Mongolian Mortgage

What Mongolian Mortgage does

Mongolian Mortgage Corporation (MIK) is a Ulaanbaatar-headquartered financial services firm and the sole licensed issuer of Residential Mortgage-Backed Securities in Mongolia. Founded in 2006 by the Bank of Mongolia and 10 commercial banks, MIK operates the Affordable Housing Finance Program by purchasing 8% subsidized mortgage loans originated through its network of 10 partner banks (Arig, Golomt, Capitron, State Bank, M Bank, TDB, Khan, Khas, Bogd), pooling them into bankruptcy-remote Special Purpose Companies, and issuing tranched RMBS on domestic and international capital markets. Since its December 2015 IPO on the Mongolian Stock Exchange (Tier I, ticker MSE: 542), the company has cumulatively securitized MNT 5.86 trillion of mortgages across 38 RMBS tranches serving 103,774 borrowers, and has raised USD-denominated capital three times on international markets (debut USD 250M in 2019, USD 225M 'Khulan' bond at 8.85% coupon in 2024).

MIK's underlying technology is a securitization platform built around Special Purpose Company vehicles, multi-tranche RMBS structures, and a reserve fund mechanism designed to ensure uninterrupted bond coupon payments across cycles (validated by the 32-month COVID deferral of MNT 2.9 trillion without coupon default). The firm holds sovereign-equivalent credit ratings (Fitch B-, Moody's B3) and is certified to ISO 37301:2021, ISO 27001:2022, and ISO 31000-aligned risk management, with PCAF-aligned greenhouse gas accounting across financed emissions. Beyond its own balance sheet, MIK operates an asset trustee business for third-party NBFI issuers (Ashid Capital, Bull Capital, GSB Capital, Netcapital, CECI) and a public-facing mortgage information service authenticated via Mongolia's government SSO.

The revenue model is primarily an interest spread between the 6-8% subsidized mortgage rate purchased from originating banks and the blended cost of MIK's funding stack (domestic MNT bonds, USD international bonds, Bank of Mongolia 4% short-term funding, and DFC concessional financing), supplemented by asset trustee fees, SPC reserve fund investment income, and capital markets transaction economics. Pricing of the underlying mortgage is administratively set by the Government of Mongolia, leaving MIK with no direct loan-pricing discretion but substantial margin protection via the spread between the government-set asset yield and MIK's own diversified funding base. Distribution runs through two parallel rails: 10 partner banks for loan acquisition and institutional bond investors (Bank of Mongolia, DFC, ADB, EBRD, KfW, KGI Asia, Deutsche Bank, KIS Asia, TDB Securities) for capital raising.

Name

Mongolian Mortgage

Legal name

MIK Holding JSC (МИК Холдинг ХК)

Website

https://mik.mn

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Mongolian Mortgage Corporation (MIK) is the sole licensed issuer of Residential Mortgage-Backed Securities in Mongolia, purchasing 8% subsidized mortgages from 10 commercial banks, pooling them into SPC vehicles, and issuing RMBS domestically and internationally. Founded 2006, publicly listed on the Mongolian Stock Exchange since 2015, serving low-to-middle income households.

Ownership category

akta.pro rank

Product category

Mortgage Securitization & Housing Finance

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Other Financial Vehicles (52599)

SIC

Mortgage Bankers & Loan Correspondents (6162), Asset-Backed Securities (6189)

akta.pro primary industry

Non-Agency/Private-Label RMBS Securitization & Issuance (FSALAFAB)

akta.pro secondary industries

Mortgage-Backed Securities (RMBS/CMBS) (FSACACAB), Mortgage Secondary Data, Analytics & Pricing/Valuation Services (FSALAFAN), Reverse Mortgage Securitization & Secondary Market (HMBS/Whole Loan Trading) (FSALAIAD)

Keywords

• Mortgage securitization
• Residential mortgage-backed securities
• Housing finance
• Asset-backed securities
• Affordable housing loans

