Financial Regulatory Commission has agreed to join E-Mongolia public service integrated platform and signed MoU with CITA, today (14 Oct 2020).
Joining E-Mongolia, FRC will have an opportunity to digitalize operations of the non-banking financial sector, including the stock exchange, insurance, and non-bank financial organizations, as well as saving and credit unions. It also will enable the services of regulatory commissions and institutions more close, open, and accessible for citizens and business entities. Especially, the Sandbox development environment aiming to incubate Fintech industries, which make services more easy and prompt and bring the financial sector to the new level at this time of rapid development of ICT, will be improved. Based on the digital signature, various agreements and contracts regulating financial relations, such as deposit or loan agreements, collateral deals, and insurance contracts, etc., could be provided.
The purpose of the MoU is to jointly implement goals stated in Government Action Plan 2020-2024, coordinate the activities, and digitalize the non-bank financial sector. In other words, to accept references and inquiries issued from E-Mongolia or e-Kiosk machine by non-bank financial institutions and provide financial services through E-Mongolia. Furthermore, within the MoU, it is expected to provide agreements and contracts of financial services based on the digital signature, as well as digitalize stock exchange and trading operation.