GSB Capital

What GSB Capital does

GSB Capital is a top-5 non-banking financial institution (NBFI) in Mongolia, founded in October 2010 and wholly owned by Shunkhlai Group, one of Mongolia's largest diversified conglomerates. Operating under Financial Regulatory Commission licenses for lending, trust services, foreign exchange, factoring, electronic payments, and investment services, the company serves over 40,000 customers across Ulaanbaatar, Erdenet, and Darkhan via 16 physical branches and three digital channels (GSB Prime, SGPay, and corporate website). The company ranks among the top five of Mongolia's approximately 540 NBFIs, was rated BBB by MicroFinanza Rating S.R.L. (Italy) in 2020, and achieved ISO 9001:2015 certification in 2025.

Name

GSB Capital

Legal name

Жи Эс Би Капитал ББСБ ХХК

Website

https://gsbcapital.mn

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

GSB Capital is a top-5 Mongolian non-banking financial institution serving 40,000+ consumers, SMEs, and farmers via consumer loans, auto financing, business credit, green loans, and digital lending through GSB Prime and SGPay apps across 16 branches.

Ownership category

akta.pro rank

Product category

Non-Bank Consumer & SME Lending

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

akta.pro secondary industry

Asset-Based Lending (ABL) (FSANADAD)

Keywords

• Non-bank lending
• Consumer loan products
• SME business financing
• Green financing loans
• Asset-backed securities

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Core revenue stream from interest charged on diverse loan products including consumer loans, car loans, business loans, green loans, online loans, and credit cards. Interest income was 58.2 billion MNT in 2024 and 33.4 billion MNT in H1 2025.
2. Trust Services (Итгэлцэл): Time deposits with fixed interest rates managed under trust agreements, licensed by the Financial Regulatory Commission. Attracted 6.5 billion MNT through trust services in 2016. Trust service obligations as a ratio of equity capital reached 79.5% in 2024.
3. Non-Interest Income: Fee-based income from credit cards (issuance, annual, and joining fees), loan processing fees, and foreign exchange services. Non-interest income was 5.3 billion MNT in 2024.
4. Asset-Backed Securities (ХБҮЦ): Issuance of asset-backed securities on the public market. The GSB Active TZK subsidiary successfully issued 25.0 billion MNT in ABS on the Ulaanbaatar Stock Exchange with TDB Securities SC as underwriter.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

GSB Capital is a Mongolian non-banking financial institution providing consumer loans, SME and business loans, vehicle financing (leasing and collateral-based), green/energy-efficiency loans, credit cards, and trust services. It distributes these products through 16 physical branches and three digital channels (GSB Prime app, SGPay app, and corporate website), serving over 40,000 customers with a focus on the underbanked segment. The company also issues asset-backed securities (ABS) on the Mongolian Stock Exchange as a funding mechanism.

Product overview

GSB Capital (Жи Эс Би Капитал) is a non-banking financial institution (NBFI) offering a comprehensive portfolio of lending products and financial services. The product ecosystem consists of multiple loan categories including: (1) Online/Digital Loans via mobile apps (GSB Prime, SGPay, Zuun Loan), (2) Vehicle Financing (Car Leasing, Car Collateral, Green Car loans including BYD hybrid partnership with UbCab), (3) Business Lending (SME loans, Credit Lines, Quick Business loans), (4) Consumer Loans (Credit Cards, Mobile Number Collateral loans, Bitcoin Collateral loans, Real Estate loans), (5) Green/Sustainable Loans (Green Business, Green Building, Building Components, Warm Solution Project, CHIP Project loans), and (6) Investment Products (Trust Services and Asset-Backed Securities). The company operates 16 branches plus 3 digital channels serving over 40,000 customers across Ulaanbaatar, Erdenet, and Darkhan.