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Loan Portfolio Interest Spread: Interest income earned on mortgage loan portfolio purchased from commercial banks, net of funding cost (bond coupon and short-term Bank of Mongolia financing). The spread between 6-8% subsidized mortgage rates and lower-cost bond funding (domestic MNT bonds and USD bonds) drives core revenue. Includes COVID-era payment deferral collection on 2.9 trillion MNT portfolio.
2. SPC Reserve Fund Investment Returns: Investment income generated by parking SPC reserve funds in government/central bank securities, corporate securities, and bank deposits to earn yield on accumulated spreads. Reserves built up to cover future shortfalls when bond costs exceed mortgage interest income.
3. Asset Trustee / Fiduciary Management Fees: Fee-based revenue from acting as asset trustee for third-party ABS issuances including Bull Capital IBS SPC (MNT 18 billion auto fiduciary loan ABS, 19.5%), Ashid Capital Asset SPC (MNT 40 billion auto fiduciary ABS, 18%), GSB Asset Two SPC (MNT 30 billion ABS), Netcapital ABS SPC, and CECI Aia Asset One SPC. MIK holds the underlying asset portfolio in fiduciary capacity.
4. International Capital Market Bond Issuance: USD-denominated bond issuance on international capital markets — third international bond in January 2024 (USD 225 million 'Khulan' bond at 8.85% with Deutsche Bank AG, Korea Investment & Securities Asia, and TDB Securities). Provides long-term (30-year) funding for mortgage purchases.
5. Capital Markets Equity and Domestic Bond Issuance: Capital raising via Mongolian Stock Exchange (Tier I listing, IPO 2015) and domestic OTC market (e.g., MNT 4 billion in 2024, MNT 8.5 billion in 2024). Listed as TOP-20 index constituent on MSE.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

Mongolian Mortgage Corporation (MIK) is Mongolia's sole licensed issuer of Residential Mortgage-Backed Securities (RMBS). It purchases subsidized 8% mortgages originated by 10 partner commercial banks, pools them into Special Purpose Companies (SPCs), and issues tranched RMBS bonds domestically and internationally to fund Mongolia's long-term affordable housing finance system.

Product overview

Mongolian Mortgage Corporation (MIK / Монголын Ипотекийн Корпораци) operates as a single integrated financial-services platform rather than a multi-product SaaS suite. At its core sits the Affordable Housing Finance Program (8% mortgage), which generates the residential mortgage assets that feed the company's flagship Residential Mortgage-Backed Securities (RMBS) securitization program executed through bankruptcy-remote Special Purpose Companies (SPCs). Capital is sourced both domestically via repeated RMBS tranches (38 issuances to date) and internationally through the "Khulan" USD Bond Program (USD 250M debut in 2019; USD 225M in 2024). On top of this core, MIK layers three certified management systems — a Compliance Management System (ISO 37301:2021), an Information Security Management System (ISO 27001:2022), and a Risk Management System (ISO 31000) — plus an Asset Trustee service in which MIK oversees ABS issued by third-party originators such as Ashid Capital Asset SPC, GSB Capital NBFI, and Bull Capital NBFI. A public-facing Mortgage Information Service (authenticated via Mongolia's government SSO at sso.gov.mn) and a recurring Housing Finance Forum (including the ASMMA Annual Meeting hosted in Mongolia) extend the platform outward, while a Greenhouse Gas Emissions Report (PCAF / ISO 14064-1) supports its green-housing finance positioning.

