Golomt Bank was established in 1995 as one of the first commercial banks in Mongolia. Starting with only four employees, it has experienced remarkable growth, becoming the country’s leading bank with 100 branches and more than 2,500 employees.
One of these employees was Odonbaatar Amarzaya, who over the past 15 years has climbed the ranks across a number of different roles, eventually being promoted to CEO as of July 2024.
Before reaching the top, he previously held leadership positions in the Information Systems Audit. Additionally, he contributed to the Control Association Mongolia Chapter, where he played a key role in establishing new standards in the Mongolian internal audit sector in 2021.
As a result, Golomt Bank’s internal audit function achieved a groundbreaking milestone to become the first bank in Mongolia to attain full conformance with the international standards for the professional practice of internal auditing.
“I was shaped by the culture of our organization, which supports the young generation and provides many career development opportunities.”
Golomt Bank became a listed company on the Mongolian Stock Exchange in 2022, and while Odonbaatar was working as a Deputy CEO, he led a US$300 million bond issuance in the international market in May 2024.
It’s thanks to these achievements and more that Golomt Bank was awarded the Best Domestic Bank in Mongolia award in 2023 from Asiamoney, as well as receiving Great Place to Work certification in 2022, 2023 and 2024 from the Great Place to Work Institute.
“I am a product of Golomt Bank and I am very grateful for my career,” Odonbaatar tells The CEO Magazine. “I was shaped by the culture of our organization, which supports the young generation and provides many career development opportunities. Given that I was able to join the company straight from university and eventually become CEO is a testament to these opportunities.
“Things are changing very rapidly and to me, that means making continuous improvements to unlock a brighter future. Since its establishment, Golomt Bank has always been a pioneer in innovating and introducing new ideas in the market. We’re going to continue moving forward without losing this principle, which is in the DNA of our bank.”
Sustainable finance
Mongolia faces significant risks from climate change, with increasing temperatures, desertification and extreme weather events threatening its economy and traditional nomadic lifestyles. The country’s agriculture and livestock sectors are particularly vulnerable to these changes, posing a threat to food security and rural livelihoods.
As a result, Odonbaatar believes that adaptation financing is essential to create an infrastructure and ecosystem that is resilient to climate change.
“With each passing year, the need for greater adaptation financing is increasing and we are shifting our attention to this by making our own contribution,” he notes. “The substantial reduction in greenhouse gas emissions globally needed to mitigate the effects of climate change will require large-scale investment in key market sectors.
“This will also create opportunities for Golomt Bank in supporting clients’ transition to a low-carbon and climate-resilient economy.”
In addition to helping finance the transition to a low-carbon economy, Golomt Bank has started reducing its own impact on the environment. For instance, Golomt Bank became the first bank in Mongolia to be certified by an Ernst & Young audit classifying the amount of greenhouse gases emitted by its activities within Scopes 1, 2 and 3.
Furthermore, in cooperation with the Japanese bank MUFG, Golomt Bank has developed a sustainable financing framework in accordance with international practices and had it verified by the global ratings agency S&P.
“We are pleased to strengthen our commitment towards sustainable future of Mongolia.”
Golomt Bank also became one of the founding members of the Principles of Responsible Banking in New York on 22 September 2019, announcing its plans to align its operations with the Sustainable Development Goals and the Paris Agreement on Climate Change, Odonbaatar explains.
“Within this framework, we fulfill our obligations responsibly and report our Sustainable Development Report every year, calculating emissions of CO2 in our operations according to the international PCAF [Partnership for Carbon Accounting Financials] methodology,” he reveals.
“We are pleased to strengthen our commitment towards a sustainable future of Mongolia and the ability to report the real impact we are making towards the environment, society and the economy. Our green loan portfolio makes up around 18 percent of the total green loan portfolio within the banking sector in Mongolia, and 3.4 percent of our total loan portfolio at present.”
On 3 December 2024, Golomt Bank issued an additional US$100 million of senior unsecured notes at an 8.5 percent yield, reducing its funding costs by 350 basis points just six months after entering the international bond market. This marked the lowest funding cost achieved by a Mongolian private-sector issuer in the global market that year.
Building on this momentum, on 2 January 2025, the bank issued a US$50 million green and social bond with a five-year maturity and an eight percent coupon. This became the most cost-effective corporate bond from Mongolia in the global market, showcasing Golomt Bank’s commitment to sustainability.
“KIS Asia, the placement agent working on this deal, highlighted that this is the first USD-denominated bond issued globally in 2025, making it particularly significant,” Odonbaatar says.
“The successful issuance reflects international investors’ confidence in Golomt Bank’s commitment to sustainability and its ability to deliver impactful, long-term financial solutions. With this bond issuance, six of the world’s top 10 asset management firms ranked by AUM have invested in Golomt Bank.”
Cutting-edge technology
Technology development goes hand in hand with the banking and financial industry, and in Mongolia, digital technologies including AI, blockchain and big data are gaining prominence, especially at Golomt Bank.
Moreover, the bank introduced SocialPay, Mongolia’s first digital wallet, in 2017, turning it into a must-have app for everyday life. In 2023, the upgraded SocialPay 3.0 was launched, offering faster and more advanced features and solidifying the bank’s position as a leading fintech solution.
Golomt Bank has signed cooperation agreements with Chinese banks, allowing its customers to make transactions via Alipay, WeChat and UnionPay by scanning QR codes and enabling seamless payments across China.
“Through our focus on technology, governance, human resources and sustainable finance, it is our vision to become Mongolia’s global benchmark bank.”
In December 2024, Golomt Bank became the first bank in Mongolia to launch Apple Pay, introducing a new level of convenience and innovation to its payment services. It is now currently working with Apple Pay to expand this service.
“The personal finance function of our internet banking service already leverages AI and we plan to further develop this in the future,” Odonbaatar explains.
“We’ve also been paying a lot of attention to blockchain and plan to implement services based on this technology into practical use very soon.”
Looking ahead, Golomt Bank also plans to expand its customer base by introducing innovative new products and services, as well as strengthening its support for small and medium enterprises and women-owned businesses.
“Banks are the biggest driving force of the Mongolian economy,” Odonbaatar says. “Through our focus on technology, governance, human resources and sustainable finance, it is our vision to become Mongolia’s global benchmark bank.”
