Mongolian Sustainable Finance Association

What Mongolian Sustainable Finance Association does

The Mongolian Sustainable Finance Association (MSFA, also known as ToC Association / Монголын Тогтвортой Санхүүжилтийн Холбоо) is a member-serving non-governmental organization established in December 2017 by the Mongolian Bankers Association. Headquartered in Ulaanbaatar, Mongolia, MSFA operates as the central collaborative platform for sustainable finance in the country, serving 73 member organizations that include virtually all major Mongolian commercial banks (Golomt Bank, TDB, Khan Bank, XacBank, State Bank, Bogd Bank, Capitron Bank, Arig Bank, M Bank, KHAAN Bank), non-bank financial institutions (Transcapital, MIK HFC, InvesCore), and supporting members. Its core deliverables are proprietary frameworks and standards rather than software products: the Mongolia SDG Finance Taxonomy (142 SDG-aligned economic activities), the MSF 8 Sustainable Finance Principles, sector-specific guidelines (mining, construction, agriculture, textile), ESG risk management methodology, gender-responsive financing frameworks, and ESG & Sustainability Reporting Guidance. Operational programs include the CHIP (Cooking, Heating, Insulation Package) green loan product for Mongolian ger households and the Mongolia Green Finance Corporation (MGFC), a wholesale green financing entity co-founded with public and private partners.

MSFA's revenue model is a hybrid of recurring membership fees (principal and supporting member tiers) and project-based grants from international development partners (GCF, GGGI, IFC, UNDP, UNEP, EU, UNICEF, SDC, FMO, GEF, UN Joint SDG Fund). The 14-person secretariat is led by a CEO and includes ESG managers, standards and verification specialists, and partnership managers. Distribution occurs through direct enterprise engagement with member institutions, the E-Learning platform (toc-learning.mn), and partner banks/NBFIs that originate CHIP green loans to end households. The organization is governed by a Board of Directors composed of CEOs of major member banks, with the Golomt Bank CEO serving as Chair.

The company's strategic positioning is anchored in regulatory alignment with the Bank of Mongolia, Financial Regulatory Commission, Ministry of Finance, and Ministry of Environment and Tourism, giving it a quasi-official role in shaping Mongolia's sustainable finance ecosystem. Quantified member-bank outcomes include 484.6 billion MNT in cumulative green loans issued, 2,002 households (6,930 individuals) served through CHIP, and 248 million MNT disbursed via CHIP green loans across 7 aimags and 2 Ulaanbaatar districts. Major international partners include UNDP, IFC, GGGI, GCF, and various bilateral development agencies, with the Mongolian Sustainable Finance Roadmap (2022) defining six pillars and 25 strategic actions through 2030.

Name

Mongolian Sustainable Finance Association

Legal name

Монголын Тогтвортой Санхүүжилтийн Холбоо (Mongolian Sustainable Finance Association)

Website

https://toc.mn

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

The Mongolian Sustainable Finance Association is a member-serving NGO established in 2017 by the Mongolian Bankers Association, serving as the central platform for sustainable finance standards, ESG frameworks, and green loan products for Mongolia's 73 member financial institutions, regulators, and international development partners.

Ownership category

akta.pro rank

Product category

Sustainable Finance Association Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

International Affairs (9721)

akta.pro primary industry

Climate Finance Funds & Green Investment Facilities (BPADACAH)

akta.pro secondary industry

Climate Finance, Carbon Markets & MRV Systems (BPADALAB)

Keywords

• Sustainable finance frameworks
• ESG risk management
• Green finance taxonomy
• ESG capacity building
• Climate finance coordination

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. Membership Fees: MSFA generates revenue through membership fees from principal members (commercial banks, development banks, NBFIs, branches of foreign banks) and supporting members (businesses, training organizations, international organizations, NGOs, professional associations, research institutions, media). Membership fees provide ongoing revenue stream and access to MSFA services, guidelines, and projects.
2. Project-Based Funding: MSFA receives funding and financing support from international organizations and development partners for implementing sustainable finance projects. Sources include GCF, GGGI, IFC, UNDP, UNEP, European Union (Switch Asia II programme), UNICEF, SDC, and other development partners. Projects include CHIP package, Mongolia Green Finance Corporation support, ESG guidelines development, and capacity building initiatives.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

MSFA is a member-serving NGO that develops and disseminates sustainable finance frameworks, ESG guidelines, sector-specific guidance, and the Mongolia SDG Finance Taxonomy for Mongolian financial institutions. It operates an E-Learning platform for sustainable finance training, coordinates the CHIP (Cooking, Heating, Insulation Package) green loan program for ger households, and convenes the Mongolia Green Finance Corporation wholesale green financing initiative. Members (commercial banks, NBFIs, development banks, research institutions) receive access to frameworks, standards, capacity building, and project participation.