Differentiator

Problem solved

Functional benefit

Brands

• Khulan Bond: USD 225 million bond issued on the international capital market on January 18, 2024

Products and services

• Affordable Housing Finance Program (8% Mortgage Program) A government-supported subsidized mortgage program providing qualifying Mongolian citizens with mortgage loans at a fixed 8% interest rate (or 6%/5%) for up to 30 years on apartments up to 80 sqm; the program generates the residential mortgage assets that feed MIK's RMBS securitization pipeline.
• Residential Mortgage-Backed Securities (RMBS) Securitization program that pools purchased residential mortgage loans into bankruptcy-remote Special Purpose Companies (SPCs) and issues tranched RMBS (senior/junior) to domestic and international investors; senior tranches are typically purchased by the Bank of Mongolia.
• International Bond Issuance Program ("Khulan" USD Bond) Reg S cross-border bond issuance program used to raise international capital in USD to provide long-term foreign-currency funding for mortgage purchases; underwritten by Deutsche Bank AG, Korea Investment & Securities Asia Limited, and TDB Securities SC.
• Asset Trustee Services for Third-Party ABS Fiduciary asset trustee service in which MIK holds underlying loan portfolios for third-party ABS issuances on the Mongolian capital market on behalf of NBFIs such as Bull Capital, Ashid Capital, GSB Capital, Netcapital, and CECI; includes fiduciary management of quarterly and annual reports.

Quantifiable outcome

• 103,774 cumulative borrowers served since 2013
• +10 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature7 records

Partnerships

21 partnerships are on record, tiered flagship, strategic, minor and core.

