Parliament approved the Law on Amendments to the Law on Credit Information on May 16, 2025. This law grants the Bank of Mongolia authority to regulate, set policies, and supervise in the following related areas:

• The Bank of Mongolia will set standards for applicants seeking special and general licenses for credit information activities, including evidence requirements, templates, content, and service provider guidelines;
• The Bank of Mongolia has the authority to deny licenses if, after due diligence, it determines that the business plan or activities of the entity may adversely impact the stability of the banking and financial system;
• The Bank of Mongolia has the authority to deny lincenses if the credit information service provider fails to meet the requirements specified in the law when requesting a license to reorganize, liquidate, or engage in related activities;
• The Bank of Mongolia will establish regulations regarding the minimum capital for a credit information service provider, the creation and management of a credit database, the handling, utilization, storage, protection, and transfer of information, and the determination of service fees.

     The lawmaker outlined the benefits of approving this bill:

• Borrowers will no longer be blacklisted.
• Access to credit will improve.
• Collateral requirements and loan interest rates will decrease.
• The banking and financial system will be fairer and more competitive.

Please click HERE to learn more. (Mongolian)