Product overview

MSFA (Mongolian Sustainable Finance Association / ТоС Холбоо) is a member-serving NGO established in December 2017 that serves as a collaborative platform for sustainable finance in Mongolia. The organization operates as a platform-plus-modules architecture, with the core association providing the foundational framework for ESG implementation and sustainable finance principles. Key product offerings include the CHIP (Cooking, Heating, Insulation Package) green loan product for ger households, the Mongolia Green Finance Corporation (MGFC) wholesale financing entity, an E-Learning Platform for capacity building, and various guidance documents including the ESG & Sustainability Reporting Guidance and Mongolia SDG Finance Taxonomy. The organization also publishes monthly newsletters and maintains a member-only portal for exclusive resources.

Differentiator

Problem solved

Functional benefit

Brands

• ToC E-Learning Platform: Online knowledge platform for sustainable finance education and training materials developed by MSFA
• CHIP (Cooking, Heating, Insulation Package)
• Mongolia Green Finance Corporation
• Mongolia SDG Finance Taxonomy

Products and services

• CHIP (Cooking, Heating, Insulation Package)
• ToC E-Learning Platform
• Mongolia Green Finance Corporation (MGFC)
• ESG & Sustainability Reporting Guidance
• Mongolia SDG Finance Taxonomy
• MSFA 8 Sustainable Finance Principles (MSF 8 Principles)
• ESG Risk Management Methodology
• Gender-Responsive Financing Framework
• Mongolian Sustainable Finance Roadmap
• Sector-Specific Sustainable Finance Guidelines

Quantifiable outcome

• 484.6 billion MNT in total green loans issued by member banks
• +4 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

18 partnerships are on record, tiered minor, core and major.

• Carbon Disclosure Partnership (PCAF)minorStrategic or Co-development Partner · 1 January 2023MSFA member TransBank joined the Partnership for Carbon Accounting Financials (PCAF) in 2023, representing MSFA's engagement with international carbon accounting standards.
• Financial Regulatory Commission (FRC)coreStrategic or Co-development Partner · 1 January 2022FRC is a key policy partner in developing sustainable finance frameworks and ESG reporting guidance for Mongolian companies. The commission participates in the Professional Council and supports regulatory alignment.
• UN Environment Programme (UNEP)majorStrategic or Co-development Partner · 1 January 2022UNEP contributes to sustainable finance initiatives through the partnership for ESG and Sustainability Reporting Guidance and other capacity building programs.
• Government of MongoliacoreStrategic or Co-development Partner · 1 January 2022Government of Mongolia co-finances the Mongolia Green Finance Corporation with 50 million USD alongside GCF and private sector. Government provides policy support and regulatory alignment for sustainable finance initiatives.
• UNDP MongoliacoreStrategic or Co-development Partner · 1 January 2021UNDP Mongolia co-developed the Mongolia SDG Finance Taxonomy with MSFA through a phased approach with extensive consultations. UNDP also supports MSFA through the UN Joint Programme on SDG Financing and provides technical expertise for sustainable finance frameworks.
• International Finance Corporation (IFC)coreStrategic or Co-development Partner · 1 January 2021IFC collaborates with MSFA on multiple initiatives including developing ESG risk management methodology, sector guidelines, and the ESG and Sustainability Reporting Guidance for Mongolian companies. IFC provides international expertise and technical assistance.
• Financial Centres for Sustainability Network (FC4S)majorStrategic or Co-development Partner · 1 January 2021FC4S, hosted by UNDP, participates in the partnership for developing ESG and Sustainability Reporting Guidance for Mongolian companies, providing international best practices and network connections.
• Mongolian Bankers Association (MBA)coreStrategic or Co-development Partner · 1 January 2021MSFA was originally established by MBA in December 2017. MBA remains a key partner in developing sustainable finance principles, sector guidelines, and ESG risk management methodology. MBA CEO serves on MSFA Board.
• Mongolian Stock Exchange (MSE)majorStrategic or Co-development Partner · 1 January 2021MSE participates in the partnership for ESG and Sustainability Reporting Guidance, supporting the development of sustainability reporting standards for Mongolian companies listed on the exchange.
• Partnership for Action on Green Economy (PAGE)majorStrategic or Co-development Partner · 1 January 2021PAGE collaborates with MSFA, Ministry of Environment and Tourism to develop the Sustainable Finance University Course curriculum and textbook for banking and finance students.
• AVSFmajorStrategic or Co-development Partner · 1 January 2021AVSF implements the Sustainable Textile Production and EcoLabelling project funded by EU Switch Asia II programme, in collaboration with MSFA and Mongolian Wool and Cashmere Association.
• UNICEFcoreStrategic or Co-development Partner · 1 January 2019UNICEF co-finances the CHIP (Cooking, Heating, Insulation Package) project alongside SDC and Government of Mongolia. Since 2022, UNICEF has partnered with MSFA to provide green loans for household heating, insulation, and ventilation solutions targeting over 200 households and 7,000 beneficiaries.
• People In Need INGOcoreStrategic or Co-development Partner · 1 January 2019People In Need INGO is an implementing partner for the CHIP project alongside MSFA and Mongolian University of Sciences and Technology. The organization contributes to project implementation and monitoring in target communities.
• Mongolian University of Sciences and TechnologycoreStrategic or Co-development Partner · 1 January 2019MUST serves as an implementing partner for the CHIP project, providing technical expertise and research support. The university contributes scientific knowledge for developing effective heating and insulation solutions for Mongolian gers.
• XacBankcoreStrategic or Co-development Partner · 1 January 2018XacBank was a founding partner in establishing the Mongolia Green Finance Corporation in 2018 alongside MBA, MSFA, Ministry of Finance, MET, GCF, and GGGI. XacBank CEO serves on MSFA Board.
• Ministry of Finance (Mongolia)coreStrategic or Co-development Partner · 1 January 2018Ministry of Finance is a founding partner of Mongolia Green Finance Corporation and co-finances the 50 million USD funding with GCF and private sector. Ministry oversees national sustainable finance policy alignment.
• Ministry of Environment and Tourism (Mongolia)coreStrategic or Co-development Partner · 1 January 2018Ministry of Environment and Tourism (MET) is a founding partner of MGFC and collaborates with MSFA on sustainable finance curriculum development and climate policy alignment.
• Global Green Growth Institute (GGGI)coreStrategic or Co-development Partner · 1 January 2016GGGI cooperated with the Government of Mongolia to establish the Mongolia Green Finance Corporation (MGFC) as a joint public and private sector investment fund. GGGI's Country Representative confirmed the establishment of MGFC as the first green wholesale financing model in the region.