• DBM Asset Management LLCflagshipStrategic or Co-development Partner · 17 June 2026Signed Memorandum of Understanding during the 'Housing Finance' Forum to establish a strategic partnership. Under the MoU, the parties will collaborate on the 'Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Sector Project' being implemented with Asian Development Bank support, targeting green housing for 5,000 households across 54 hectares of ger district. The parties agreed to establish a joint working group dedicated to ensuring efficient operation of the project fund and refining criteria and conditions for green mortgage loans.
• Sandli NBFI (Сэндли ББСБ ХК)strategicStrategic or Co-development Partner · 16 February 2026Signed cooperation MoU to enable USD-denominated green loans for Mongolian citizens purchasing apartments abroad and to increase foreign-currency inflows. Sandli NBFI will assemble a USD green loan portfolio for purchase of apartments in the LEED Gold-certified 'Neocity' residential project, with MIK HFC purchasing the loans back or issuing asset-backed securities.
• Japan Housing Finance Agency (JHF)flagshipStrategic or Co-development Partner · 30 July 2025Signed technical cooperation agreement (effective Aug 1, 2025 - Jan 30, 2026) building on a 2019 MoU. Areas: developing sustainable development policy, preparing for targeted bond issuance, strengthening internal capacity, formulating transition plan aligned with international standards, and implementing training programs on sustainable finance, green housing, reporting standards, and digital transformation. JHF co-developed Green Housing Loan criteria for Mongolia.
• PT Sarana Multigriya Financial (SMF) - IndonesiastrategicStrategic or Co-development Partner · 17 March 2025Signed MoU to strengthen cooperation in housing finance and market development. Areas: sharing best practices, and exchanging and introducing information on sustainable development, green finance, housing finance policies, research, and programs.
• Asian Secondary Mortgage Market Association (ASMMA)flagshipStrategic or Co-development Partner · 1 January 2025MIK is a founding member of ASMMA, which brings together 10 Asian countries (Mongolia, Japan, Korea, Malaysia, Indonesia, Kyrgyzstan, Pakistan, Philippines, Uzbekistan). MIK CEO B. Gantulga serves as ASMMA Chairman 2025-2026. ASMMA provides a platform for housing finance institutions to share best practices, discuss new products and policy developments, and collectively advance regional housing finance systems. Annual meeting hosted in Mongolia June 9, 2026.
• Deutsche Bank AG and Korea Investment & Securities Asia Limited (with TDB Securities SC)flagshipChannel Partner/ Reseller/ Distributor · 18 January 2024Underwriting and book-running syndicate for the USD 225 million 'Khulan' bond issued on the international capital market in January 2024, 30-year tenor at 8.85% coupon. This is MIK's third international bond issuance. Deutsche Bank and KIS Asia acted as international underwriters; TDB Securities as domestic consulting firm.
• Universal Foundation for Ethics and Integrity (UFE)minorStrategic or Co-development Partner · 19 October 2023Signed MoU on World Ethics Day between MIK and the Universal Foundation for Ethics and Integrity to advance ethical business practices.
• 10 partner commercial banks: Arig, Golomt, Capitron, State Bank, M Bank, Transport Development Bank, Khan Bank, Khas (Xacbank), Trade and Development Bank, Bogd BankcoreChannel Partner/ Reseller/ DistributorOriginating banks under the Government of Mongolia's Affordable Housing Finance Program. Banks issue 8% subsidized housing mortgages to citizens, then sell qualifying loans to MIK HFC LLC for pooling and securitization into RMBS. Banks also purchase the senior RMBS tranches from MIK (in turn transferred to Bank of Mongolia as partial repayment of the central bank's 4% short-term funding). The program has been operational since June 2013.
• Ministry of Urban Development, Construction and Housing of Mongolia; Bank of Mongolia; Financial Regulatory Commission; Capital City Governor's Office; German Sparkassenstiftung MongoliaflagshipGTM or Marketing PartnerJoint organizers of the Housing Finance Forum (June 8, 2026, Shangri-La Ulaanbaatar) and key government counterparties for the Affordable Housing Finance Program. Bank of Mongolia provides 4% short-term funding to commercial banks that on-lend to citizens at 8% subsidized rates; MIK purchases and securitizes the resulting mortgages.
• Asian Development Bank (ADB)flagshipStrategic or Co-development PartnerSupporting the 'Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Sector Project' to build green housing for 5,000 households across 54 hectares of ger district. Also contributed to MIK's original 2015 development framework.
• Ashid Capital NBFI (via Ashid Capital Asset SPC LLC)coreOEM/ Whitelabel/ Licensing PartnerMIK HFC LLC acts as asset trustee for Ashid Capital NBFI's MNT 40 billion auto fiduciary loan-backed ABS issuance at 18% annual coupon (Aug 2025 primary market). TDB Securities as underwriter; RSA as auditor; MJL Attorneys as legal counsel.
• Bull Capital NBFI (via Bull Capital IBS SPC LLC)coreOEM/ Whitelabel/ Licensing PartnerMIK HFC LLC acts as asset trustee for Bull Capital NBFI's MNT 18 billion auto fiduciary loan ABS at 19.5% annual coupon (24-month tenor, quarterly interest, Jan 2026). Other parties: Mandal Capital Markets Securities (underwriter), K.E. Partners Law Firm, Nexia Global Mongolia Audit, Chinggis Khaan Stock Exchange.
• GSB Capital NBFI (via GSB Asset Two SPC LLC)coreOEM/ Whitelabel/ Licensing PartnerMIK HFC LLC acts as asset trustee for GSB Capital NBFI's MNT 30 billion public ABS offering launched Dec 3, 2025. Other parties: TDB Securities SC, SGI Securities SC, Ulaanbaatar Securities Exchange.
• Netcapital ABS SPC and CECI Aia Asset One SPCminorOEM/ Whitelabel/ Licensing PartnerMIK HFC LLC acts as fiduciary manager for quarterly and annual reports of Netcapital ABS SPC (Q3/Q4 2025, Q1 2026) and CECI Aia Asset One SPC (Q4 2025).
• German Sparkassenstiftung Mongolia (with German Bausparkassen / LBS)strategicStrategic or Co-development PartnerCo-organizer of Housing Finance Forum 2026; presented on 'Bauspar as a Strategic Instrument for Sustainable Housing Finance in Mongolia'. Ongoing capacity-building partner on housing finance best practices.
• Korea Housing Finance Corporation (KHFC)strategicStrategic or Co-development PartnerASMMA member and participating organization in Housing Finance Forum 2026. Yang-taek Kim (Team Head of Housing Finance Research Institute) presented at the forum on international housing finance systems.
• Cagamas Berhad (Malaysia)strategicStrategic or Co-development PartnerASMMA member and speaker at Housing Finance Forum 2026; Kameel Abdul Halim (CEO) led Session 1 on International Housing Finance Systems. Peer-institution knowledge exchange on securitization.
• Mortgage Refinancing Company of Uzbekistan (MRCoU)strategicStrategic or Co-development PartnerASMMA member and Housing Finance Forum 2026 panelist; Murodjon Farmanov (CEO) shared Uzbekistan's mortgage refinancing experience. Regional peer cooperation within ASMMA.
• Fitch RatingsstrategicOthersCredit rating agency providing MIK Holding and MIK HFC with credit ratings (Fitch B- with stable outlook, 2018). Mee Ryung Song, Korea Country Head, presented at Housing Finance Forum 2026 on international bond markets.
• KGI Asia LimitedstrategicChannel Partner/ Reseller/ DistributorJooyoung Kim, Executive Director and Head of Debt Origination & Syndicate at KGI Asia, presented at the Housing Finance Forum 2026 on international bond market access. KGI acts as underwriter/syndicate partner for international bond issuances.
• TDB Securities SC (Trade and Development Bank Securities)strategicChannel Partner/ Reseller/ DistributorDomestic consulting firm for the USD 225 million 'Khulan' bond issuance; underwriter for Ashid Capital Asset SPC and GSB Asset Two SPC ABS issuances; ongoing domestic capital markets partner.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Japan Housing Finance Agency (JHF): Japanese policy-based housing finance agency operating Flat 35 RMBS program; active technical cooperation partner with MIK and co-developer of Mongolia's green housing loan criteria. Same core mandate of long-term housing finance securitization.
• Cagamas Berhad: Malaysia's national mortgage corporation and secondary mortgage market institution, purchasing mortgages from originators and issuing RMBS/ABS. Directly comparable to MIK in mandate, SPC-based securitization architecture, ASMMA membership, and government-backed housing finance role.
• Mortgage Refinancing Company of Uzbekistan (MRCoU): Uzbekistan's state-backed mortgage refinancing company; ASMMA member and active Housing Finance Forum 2026 participant. Most comparable peer in a similarly structured transition-economy context.
• Korea Housing Finance Corporation (KHFC): Korea's secondary mortgage market institution, originating and securitizing residential mortgage loans via bond issuance. Closest functional peer to MIK in Asia; ASMMA member and active participant in MIK's Housing Finance Forum 2026.
• PT Sarana Multigriya Financial (SMF): Indonesia's secondary housing finance company supporting mortgage liquidity through securitization. ASMMA member with active MoU with MIK; identical business model of purchasing mortgages from banks and issuing RMBS.

