Financial Regulatory Commission present at ‘Green Finance’ webinar

Ulaanbaatar /MONTSAME/. The Financial Regulatory Commission (FRC) - in cooperation with and the Alliance for Financial Inclusion (AFI) – presented at an e-training webinar on ‘Green Finance’. In his opening remarks, D. Bayarsaikhan (Chairman, FRC) said “Among the challenges currently facing financial institutions, climate change and financial exclusion are key concerns. There are innumerable demands for our services and the “Mongolian Sustainable Development Concept; 2030” - approved by the Parliament of Mongolia - includes a goal for the country to maintain ecological balance and become one of the world’s top 30 in terms of green economy. Also, for the FRC - as a policy maker – it is particularly important to ensure the long-term stability of the financial sector by promoting green finance. The Commission's medium-term strategic plan includes research to create a regulatory environment supporting green finance, and to build sustainable green finance”. Participants of the webinar included a total of 250 people from non-bank financial institutions and savings and credit cooperatives. The webinar introduced the concepts of sustainable development that favor the environment, highlighted the significance of new ‘green policies’ and ‘green products’ and described the benefits of implementing green finance. The webinar also provided information on the principles of sustainable development that help support the ecosystem; microfinance law; non-bank financial sector policies and regulations, additional measures; the concept of sustainable microfinance; and the legal environment to address money laundering and combating the financing of terrorism. AFI is a global, financial inclusion policy-making body, whose membership includes over 100 financial and regulatory member organizations from 88 countries. The FRC joined AFI (as its 83rd member) in 2011, Was elected to the Board of Directors in 2017, and has served as Vice Chair of the Eastern Europe and Central Asia Regional Initiative (ECAPI) since 2020.