Meeting with fintech lending providers
On 11 January 2022, the Financial Regulatory Commission held a joint meeting and discussion with 29 non-bank financial institutions (NBFIs) providing fintech lending services within its regulatory remit and the Mongolian Fintech Association.
The meeting, organised by the Commission’s Supervision and Regulation Department, reviewed customer complaints concerning licensed fintech lending services, how those complaints were resolved, and information supplied to the credit information database. Participants also discussed operational challenges and the Commission’s draft rules for NBFI lending activities, and exchanged views and information.
Participants agreed to update and implement relevant rules, procedures, guidance and anti-money laundering and counter-terrorist financing documents to reflect the characteristics of fintech services and protect customers and NBFIs from potential risks. Reports on this work were to be submitted to the Commission by 15 February 2022, together with feedback on the issues discussed.
Source: frc.mn
Mongolian Fintech Association