Scale indicators7 records

Recent moves8 records

Expansion highlights7 records

Regional players

• Asia Pacific Loan Market Association (APLMA): Regional trade association for the primary syndicated loan market in Asia Pacific. Comparable to MSFA as a financial-sector industry body providing frameworks, training, and advocacy — though focused on syndicated lending rather than sustainable finance specifically.
• China Banking Association: National banking industry association in China coordinating sustainability, green finance, and ESG initiatives across Chinese commercial banks. Comparable as a regional sustainable finance association with taxonomy and standards work, though operating at much larger scale.
• European Banking Federation (EBF): Brussels-based representative voice of the European banking sector covering sustainability, ESG, and green finance policy. Comparable to MSFA as a banking federation coordinating member-driven sustainable finance positions, though operating across EU jurisdictions.

Broad incumbents

• UNEP Finance Initiative (UNEP FI): Global partnership between UNEP and the financial sector promoting sustainable finance. Closely comparable to MSFA in convening banks, NBFIs, and regulators around sustainable finance principles, frameworks, and capacity building at international scale.
• Global Reporting Initiative (GRI): International standards organization for sustainability reporting. Comparable to MSFA's ESG & Sustainability Reporting Guidance work and its collaboration with FRC and MSE to embed reporting standards for Mongolian companies.
• Banking Association for Finance and Trade (BAFT): Global financial services trade association with active sustainable finance and ESG working groups. Comparable to MSFA in providing frameworks, training, and advocacy for member FIs on sustainability, though broader in mandate and international in scope.
• Climate Bonds Initiative (CBI): International organization working to mobilize the bond market for climate change solutions through standards, certification, and policy advocacy. Comparable to MSFA as a sustainable finance standards-setter, though focused on capital-markets instruments.

Direct peers

• Sustainable Banking and Finance Network (SBFN): Global IFC-hosted network of sustainable finance associations and banking regulators across emerging markets. Directly comparable to MSFA as a peer association building sustainable finance frameworks and member coordination, though operating at cross-country scale.
• Mongolian Bankers Association (MBA): Parent and founding organization of MSFA. Comparable as Mongolia's national banking industry association serving as convening platform for commercial banks and NBFIs; MBA overlaps directly with MSFA on member coordination and policy advocacy.
• Financial Centres for Sustainability (FC4S): UNDP-hosted global network of financial centres promoting sustainable finance and green investment. MSFA is a documented FC4S partner; comparable as a sustainable finance network member developing standards, capacity, and policy frameworks in emerging markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@msfa225
• Facebookfacebook.com/toc.mn
• LinkedInlinkedin.com/company/tocmn

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Mongolian Sustainable Finance Association