Mongolia International Capital Corporation

What Mongolia International Capital Corporation does

Mongolia International Capital Corporation (MICC LLC) is a privately held, Ulaanbaatar-based securities company founded in 2005 and operating under a special license from Mongolia's Financial Regulatory Commission. It was the first firm in Mongolia to introduce underwriting services and runs four integrated lines of business: investment banking (underwriting and financial advisory for IPOs, bond issuances, and M&A), brokerage (retail and institutional access to domestic and international capital markets via the iStock.mn web platform and iOS/Android mobile apps), asset management (cross-border mandates reporting a 49% USD IRR since 2022), and research (weekly market reviews and equity research for listed Mongolian companies). Its underlying technology is a conventional brokerage and trading stack — a web portal (micc.istock.mn) plus mobile brokerage applications distributed via the Apple App Store and Google Play — with no proprietary AI/ML components disclosed in the source material.

MICC generates revenue through underwriting and advisory fees on large-ticket transactions (e.g., 200 billion tugrik Capital Bond for Ulaanbaatar City, 731.5 billion tugrik Erdenes Tavan Tolgoi bond, Mongolia's first floating-rate bond for the Development Bank of Mongolia, 31.75 billion tugrik Bogd Bank IPO, $1.6B Orano uranium advisory), brokerage commissions from retail and institutional trading, recurring asset-management fees (and performance-based compensation) from cross-border portfolios, and professional-services revenue from research distribution to institutional and retail clients. Its customer base skews heavily toward government entities, state-owned enterprises (Ulaanbaatar City, Government of Mongolia, Development Bank of Mongolia, Erdenes Tavan Tolgoi, Mongolian Railway), and large private corporates (Bogd Bank, GN Beverages/PepsiCo bottler, UB Songdo Hospital, Ibis Styles Ulaanbaatar, Premium Project LLC, Desert Solar Power One).

MICC's go-to-market is sales-led and relationship-driven: direct enterprise mandates for investment banking; self-serve and marketplace distribution (web + mobile apps) for brokerage; and content marketing via weekly market reviews and equity research distributed through its website and social channels (Facebook, Twitter, Pinterest, LinkedIn) to support top-of-funnel engagement. With 11–50 employees, 100+ completed projects since inception, and 7+ billion tugrik in cumulative financing facilitated, MICC operates as a small but strategically positioned boutique in a thin domestic market, partnering with international institutions (Khan Bank, OPIC/DFC, IFC) for cross-border mandates.

Name

Mongolia International Capital Corporation

Legal name

Эм Ай Си Си ҮЦК ХХК

Website

https://micc.mn

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Mongolia International Capital Corporation (MICC) is a Ulaanbaatar-based, licensed securities firm founded in 2005, offering underwriting, brokerage, asset management, and research services to the Government of Mongolia, state-owned enterprises, and large private companies in the Mongolian capital markets.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Investment banking services
• Securities underwriting
• Brokerage services
• Asset management
• Financial advisory

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

Revenue model

1. Underwriting Services: MICC serves as lead underwriter for bond issuances and IPOs for government and private sector clients, earning underwriting fees on successful capital market transactions.
2. Brokerage Services: Provides brokerage services enabling institutional and retail clients to participate in domestic and international capital markets, earning commissions on securities transactions.
3. Asset Management: Delivers cross-border investment management with performance-based returns, generating management fees and performance-based compensation. Since 2022, asset management has delivered a 49% IRR in USD terms.
4. Research: Provides equity research reports, weekly market reviews, and economic analysis to institutional and retail investors, supporting client engagement and brokerage services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Mongolia International Capital Corporation (MICC) is a licensed securities company offering four core service lines: investment banking and underwriting (capital raising, M&A advisory, IPO underwriting, bond issuance), brokerage services (domestic and international securities trading for institutional and retail clients), cross-border asset management (delivering 49% USD IRR since 2022), and equity/economic research. The firm operates the iStock.mn web trading platform and iOS/Android brokerage apps, serving the Government of Mongolia, state-owned enterprises, private companies, and retail investors in the Mongolian capital market.

