Population
3.4M
Online population
2.9M
Currency
MNT
Population - 3.4M
[At the start](https://datareportal.com/reports/digital-2024-mongolia#:~:text=The state of digital in Mongolia in 2024&text=There were 2.91 million internet,percent of the total population.) of 2024, 69.2% of Mongolia’s population lived in urban centres, while 30.8% lived in rural areas.
Internet penetration - [83.9%](https://datareportal.com/reports/digital-2024-mongolia#:~:text=The state of digital in Mongolia in 2024&text=There were 2.91 million internet,percent of the total population.)
There [were](https://datareportal.com/reports/digital-2024-mongolia#:~:text=The state of digital in Mongolia in 2024&text=There were 2.91 million internet,percent of the total population.) 2.9M internet users in Mongolia at the start of 2024.
Mongolian FinTech Association has updated the ‘Mongolian FinTech Map’. As of 2024, there are about 178 FinTech companies in Mongolia. These companies are categorized into credit providers, e-wallets, payments, investments, blockchain, crypto, digital banking, etc.
The Financial Regulatory Commission (FRC) of Mongolia has signed a memorandum of understanding on cooperation with the National Bank of the Kyrgyz Republic on February 27, 2024. According to Bayarsaikhan Dembereldash, Chair of the Financial Regulatory Commission, this agreement will involve cooperation to support Kyrgyz FinTech companies and exchange information on cross-border financial operations.
The banking sector is supervised by the central bank, Bank of Mongolia (Mongol Bank). In January 2023 the Parliament passed the Investment Banking Law which sets the legal basis for opening and operating investment banks in Mongolia. Currently there are 12 commercial banks are operational in Mongolia.
<aside> 💡 The big-five operators – Khan Bank, Trade & Development Bank (TDB), XacBank, Golomt Bank and State Bank, which at the end of 2022 together controlled a little over 90% of all banking assets.
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