Cagamas Bhd, the National Mortgage Corp of Malaysia, has signed a Memorandum of Cooperation with the Mongolian Mortgage Corp HFC LLC (MIK) to enhance the development of the secondary mortgage finance market in both countries.

Cagamas president and CEO Datuk Chung Chee Leong said the initiative aims to enhance the strategic cooperation between Malaysia and Mongolia, including amongst others, research and knowledge sharing related to housing finance. This initiative is in line with the mandate of both institutions to develop the secondary mortgage finance market, he added in a statement.

MIK was founded in 2006 and is based in the Mongolian capital Ulaanbaatar.