Product overview

MICC is a securities company offering a unified financial services platform comprising four core services: underwriting (investment banking), brokerage services, asset management, and research. The company operates the iStock.mn web trading platform and provides mobile applications for iOS and Android. Founded in 2005, MICC serves as a licensed securities company regulated by Mongolia's Financial Regulatory Commission, facilitating capital raising, market participation, and investment management for both institutional and retail clients.

Differentiator

Problem solved

Functional benefit

Products and services

• Underwriting / Investment Banking Investment banking and underwriting services providing advisory and financing solutions for private companies and government organizations, including bond underwriting, IPO underwriting, capital raising, company valuation, and M&A support.
• Brokerage Services Brokerage services enabling organizations and individuals to participate in domestic and international capital markets through the iStock.mn trading platform and mobile applications.
• Asset Management Cross-border investment-focused asset management service with performance-based returns, delivering high-yield returns in USD terms (49% IRR since 2022).
• Research Equity research reports covering listed Mongolian companies, weekly market reviews of Mongolian and global capital markets, and economic analysis provided to clients.
• MICC Brokerage Mobile App Mobile application for brokerage services available on iOS (Apple App Store) and Android (Google Play), enabling on-the-go securities trading for MICC clients.
• iStock.mn Trading Platform Web-based trading platform for securities trading and account management, accessible to MICC brokerage clients.

Quantifiable outcome

• 49% USD IRR on asset management since 2022
• +2 more outcomes

Named customers11 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

Partnerships

Three partnerships are on record, tiered minor and core.

• Guehhen Dalai LLCminorStrategic or Co-development Partner · 22 May 2025MICC signed a trilateral memorandum with Dornogovi Province Administration and Guehhen Dalai LLC to implement a solar energy project in Dornogovi province.
• Financial Regulatory Commission of MongoliacoreOthersMICC operates under special licenses issued by the Financial Regulatory Commission (Sanhuisgiin Zohirtsuulah Guur) of Mongolia for securities and investment banking activities.
• Korea Securities Finance CorporationminorStrategic or Co-development PartnerMongolia's Financial Regulatory Commission signed a cooperation agreement with Korea Securities Finance Corporation for securities lending/borrowing regulation, technical and economic advisory, information exchange, and training programs.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• CLSA: Asia-focused brokerage and investment group specializing in frontier and emerging markets; comparable in its advisory and capital markets coverage of under-covered Asian markets like Mongolia.
• Daiwa Securities: Global securities firm with established Asian and emerging-markets underwriting capabilities; represents the type of larger competitor MICC faces on sizable Mongolia-related mandates.
• Korea Investment & Securities: Large Korean securities firm with regional emerging-markets ambitions; relevant given MICC's partnership with Korea Securities Finance Corporation and shared interest in Mongolian capital market development.

Regional players

• Frontier Markets Capital: Investment banking boutique focused on frontier market advisory and capital raising, comparable to MICC's emerging-market cross-border mandate profile.

Direct peers

• BDSec JSC: One of Mongolia's leading broker-dealers providing brokerage, underwriting, and advisory services; competes head-to-head with MICC for retail trading volume and corporate finance mandates.
• Mongol Securities: Mongolian securities company providing brokerage and capital market services to local clients; comparable size and product set to MICC's brokerage and IB operations.
• Tavan Bogd Securities: Mongolian securities firm offering brokerage and investment banking services to domestic institutional and retail clients, directly overlapping with MICC's underwriting and brokerage franchise in the same single-country market.
• Golomt Capital: Mongolian investment banking and securities arm within the Golomt financial group, offering underwriting and brokerage services in the same domestic market as MICC.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

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 Mongolia International Capital Corporation