Korean delegations of Financial Services Commission visited to FRC

The delegation of Korean Financial Services Commission visited to the Financial Regulatory Commission, Mongolia from November 7 to November 10, in 2012. Within the framework of the agenda, delegates from FSC had a meeting with high officials of FRC and they have discussed and exchanged their views on our bilateral cooperation and its further perspectives on November 9. During the meeting, they have agreed to introduce the Information Technology System into the insurance industry in order to enhance its activities as well as FSC delegations expressed their availability to send two professional experts for short term to Mongolia.

According to the working agenda, the implementation for introducing IT system into the insurance industry will be started at the beginning of 2013 and they having a plan to implement its main activities in 2014.

Mr.D.Bayarsaikhan, Chairman of FRC, has pointed out that this project with start of introducing of IT System into the drivers’ liability compulsory insurance will be covered the whole insurance sector in the future.

Despite above mentioned issues, both sides of delegations have kindly expressed that they will be open to enlarge bilateral cooperation in the future.

JFPR9152-MON: Promoting Inclusive Financial Services for the Poor Project

CONSULTANCY RECRUITMENT NOTICE

Asian Development Bank (ADB) approved JFPR9152-MON: Promoting Inclusive Financial Service for the Poor (the Project) is to access to financial services for poor and vulnerable non poor households in Mongolia will be improved through market strengthening and capacity building of savings and credit cooperatives (SCCs), and provision of basic financial education to households nationwide. The Financial Regulatory Committee (FRC) is the Implementing agency for the Project.

Expertise: Financial Education Researcher (national, 12person- months intermittent)

The consultant will work closely with the international financial education advisor and FRC to define prior efforts and successes in financial education in Mongolia and best methods of communicating financial education messages to selected Mongolian audiences.   The financial education researcher will:

(i)    Assess Mongolian experience in financial education;

(ii)   Help define most important financial education messages to communicate to women, poor households, and the public generally;

(iii)  Review methods to reach these three groups, and suggest best options