Banking and Finance Academy

What Banking and Finance Academy does

Banking and Finance Academy (BFA; Банк Санхүүгийн Академи) is a Ulaanbaatar-based training, research, and consulting organization that has served Mongolia's banking and finance sector for over a decade. BFA's curriculum spans foundational banking, internal audit, compliance and ethics, data science, human resources, corporate governance, occupational health and safety, and leadership development — delivered through classroom, blended, and self-paced online formats. Its flagship regulated offerings include the Corporate Governance Certification mandated under Mongolian Company Law Article 75.8 and the Bancassurance Certification required by the Financial Regulatory Commission (FRC), giving BFA structural demand from institutions that must license their staff to operate.

The company operates a proprietary learning management system, e.bfa.mn, that handles enrollment, course delivery, certification, and participant tracking for more than 6,700 annual trainees across 1,000+ training events. BFA distributes training through three channels: its own e-learning platform (self-paced and online), classroom delivery at its Vista Office headquarters and Mongolian Banking Association training halls in Ulaanbaatar, and joint delivery via international training partners including House of Training (Luxembourg) for Cloud & Outsourcing Officer / DORA programs, the EBRD Regional Small Business Program for SME lending and cash flow analysis, the Association for Talent Development (USA) for Train-the-Trainer certification, and Moody's Analytics for Certified Retail Bankers.

BFA is structured as a Mongolian NGO (nonprofit) with 1–10 core employees and a network of 1,000+ certified trainers and consultants. Revenue is generated through course fees with tiered member vs. non-member pricing denominated in Mongolian Tugrik (₮) — disclosed course prices range from ₮250,000 for short classroom programs to ₮1,100,000 for premium four-day international-expert-led programs. Customers are concentrated in Mongolia's banking and financial sector, with named clients including the Development Bank of Mongolia, Khan Bank, and Capitron Bank through the Mongolian Banking Association membership channel. The organization is led by CEO Ch. Khaliun, appointed April 20, 2026 following a Supervisory Board decision dated April 14, 2026.

Name

Banking and Finance Academy

Legal name

Banking and Finance Academy (Банк Санхүүгийн Академи / BFA NGO)

Website

https://bfa.mn

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Banking and Finance Academy (BFA) is a Ulaanbaatar-based training, research, and consulting organization serving Mongolia's banking and finance sector via classroom, blended, and self-paced online programs. It delivers mandatory certifications (corporate governance, bancassurance) and partners with EBRD, House of Training Luxembourg, and ATD to serve 6,700+ annual trainees.

Ownership category

akta.pro rank

Product category

Professional Training and Education

NAICS

Colleges, Universities, and Professional Schools (6113), Business and Secretarial Schools (61141), Colleges, Universities, and Professional Schools (61131)

SIC

Services-Educational Services (8200), Services-Engineering, Accounting, Research, Management (8700)

akta.pro industry

PRIMARYEDABAJAH

Banking, Credit & Lending (Underwriting, Credit Risk)

Education/Corporate Training & Professional Development/Finance, Accounting & Risk Training

SECONDARYEDABALAD

Banking & Capital Markets

Education/Corporate Training & Professional Development/Industry-Specific Professional Training (e.g., Healthcare, Manufacturing, Construction)

SECONDARYEDABALAK

Financial Services (Non-Banking)

Education/Corporate Training & Professional Development/Industry-Specific Professional Training (e.g., Healthcare, Manufacturing, Construction)

SECONDARYEDABAJAA

Corporate Finance & Treasury

Education/Corporate Training & Professional Development/Finance, Accounting & Risk Training

Keywords

• Professional banking training
• Compliance certification programs
• Corporate governance training
• Financial sector education
• Banking research publications

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Professional Training Services: BFA generates revenue through fees charged for classroom, blended, and online professional training programs in banking, finance, compliance, risk management, and personal development. Revenue is one-time per course/participant, with tiered pricing for member vs. non-member organizations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

BFA delivers specialized professional training, certification, and research services to Mongolia's banking and finance sector. The academy offers classroom, blended, and self-paced online courses covering foundational banking, internal audit, compliance, risk management, corporate governance, and personal development, supported by a proprietary e-learning platform (e.bfa.mn). It also publishes quarterly banking sector research and consulting studies for financial institutions and regulatory bodies.

