With the rapid development of technology, the global financial system is evolving at a faster rate than ever, and even traditional financial institutions have undergone profound changes over the past few decades.
As The COVID-19 pandemic has accelerated the digital transformation of the financial system, further development of the fintech industry requires careful consideration, decision-making, and preparation of what the global financial system will look like and how to prevent potential negative impacts and risks to promote economic growth.
As for Mongolia, the Fintech industry is in its early stages of development. The presence of a network association of Fintech investors, tech players, and industry participants are particularly important as they can represent industry interests, act as self-regulatory organizations, focus on the development of the sector and manage customer needs.