The rapid development of technology has pushed the global financial system to evolve at a faster rate than ever seen before. Even traditional financial institutions have undergone functional changes over the past few years.

Moreover, the COVID-19 pandemic further accelerated the digital transformation of the financial industry. However, in Mongolia, the FinTech industry is in the 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.

Here are 3 FinTech companies paving the way for a digital future:

• GrapeCity Mongolia

GrapeCity Mongol LLC was established in 2000 and has been specializing in the development of banking and payment solution software and is a market leader in this sector. Of the 12 commercial banks in Mongolia, 11 use its software products, and 9 are operating on its Core Banking system.

Based on its unique market positioning in the banking sector, GrapeCity established the first-ever country-wide, inter-institutional MOST payment platform.

• ORDA Wealth Tech

ORDA is an investment platform bridging emerging and developed markets. It allows retail investors to invest like the top 1% in real estate, luxury, artwork and more by fractionalizing assets into accessible shares.

ORDA allows users to invest in fractional shares of alternative assets using a mobile app. It offers various asset classes such as real estate, collectibles, art, commodities and private equity. It integrates a behavioural finance-based recommendation algorithm that uses machine learning and data science to recommend precise and personalized assets that are tailored to each user’s risk, goal and investment style.

• Steppe Group

Steppe is a group of Mongolian companies driven to evolve finance and technology to reduce inefficiency in capital markets and bring greater opportunity and returns to investors, while finding ways to share the wealth with the community and to help develop sustainable, healthy economies in emerging regions.