Small and medium-sized enterprises (SMEs) are important contributors to job creation, innovation, and global economic growth and play a critical role in social cohesion. According to World Bank estimates, 600 million new jobs will be needed to absorb the growing workforce, making SME development a high priority for many governments worldwide.

Khan Bank founded its business incubator in 2006 to offer financial instruments to startups and SMEs, provide business expansion consulting, and give them the opportunity to attend business courses. The business incubator was transformed into the SME Support Center to increase the scope of its operations and undertake more projects with a bigger impact.

Khan Bank, Mongolia’s leading bank, and ICT Group, made up of 53 companies, signed a memorandum of cooperation. The joining of forces of these leading establishments in their respective sectors will advance the digital transformation of SMEs all across Mongolia. Khan Bank and ICT Group will collaborate to find and implement digital solutions to problems facing SMEs.

In the first phase of their cooperation, Khan Bank and ICT Group plan to set up enterprise resource planning (ERP) systems for SMEs and introduce innovative practices for their daily operations to digitalize sales, decrease manual work, facilitate cooperation between SMEs, save time, and increase service quality and customer satisfaction.

ICT Group, which aims to create a digital future, and Khan Bank, which is committed to mutual growth, will set up ERP systems for 100 SMEs, offer business strategy consulting, inform them of the latest IT practices, and help them adopt digital solutions to their problems. Khan Bank and ICT Group plan to work with 1,800 SMEs, accelerating the creation of digital ecosystems for SMEs and contributing to economic growth.

Khan Bank. Growing together