Broad incumbents

• Canada Mortgage and Housing Corporation (CMHC): Crown corporation providing Canadian housing finance, mortgage insurance, and securitization via Canada Mortgage Bonds. Functional analogue to MIK's role of recycling bank balance sheets for affordable housing, albeit at much larger scale and broader mandate.
• National Housing Finance and Investment Corporation (NHFIC, Australia): Australian government-backed affordable housing finance entity providing concessional loans and bond funding. Comparable policy mandate to MIK's affordable housing mission; operates via bond issuance rather than full RMBS program.
• Hong Kong Mortgage Corporation (HKMC): Hong Kong's statutory mortgage-backed securities issuer and insurer of residential mortgages; operates at materially larger scale but shares MIK's SPC-based securitization model, public listing, and policy mandate to enhance housing finance stability.
• Fannie Mae: US government-sponsored enterprise that purchases and securitizes residential mortgages into MBS. The original secondary mortgage market architecture that MIK's Mongolian program is patterned after; vastly larger scale but identical core business model.

Others

• Development Bank of Mongolia: Mongolia's national development bank and MIK's largest shareholder (14.88%). Provider of policy financing and counterparty in MIK's funding chain; also co-developer (via DBM Asset Management) of ADB green housing project - an adjacent ecosystem participant rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/MIKMongolia
• Xx.com/MIK_HFC

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 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 Mongolian Mortgage