Mongolian Sustainable Finance Association (MSFA)

About

The Mongolian Sustainable Finance Association (MSFA) was established by the Mongolian Bankers Association in December 2017 as a non-governmental organization serving its members. MSFA's mission is to promote sustainability and green business practices within its membership, including financial institutions and businesses, aiming to green the financing system. 

As of April 2024, MSFA boasts 47 members, including all 12 commercial banks, 17 NBFIs, 2 insurance companies, 1 mortgage corporation, 1 development bank, 1 credit guarantee fund, 3 asset management companies, 8 business entities, and 2 research & training institutions operating in Mongolia. We collaborate closely with our members and partners to develop comprehensive and transformative policies, business strategies, and cross-sector initiatives that align with the Sustainable Development Goals, the Paris Agreement, WBCSD's Vision 2050, and the Nationally Determined Contributions framework. 

Key areas of focus

Sustainable finance, ESG

Main activities

MSFA promotes sustainability principles beyond banking and also engages financial institutions’ clients in adopting sustainability practices as a member-driven NGO with the mandate to exclusively develop and promote sustainable finance and business practices in Mongolia. The MSFA, so far, has been acting as a knowledge curator and coordination platform by:

1. Setting up sustainability standards and criteria in different sectors including banking and finance, textile and building;
2. Developing ESG reporting and disclosure requirements in collaboration with the Financial Regulator Commission (capital markets regulator) and stock exchange;
3. Conducting policy advocacy to increase green and inclusive financial flows and build an enabling environment (e.g., development of green taxonomy); and
4. Organizing capacity building and awareness activities.

MSFA’s core activities are in line with the global and national commitments to SDGs and the Paris Agreement, thereby it collaborates with a diversity of stakeholders including the Mongolian government, development partners, the private sector, universities and CSOs, and implements projects in broad areas including sustainable finance, sustainable development, MSMEs, green loan, SDGs, ESG and gender equality.