Mongolia is the second largest landlocked country, with herders and nomads making up half of its 3.2 million population. It has a very high social media and mobile penetration — unsurprising with so many living in remote areas. According to We Are Social and Hootsuite’s ‘Digital 2020: Mongolia’ report, social media penetration reached 68% in January 2020, and the number of mobile connections was equivalent to 136% of the total population.
This situation has driven domestic institutions to ramp up their digital transformation efforts. “This is our main focus,” says Sachin Nair, chief information officer at Khan Bank, Mongolia’s largest lender by assets and customers.