Product overview

Banking and Finance Academy (BFA) operates as a comprehensive training and research organization serving Mongolia's banking and financial sector. The organization offers a multi-product portfolio comprising: (1) Core training programs covering banking fundamentals, internal audit, compliance, data science, human resources development, and ethics; (2) Professional certification programs including INSIGHTS-MDI® behavioral assessment, Trainer Development Program (via ATD partnership), Bancassurance certification, and Corporate Governance certification; (3) Specialized technical training such as Cloud & Outsourcing Officer, Cybersecurity, and dual vocational training for new bankers; (4) Research publications including quarterly Banking Sector Reviews, Financial Inclusion Studies, Competitiveness Studies, and policy research on mortgage financing and foreign investment; (5) An e-learning platform (e.bfa.mn) for online course delivery and registration. The organization collaborates with international partners including House of Training (Luxembourg), EBRD, Association for Talent Development (USA), and Sparkassenstiftung Mongolia to deliver training programs. Annually, BFA serves over 6,700 participants across more than 1,000 training events.

Differentiator

Problem solved

Functional benefit

Brands

• e.bfa.mn: BFA's electronic training and learning management system (e-learning platform) for course enrollment and delivery.
• BFA Forms

Products and services

• Banking and Finance Training Programs Foundational and specialized banking courses covering core banking operations, credit/lending, treasury, trade finance, and economics for banking and finance professionals in Mongolia.
• Internal Audit Training Programs Training covering control and monitoring practices for banking institutions, including the Internal Audit Forum community of practice for internal audit professionals in Mongolian banks.
• Compliance and Ethics Training Programs Compliance and ethics training covering regulatory requirements and professional conduct standards aligned with Mongolian and international frameworks for banking and finance professionals.
• Data Science Training Programs Data science and analytics training programs for banking and finance sector professionals.
• Personal Development Training Programs Personal development, human resources, and coaching training programs for banking sector professionals covering individual growth, HR management, and workforce development.
• Trainer Development Program (Train-the-Trainer) Five-day certified Train-the-Trainer program delivered under franchise from the Association for Talent Development (ATD), USA, covering instructional design, facilitation skills, and professional training delivery. Priced at 850,000₮–900,000₮ for members and 1,100,000₮ for non-members.
• Cloud & Outsourcing Officer Training Four-day classroom training program covering cloud and outsourcing management, cyber security, DORA regulation, and EBA guidelines, delivered in partnership with Luxembourg's House of Training with expert trainer Jean-Hubert Antoine (CISSP, CISM, C|CISO). Priced at 1,100,000₮.
• INSIGHTS-MDI Behavioral Assessment Training One-day classroom behavioral profiling assessment tool that evaluates personality, motivation, and mental style, used by individuals and teams to understand themselves and others better. Originally developed in 1991.
• New Banker Dual Vocational Training Blended self-paced program combining theory and practice for new bank employees, covering economics, legal foundations, accounts, lending, compliance, ethics, cybersecurity, and AML/CFT.
• Occupational Health and Safety Online Training (ХАБЭА) Self-paced online training on occupational safety and health for office, bank, and finance employees, developed in partnership with Tsog Zorig LLC, a certified occupational safety advisory firm, delivering HABA-compliant certification.
• Bancassurance Certification Program Nine-week self-paced certification program on insurance concepts, regulations, products, and ethical conduct required by the Financial Regulatory Commission for insurance brokerage activities. Priced at 62,500₮.
• Corporate Governance Certification Training Two-day classroom certification program on corporate governance principles required by Mongolia's Company Law, co-organized with the National Corporate Governance Council and awarding nationally recognized certifications that qualify graduates to serve on Supervisory Boards per Article 75.8. Priced at 350,000₮.
• Learning Strategies at Workplace Four-day virtual training (English with Mongolian interpretation) on developing effective workplace learning strategies and building a learning culture within organizations. Priced at 800,000₮ / 850,000₮.
• Effective Customer Consultation Training Theory and practice combined training on understanding customer needs and effectively consulting and selling financial products to clients in banking and finance.
• Information Space: Public Communication Skills Training Two-day classroom training combining theory and practice on effectively using information spaces and communicating with the public through media channels, designed for banking and finance professionals engaging with media.
• E-Learning Platform (e.bfa.mn) BFA's proprietary online learning management system for course registration, enrollment, content delivery, certification tracking, and learning management accessible to all participants.
• Banking Sector Review (Quarterly Research Publication) Quarterly research publication analyzing Mongolian banking sector performance, including total assets, non-performing loans, inflation, and economic indicators.
• Financial Inclusion Study Research publication on financial inclusion and depth in Mongolia's banking sector, with comparisons to peer countries.
• Banking Sector Competitiveness Study Research on Mongolia's banking sector competitiveness ranking, including a documented improvement from 28th to 9th position among 37 countries.
• Mortgage Bank Financing System Study Study on improving the mortgage specialized bank financing system in Mongolia, commissioned by the Mongolian Banking Association.
• Foreign Investment Tax Environment Study Research publication on creating a favorable tax environment for attracting foreign investment in Mongolia.

Quantifiable outcome

• 6,700+ annual trainees across all programs
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core and minor.

