Ard Financial Group (Mongolia)

Ard Financial Group is a diversified financial services holding company located in Ulaanbaatar. Founded in 2005, their main goal is to maximize shareholders' equity and build the Investor Nation by investing in and developing leading companies and projects. They have an investment portfolio consisting of 44 companies operating in various sectors such as banking, insurance, capital markets, technology, infrastructure, blockchain, and media. Eight of these companies are publicly traded. Their mission is to build the Investor Nation, while their vision is to become a leading FinTech conglomerate in the region. The company has a history that dates back to 2000 when the United Nations Development Program and Mercy Corps donated MNT600 million to the employee investment trust fund of XacBank. XacBank employees exchanged their shares for shares of XAC-GE, the parent company of XacBank, which led to the establishment of TenGer Financial Group. Ard Financial Group was founded in 2005 as the "Employee Investment Trust" and has since grown to become the first institutional investor in Mongolia. Over the years, they have expanded their investment portfolio and rebranded as Ard Financial Group in 2013. They have also ventured into various sectors such as credit, insurance, securities, life, and assets. In 2015, Ard Financial Group became a closed joint-stock company with the belief that people should benefit from the wealth they create and be the owners of the banks. They have continued to expand their operations and investments, including participating in the privatization of Mongol Post in 2016 and adding Ard Management and Ard Bit to their strategic investment portfolio in 2017. In 2018, they began reforming TenGer Systems into blockchain technology and established Ard Properties, Ard Realty, Ard Leasing, and Ard Holdings International in 2019. Ard Financial Group became a public joint-stock company through RTO in August 2019. In 2020, they launched Mongolia's first closed-end mutual fund, the National Privatization Fund, and the Digital Assets Exchange (DAX).