggage with up to 50,000 USD coverage.
• Safe Deposit Box Secure storage service for valuables at bank branches.
• Currency Exchange Foreign currency exchange service with competitive rates for cash and non-cash transactions across multiple currencies.

Quantifiable outcome

• 4 consecutive years certified as 'Best Workplace to Work' by Great Place to Work Institute
• +1 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• State Bank (Төрийн банк)coreTechnology or Integration · 1 June 2026I-Bill service integration allowing Golomt Bank's SocialPay users to pay utility bills (electricity, water, heating, internet, cable TV, maintenance fees) through the State Bank's I-Bill platform.
• Isi Pay (Изи Пэй ХХК)minorGTM or Marketing Partner · 1 March 2026Joint promotional campaign '2-room apartment prize' POS promotion campaign where Isi Pay provides promotional platform for merchants to earn loyalty points and win prizes.
• CommerzbankcoreStrategic or Co-development Partner · 1 January 199828-year strategic partnership continuing since 1998. Long-standing relationship in banking expertise, international standards, and correspondent banking services.
• Correspondent Banks NetworkcoreOthersGlobal correspondent banking network including Bank of New York Mellon (USD), Kookmin Bank (KRW), OCBC (SGD, HKD), Bank of China (CNY, HKD), Berliner Sparkasse (EUR), Commerzbank (EUR, GBP, CHF), Crown Agents Bank (multiple currencies), and 20+ other banks enabling international payments in 14 currencies.
• Western UnioncoreChannel Partner/ Reseller/ DistributorInternational money transfer service allowing customers to send and receive money to/from over 200 countries through Western Union's global network of 500,000+ agents.
• Insurance Partners (Mandal Insurance, Practical Insurance, Nomin Insurance, MIG Insurance)minorChannel Partner/ Reseller/ DistributorPartnerships with Mandal Insurance JSC, Practical Insurance LLC, Nomin Insurance LLC, and MIG Insurance for offering credit risk and voluntary insurance products including mortgage, vehicle, property, and accident insurance.

Scale indicators7 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Khan Bank: The largest commercial bank in Mongolia, offering retail, corporate, and digital banking services with nationwide branch and ATM coverage. Khan Bank is the most directly comparable competitor to Golomt, with overlapping customer segments (retail, MSME, corporate) and a parallel push into mobile banking and merchant payments.
• Trade and Development Bank of Mongolia (TDB): One of Mongolia's leading universal banks serving retail, SME, and corporate customers with strong trade-finance and digital banking offerings. TDB competes head-to-head with Golomt in corporate banking, international transfers, and government/enterprise mandates.
• State Bank of Mongolia (Turiin Bank): State-owned commercial bank offering retail and corporate banking plus utility bill aggregation (I-Bill platform). State Bank competes directly with Golomt in retail deposits, lending, and payments — and is a partner via I-Bill integration, illustrating the dual competitor-and-partner dynamic.
• XacBank: Mongolian commercial bank with a strong focus on MSME, consumer, and inclusive finance products. XacBank targets overlapping retail and small-business segments with Golomt and is a direct competitor in digital and agent banking channels.
• M Bank Mongolia: Mongolian commercial bank offering retail, SME, and corporate banking with an active digital platform. M Bank competes with Golomt on deposits, lending, and digital channels, and is part of the same concentrated domestic banking landscape.
• Bogd Bank: Mongolian commercial bank providing retail, SME, and trade finance services. Bogd Bank is comparable in scope to Golommt at the mid-tier of Mongolia's banking market, with similar customer segment focus.
• Capital Bank Mongolia: Domestic commercial bank serving retail and corporate customers in Mongolia. Capital Bank is a smaller-scale direct competitor operating in the same regulatory and market environment as Golomt.

Broad incumbents

• Kaspi.kz: Kazakhstan's leading super-app combining payments, marketplace, and fintech services. While not a Mongolian bank, Kaspi.kz is a relevant benchmark for the digital wallet + merchant + loyalty flywheel Golomt is building with SocialPay and represents an aspirational regional incumbent model.
• TBC Bank Group: Leading digital-first banking group in Georgia with growing Central Asia presence. TBC is comparable as a regional digital-banking reference point, especially for retail mobile wallet, payments, and merchant acquiring strategies pursued by Golomt.

Emerging players

• MonPay: Mongolian mobile payment and wallet service operated by a domestic consortium. MonPay is a partial competitor to SocialPay in QR payments and P2P, relevant for tracking digital wallet competition within Mongolia.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Golomtbank
• Xx.com/golomtbank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds3 records

Investors3 records

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

M&A

Investments1 record

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

Frequently asked questions about Golomt Bank