State Bank of Mongolia

What State Bank of Mongolia does

State Bank of Mongolia (Төрийн банк) is a state-owned commercial bank headquartered in Ulaanbaatar, Mongolia, operating as a full-service financial institution serving both retail and corporate customers nationwide. Founded in 2009 with a workforce of 1,001–5,000 employees, the bank operates an extensive branch and ATM network alongside a multi-channel digital banking platform branded as Gyalsbank, accessible via mobile application (version 3.0), web banking, messaging channels, SIM-embedded menus, and self-service kiosks. The bank's product portfolio spans current and deposit accounts, consumer loans (priced at 18% annually), housing mortgages (6% annually), agricultural and herder loans, business and corporate credit, payment cards across VISA/UnionPay/JCB networks, insurance distribution, trade finance, green/sustainable lending, financial leasing, and remittance services via SWIFT and Western Union. State Bank is a designated partner in Mongolia's Child Money Programme since 2005, administering MNT 3 trillion (~$840 million) in children's savings balances as of 2024.

The bank's business model centers on net interest income from a diversified lending book, complemented by transaction fees from deposits, wire transfers, card operations, and trade finance, plus commission revenue from insurance product distribution. Revenue mechanics include subscription-style recurring interest on loans and deposits, transaction-based fees on payment and remittance services, and affiliate/referral commissions on insurance sales. Distribution combines direct physical branches, self-service digital channels, an enterprise corporate banking portal, and a call center (1800-1881). The bank pursues a hybrid segmentation approach across individual retail customers (primary), corporate and business clients, the agricultural sector (herders and farmers), and sustainable finance/ESG customers.

The bank's strategic positioning is reinforced by partnerships with multilateral development institutions including JICA (Japan), KfW (Germany), and the Asian Development Bank, providing concessional and development financing channels. State Bank is also a member of the Mongolia Sustainable Finance Association, the UN Global Compact, and carbon disclosure initiatives, and operates a representative office in Seoul to serve the Mongolian diaspora. Recent strategic activity includes a $100 million funding round in May 2026, the launch of the "Healthy Citizen Package" bundled product in January 2025, the Gyalsbank 3.0 mobile platform update in November 2023, and cross-bank integration of the I-Billing service with Golomt Bank in June 2026.

Name

State Bank of Mongolia

Legal name

State Bank

Website

https://statebank.mn

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

State Bank of Mongolia (Төрийн банк) is a state-owned commercial bank in Ulaanbaatar offering retail, corporate, agricultural, and sustainable banking products via nationwide branches and the Gyalsbank digital platform.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

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

akta.pro primary industry

Public Sector Retail Banks (State-Owned Commercial Banks) (FSABAKAL)

akta.pro secondary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Retail banking services
• Commercial lending
• Digital mobile banking
• Agricultural herder finance
• Green sustainable loans

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest income earned from lending activities including consumer loans, business loans, agricultural loans, housing mortgages, and other credit products. Interest is charged on various loan categories at different rates.
2. Fee and Commission Income: Transaction fees from current and deposit account services, wire transfers including SWIFT international transfers, money transfers (Western Union), card transactions, and various banking service charges.
3. Digital Banking Services: Revenue from digital banking services including mobile banking subscriptions, online payment processing, billing services, and electronic transaction fees.
4. Insurance Distribution: Commission revenue from selling insurance products including property insurance, vehicle insurance, accident insurance, credit life insurance, mortgage insurance, livestock index insurance, and green insurance products.
5. Trade Finance Services: Fees from trade finance services including letters of credit, bank guarantees, documentary collections, and foreign exchange transactions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

State Bank of Mongolia is a state-owned commercial bank providing a full suite of retail and corporate banking services including deposit and current accounts, consumer/mortgage/business/agricultural loans, payment cards (VISA, UnionPay, JCB), insurance distribution, trade finance, and money transfer services. It delivers these services through a nationwide branch and ATM network complemented by the Gyalsbank digital banking platform (mobile app, web, messaging, SIM, kiosk) and serves as the government's designated financial inclusion partner for programs such as Child Money savings.