Differentiator

Problem solved

Functional benefit

Brands

• GSB Prime: Digital online lending application allowing customers to borrow up to 2 million MNT within 30 seconds, collateral-free. Available on iOS and Android app stores.
• SGPay
• Зуун зээл (Zuun Loan)
• GSB Wallet
• GSB Active TZK
• GSB Active 2 TZK

Products and services

• Zuun Loan (Зүүн зээл) Short-term micro cash loan for individuals needing fast unsecured credit; principal up to 1,500,000 MNT, term up to 30 days, with a maximum monthly interest of 5.5% (66% APR) and a one-time service fee of 5%.
• SGPay Online Loan Online instant cash loan for individuals, disbursed through the SGPay mobile app, allowing customers to apply and receive funds digitally without visiting a branch.
• GSB Prime Online Loan Online consumer loan for individuals, applied for and disbursed through the GSB Prime mobile application with a fully digital approval flow.
• Mobile Number Collateral Loan Consumer loan that uses the borrower's mobile phone number as collateral instead of physical assets, enabling underbanked individuals without traditional collateral to access credit.
• Bitcoin Collateral Loan Loan product allowing borrowers to use Bitcoin cryptocurrency holdings as collateral to obtain a fiat loan, the first such product offered by a Mongolian financial institution.
• Car Leasing Loan (Машины лизинг зээл) Vehicle leasing loan product offering financing for passenger vehicles with monthly interest up to 3% (36% APR) and a one-time service fee of 1.5%.
• Car Collateral Loan (Машины барьцаа зээл) Loan product using the borrower's vehicle as collateral to secure financing, providing consumer credit at lower rates than unsecured loans.
• Green Car Loan (Ногоон машины зээл) Loan product for purchasing eco-friendly vehicles (hybrid, electric, or low-emission cars), supporting Mongolia's green-economy transition.
• Joint Green Car Loan (with UbCab) Joint green vehicle financing product offered in partnership with UbCab taxi service, designed to help taxi drivers acquire eco-friendly vehicles.
• SME Loan (Жижиг дунд бизнесийн зээл) Business loan for Mongolian small and medium-sized enterprises (SMEs) for working capital or expansion, with monthly interest up to 3% (36% APR) and a one-time service fee of 1.5%.
• Credit Line Revolving credit facility for SMEs allowing repeated drawdowns up to a pre-approved limit, offering flexibility for ongoing working-capital needs.
• Quick Business Loan

Quantifiable outcome

• Net profit increased from 12,553 million MNT (2023) to 14,574 million MNT (2024), a 16.1% year-over-year increase
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

13 partnerships are on record, tiered core and minor.

• TDB Securities SCcoreStrategic or Co-development Partner · 28 March 2025TDB Securities SC acted as underwriter for GSB Active TZK's asset-backed securities issuance of 25.0 billion MNT on the Ulaanbaatar Stock Exchange. The ABS product was listed on the Ulaanbaatar Stock Exchange.
• Da Khuree (Да Хүрээ Трейд ХХК)coreChannel Partner/ Reseller/ Distributor · 26 December 2024GSB Capital was named Da Khuree's 'Leading Partner' (Манлай түнш) for 2024, recognizing their partnership in the automotive trade and service sector. Da Khuree is an automotive trading and services company.
• Kia Motors MongoliaminorChannel Partner/ Reseller/ Distributor · 20 December 2024GSB Capital received fleet vehicles (Kia Cerato) from Kia Motors Mongolia for operational use, establishing a commercial relationship for automotive financing products.
• APU DairyminorChannel Partner/ Reseller/ Distributor · 1 January 2024In partnership with APU Dairy, GSB Capital began providing farmer loans in 2024, expanding agricultural lending services.
• UbCabminorChannel Partner/ Reseller/ Distributor · 1 January 2024UbCab and GSB Capital partnership offering collaborative green car loans for BYD Seal-05 DM-i vehicles, combining taxi service and green financing.
• Geres International (Geres Mongolia NGO)coreStrategic or Co-development Partner · 2 May 2023GSB Capital partnered with Geres International to launch a home insulation loan product and collaborates on the EU Switch Asia II 'Dulaan Shiidel 2' project to provide loans to households implementing energy efficiency solutions, reducing greenhouse gas emissions.
• European Union Switch Asia II ProgramcoreStrategic or Co-development Partner · 2 May 2023GSB Capital signed a memorandum of understanding with the EU Switch Asia II program to collaborate on the 'Dulaan Shiidel 2' project, providing loans to households implementing energy efficiency solutions to reduce greenhouse gas emissions and fight climate change.
• ToC AssociationcoreStrategic or Co-development Partner · 1 January 2021GSB Capital launched the CHIP green loan product in cooperation with the ToC (Traditional Ger Area Renewal) Association in 2021, targeting ger area residents for home insulation and energy efficiency improvements.
• USAID Center for Supply Chain DevelopmentminorStrategic or Co-development Partner · 1 January 2014Signed a cooperation agreement with the Center for Supply Chain Development (USAID) in 2014.
• Trade and Development Bank of Mongolia (TDBM)coreChannel Partner/ Reseller/ Distributor · 1 January 2013GSB Capital co-branded a credit card with TDBM (2013) and subsequently with Capitron Bank (2019). TDB doubled the credit line for co-branded credit cards in 2015. The co-branded card became internationally eligible in 2020.
• World Bank (Sustainable Livelihoods-2 Project)minorStrategic or Co-development Partner · 1 January 2013Selected for World Bank's Sustainable Livelihoods-2 project in 2013 and re-qualified in 2015, enabling co-branded credit card products.
• Shunkhlai GroupcoreChannel Partner/ Reseller/ Distributor · 1 January 2013GSB Capital is 100% owned by Shunkhlai Group, Mongolia's large conglomerate. GSB Capital was established by Shunkhlai Group to provide financial services to group employees (starting with salary loans in 2011) and external customers.
• Capitron BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2013GSB Capital launched a co-branded credit card with Capitron Bank in 2019, extending its card product reach.

