Fintech & digital payments rules in Mongolia (2026)

The Law on National Payment System (passed 31 May 2017, effective 1 January 2018) authorises the Bank of Mongolia to license both banks and non-bank entities as payment service providers and payment system operators, with formal application, capital, and compliance requirements set out by the central bank.

Bank of Mongolia Resolution No. A-45 (13 February 2018, effective 1 June 2018) created a standalone e-money licensing category. As of 2024-2025, at least nine non-bank e-money issuers hold licences, including Mobifinance NBFI, SuperUp Wallet, ArdCredit NBFI, Toki NBFI, Hipay, Data Bank, Send MN NBFI, Lifetech T Mongolia, and StorePay NBFI.

Mongolia operates a three-tier interbank infrastructure: an RTGS system for large-value payments, an ACH+ clearing house for low-value transfers (≤MNT 3 million per transaction), and an interbank card payment system. QR-code interbank payment standards were approved by the Bank of Mongolia and NETC in Q1 2022.

No formal open banking mandate or binding API standard has been legislated as of early 2026. The Bank of Mongolia has not issued open banking rules; industry sources indicate frameworks are anticipated but remain nascent.

Buy Now Pay Later products are growing in Mongolia but no dedicated BNPL regulatory framework exists; offerings are primarily from licensed banks operating under general consumer credit rules rather than fintech-specific regulation.

ADB technical-assistance project 55234 is actively helping Mongolia assess its fintech legal frameworks, develop a fintech regulatory roadmap, and build supervisory capacity — explicitly acknowledging that existing measures (e-signature law, sandbox regulation, virtual asset law) have not fully kept pace with rapid market growth.