Product overview

State Bank of Mongolia operates as a full-service commercial bank offering comprehensive banking products and services across personal, corporate, and sustainability segments. The bank's product portfolio centers on its Gyalsbank digital banking platform (mobile app, web banking, kiosk machines, and messaging channels) as the primary delivery channel for customers. Core products include current and deposit accounts, diverse loan products (consumer, housing/mortgage, agricultural/herder, business/corporate, and green/sustainable loans), payment cards across major international networks (VISA, UnionPay, JCB), insurance products, and trade finance services. The bank also provides specialty services such as money transfers (SWIFT, Western Union), financial leasing, escrow services, and precious item storage. A dedicated sustainability division offers green financing products aligned with environmental and social development goals.

Differentiator

Problem solved

Functional benefit

Brands

• Гялсбанк (Gyalsbank): Mobile banking application platform version 3.0, offering digital banking services including account management, payments, and financial services through smartphone application
• И-Биллинг (E-Billing)

Products and services

• Gyalsbank Digital Banking Platform (Гялсбанк) Multi-channel digital banking platform (mobile app, web banking, messaging, SIM-based menu, and kiosk machines) enabling customers to manage accounts, transfer funds, pay bills, apply for loans, and access financial services. Designed for retail and corporate customers of State Bank of Mongolia.
• E-Billing Electronic Billing Service (И-Биллинг) Electronic billing platform allowing customers to view and pay utility bills, mobile phone bills, and various consumer payments through the bank's digital channels. Cross-bank capable, with Golomt Bank joining the I-Billing service in June 2026.
• Current Accounts (Харилцах данс) Day-to-day transactional accounts offered to individuals and businesses, with specialized variants including citizen current accounts, salary accounts, herder accounts, pension accounts, and children's money accounts.
• Term Deposits (Хугацаатай хадгаламж) Time deposit products including citizen term deposits, herder savings, education savings, the 'Five Treasures' herder savings, interest-growing savings, children's savings, and retirement fund savings, earning 12% annual interest with monthly compounding option.
• Demand Deposits (Хугацаагүй хадгаламж) Instant access savings accounts with flexible withdrawal options and competitive interest rates, including citizen demand deposits and advance-interest demand deposits.
• Consumer Loans (Хэрэглээний зээл) Personal loans for individual consumption needs including salary loans, pension loans, collateral-backed loans, automobile loans, gold-collateral loans, and micro-business loans, with standard rates around 18% per annum.
• Housing Mortgage Loans (Орон сууцны зээл) Residential mortgage financing including standard mortgage loans at 6% annual rate, home purchase loans, residential construction loans, and parking space purchase loans for individual customers.
• Agricultural and Herder Loans (Малчны зээл, Газар тариалангийн зээл) Specialized lending for livestock herding and crop farming activities, including herder loans, agricultural production loans, livestock collateral loans, herder housing loans, herder consumer loans, and cooperative member loans, partly funded by KfW and ADB development financing.
• Business and Corporate Loans (Бизнесийн зээл) Commercial lending products for SMEs and larger enterprises including micro-business loans, working capital loans, investment loans, business credit lines, POS-income-backed loans, startup loans, women-owned business support loans, senior entrepreneur support loans, real estate purchase loans, and transport business loans.
• Payment Cards (Карт) Debit and credit cards issued under Tugrik (domestic), UnionPay, VISA, and JCB networks for personal and corporate customers, supporting domestic and international transactions.
• Insurance Products (Даатгалын бүтээгдэхүүн) Insurance distribution including property insurance, motor vehicle insurance, accident and medical insurance, loan insurance, mortgage insurance, green insurance, mandatory driver liability insurance, indexed livestock insurance, and financial leasing insurance.
• Money Transfer Services (Мөнгөн шилжүүлэг) Domestic and international money transfer services including SWIFT wire transfers in foreign currency, Western Union remittances for sending and receiving, and custom transfer services for individual and corporate customers.
• Trade Finance (Худалдааны санхүүжилт) Trade finance solutions for corporate customers including letters of credit, bank guarantees, documentary collections, and trade credit facilities supporting import/export operations.
• Green / Sustainable Loans (Ногоон зээл) Environmentally-focused lending including green consumer loans, green business loans, energy-efficient housing loans, green project loans, sustainable agricultural loans, and green mortgage products for sustainability-focused borrowers.
• POS and Merchant Services (ПОС үйлчилгээ) Point-of-sale terminal services and SoftPOS software-based solution for Android mobile devices enabling merchants to accept card payments.
• Financial Leasing (Санхүүгийн түрээс) Equipment and asset leasing solutions for businesses including a green financial leasing option supporting sustainable business investments.
• Precious Item Storage (Үнэт зүйл хадгалах үйлчилгээ) Secure storage services for valuable items and precious metals offered to customers.
• Escrow Services (Эскроу буюу дундын дансны үйлчилгээ) Escrow account services for secure transactions between parties, supporting real estate purchases and commercial deals.
• Project Loans (Төслийн зээл) Targeted project lending funded by international development partners including JICA SME and environmental protection loans, KfW environmentally-friendly herder loans, ADB employment generation loans, food and agricultural production support loans, and cooperative herder member loans.
• Эрүүл иргэн багц (Healthy Citizen Package) Bundled banking product package introduced on 30 January 2025 combining healthcare-related banking services for individual retail customers.