Scale indicators14 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• Crowd Credit Japan: Japanese P2P lending platform that invested 5M USD in GSB Capital in 2022. Crowd Credit connects international investors to emerging-market consumer and SME loans, operating in adjacent cross-border lending to similar thin-file borrowers.
• Tala: Global digital micro-lender using mobile data for instant credit decisions in emerging markets. Comparable to GSB Prime in offering 30-second app-based loans to underbanked consumers, though operating at much larger scale across multiple countries.

Broad incumbents

• XacBank: Mongolian commercial bank with a strong focus on SME and consumer lending, including microfinance-style products in rural areas. XacBank's NBFI-adjacent product set overlaps directly with GSB Capital's SME and underbanked customer base.
• Khan Bank: Mongolia's largest commercial bank by branch network and assets, offering consumer loans, credit cards, and SME financing nationwide. Khan Bank competes with GSB for similar retail and SME borrowers and represents the dominant incumbent in the same addressable market.
• Trade and Development Bank of Mongolia (TDB): One of Mongolia's largest commercial banks and a direct co-branded credit card partner of GSB Capital since 2013. TDB offers consumer and SME lending across Mongolia and represents the broad incumbent against which GSB's NBFI lending competes.
• Golomt Bank: One of Mongolia's major commercial banks, offering consumer credit cards, business loans, and digital lending services. Golomt Bank's investment arm (Golomt Capital, shown as GSB partner) connects it to the same Mongolian capital markets where GSB issues ABS.

Direct peers

• Capitron Bank: Smaller Mongolian bank that co-branded a credit card with GSB Capital in 2019. Operates consumer and SME lending products competing for similar thin-file borrowers, making it a direct peer in the NBFI-adjacent segment.
• MIK (Mongolian Mortgage Corporation JSC): Mongolian non-bank financial institution focused on mortgage and housing finance, listed as a GSB Capital funding partner. MIK operates in the same NBFI regulatory regime and overlaps in property-backed consumer lending.
• Lend-A-Hand Fund: Mongolian microfinance / NBFI fund listed as a GSB Capital funding partner, providing capital for lending operations. Operates in the same regulatory and competitive environment targeting underbanked borrowers.
• Apex Capital Mongolia: Mongolian financial services firm shown as a GSB Capital partner. As a domestic NBFI competitor, Apex Capital likely operates in overlapping consumer and SME lending segments within Mongolia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@GSBCapital
• Facebookfacebook.com/gsbcapital.mn
• LinkedInlinkedin.com/company/gsbcapital
• Instagraminstagram.com/gsbcapital
• Xx.com/gsbmarketupdate

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

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 GSB Capital