• House of Training (Luxembourg)coreStrategic or Co-development Partner · 10 October 2025BFA co-organizes the 'Cloud & Outsourcing Officer' training program with Luxembourg-based House of Training, delivering internationally accredited professional development on DORA regulation, cloud security, and outsourcing risk management with expert trainer Jean-Hubert Antoine.
• European Bank for Reconstruction and Development (EBRD) – RSBP ProgramcoreStrategic or Co-development Partner · 17 October 2024BFA partners with EBRD's Regional Small Business Program (RSBP) to deliver paid training programs for banking and finance sector professionals in Mongolia, including SME financial analysis, cash flow analysis, and project financing courses taught by international experts.
• Association for Talent Development (ATD, USA)coreStrategic or Co-development PartnerBFA holds a franchise license from ATD (USA) to deliver the 'Train-the-Trainer' certification program in Mongolia, enabling the academy's internal trainer development curriculum with internationally recognized standards.
• Moody's AnalyticsminorChannel Partner/ Reseller/ DistributorBFA offers Moody's Analytics 'Certified Retail Bankers' program at discounted rates for member organizations, reselling/distributing this international certification program to Mongolian banking professionals.
• Sparkassenstiftung Mongolia (German Savings Banks Foundation)minorStrategic or Co-development PartnerPartner for international expertise exchange and trainer development programs, including INSIGHTS-MDI behavioral assessment training delivered by German banking experts.
• National Corporate Governance Council (Компанийн Засаглалын Үндэсний Зөвлөл)coreStrategic or Co-development PartnerBFA co-organizes the 'Corporate Governance Certification' training program, awarding nationally recognized certifications that qualify graduates to serve on Supervisory Boards per Mongolian Company Law Article 75.8.
• Mongolian Banking Association (Монголын Банкны Холбоо)coreChannel Partner/ Reseller/ DistributorBFA's primary distribution and co-organization partner for classroom training venues and member outreach, providing the physical training hall and member communication channel for the Mongolian banking sector.
• Tsog Zorig LLC (Цог Зориг ХХК) – Occupational Safety AdvisoryminorStrategic or Co-development PartnerBFA co-developed the 'Occupational Health and Safety' online training program with Tsog Zorig LLC, a certified occupational safety advisory firm, to deliver HABA-compliant certification for bank and finance sector employees.
• International Finance Corporation (IFC)minorStrategic or Co-development PartnerIFC partnership referenced for international professional development programs in banking and finance.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Asian Institute of Chartered Bankers: Malaysia-based regional body delivering chartered banker certification and continuing professional development to banking professionals across ASEAN. Mirrors BFA's niche focus on banking-specific professional credentials within a defined domestic market.
• House of Training (Luxembourg): Luxembourg-based joint venture of the Luxembourg Bankers' Association delivering accredited banking training programs across Europe. Directly comparable as both an active BFA partner and a peer operating in the same niche of regulated banking professional development.
• Frankfurt School of Finance & Management: German specialist institution delivering banking, risk, and compliance training to financial sector professionals globally, including emerging markets. Comparable to BFA in targeting banking compliance, risk, and SME finance curricula for practitioner audiences.
• Indian Institute of Banking & Finance: India's premier banking training and certification body, offering mandatory and elective professional certification to commercial bank staff. Closely analogous to BFA's model of regulatory-anchored certification and classroom-plus-online delivery.
• London Institute of Banking & Finance: UK-headquartered specialist provider of banking and finance qualifications with international reach into emerging markets. Comparable to BFA in combining regulatory-aligned qualifications, professional certifications, and corporate training for banks.
• Bankers Academy: US-based specialist provider of compliance, regulatory, and operational training for retail and commercial banks. Comparable to BFA in its narrow focus on banking industry training and its reliance on course-catalogue monetization.
• Chartered Institute for Securities & Investment: UK-based professional body offering globally recognized financial services qualifications and continuing professional development. Comparable to BFA in delivering regulatory-aligned certifications to working financial services professionals, with broader international scope.

Broad incumbents

• ACCA (Association of Chartered Certified Accountants): Global professional accountancy body offering qualifications, learning, and CPD to finance professionals. Comparable as a broader incumbent offering overlapping banking and finance certifications, but with wider scope than BFA's banking-only focus.
• Moody's Analytics: Global provider of financial training, certification (e.g., Certified Retail Bankers), and risk management education to banks. Comparable as both a BFA channel partner and a broader incumbent offering overlapping banking certification programs.
• CFA Institute: Global association delivering the CFA charter and related investment and ethics education to finance professionals worldwide. Comparable as a broader incumbent operating in finance professional certification, though more focused on investment than banking operations.

Market position

Weaknesses1 record

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/bfamongolia
• Facebookfacebook.com/bfa.mn
• LinkedInlinkedin.com/company/banking-&-finance-academy

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

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 Banking and Finance Academy