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Four partnerships are on record, tiered minor.

• Mongolia University of Finance and EconomicsminorStrategic or Co-development Partner · 23 June 2026State Bank and Mongolia University of Finance and Economics (Санхүү Эдийн Засгийн Их Сургууль) have renewed their cooperation agreement for academic and professional development initiatives.
• Mongolia Sustainable Finance AssociationminorStrategic or Co-development PartnerState Bank is a member of the Mongolia Sustainable Finance Association (Монголын Тогтвортой Санхүүжилтийн Холбоо) as part of its sustainability and green banking initiatives.
• United Nations Global CompactminorStrategic or Co-development PartnerState Bank participates in the UN Global Compact (НҮБ-ын Даян дэлхийн гэрээ) as part of its commitment to sustainable development principles.
• Carbon Disclosure PartnershipminorStrategic or Co-development PartnerState Bank is part of the Carbon Accounting Financial Partnership (Нүүрстөрөгчийн нягтлан бодох бүртгэлийн санхүүгийн түншлэл) for climate-related financial disclosures.

Scale indicators2 records

Recent moves6 records

Expansion highlights7 records

Others

• Bank of Mongolia: Mongolia's central bank; not a direct competitor but the regulator and monetary authority whose policy framework shapes State Bank's deposit and lending economics.
• KfW Development Bank: Development bank that funds State Bank's environmentally friendly herder loans; comparable as a peer only in the sense of being a key wholesale counterparty shaping State Bank's product mix.
• Japan International Cooperation Agency (JICA): Funding partner providing concessional SME and environmental loan lines via State Bank; relevant as a capital provider and as a model for the bank's green and SME strategy.

Direct peers

• Trade and Development Bank of Mongolia: Major Mongolian commercial bank with strong corporate, trade finance, and retail franchises; competes head-on with State Bank in current accounts, business loans, and trade finance.
• Khan Bank: One of the largest universal commercial banks in Mongolia, offering retail deposits, consumer/mortgage loans, SME lending, cards, and digital banking across the same customer base as State Bank of Mongolia.
• Golomt Bank: Leading Mongolian commercial bank with retail, corporate, and digital banking; recently joined State Bank's E-Billing network, confirming direct overlap in deposit, lending, and digital channels.
• XacBank: Mongolian universal bank offering retail, SME, and inclusive banking products including herder and rural lending, closely mirroring State Bank's customer segments.
• Khas Bank: Mongolian commercial bank with retail deposits, consumer credit, and digital banking; competes with State Bank in mass-market deposits and unsecured lending.
• Bogd Bank: Mongolian commercial bank providing retail and corporate banking products, including current accounts and consumer loans, overlapping State Bank's product set.

Regional players

• Capitron Bank: Mongolian commercial bank focused on SME and inclusive finance; competes in the same Mongolian retail and small-business lending market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/statebankmn
• YouTubeyoutube.com/@StatebankMN
• Facebookfacebook.com/StatebankMN
• LinkedInlinkedin.com/company/state-bank-of-mongolia
• Instagraminstagram.com/statebankmn

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors

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 State Bank of Mongolia