Introduction
"Gyals Tugrug" Savings and Credit Cooperative was established in December 14, 2016, with 20 members to conduct professional activities in the financial market of Mongolia. We have successfully expanded our members into 15,821 increased the rural branches into 44 in 27 soums and 17 provinces as of December 31, 2019. “Gyals Tugrug” SCC has become one of the biggest cooperatives in the Mongolian non-banking financial market.
Our main activity is to attract our members by savings products and to provide loan services to our customers located in rural areas. Our financial performances have successfully reached as follows, total assets amount: 33.3 billion. ₮, total loan amount issued to our members: 20.7 billion.₮, total savings amount: 24.5 billion. ₮, total equity: 5.9 billion.₮ as of December 31, 2019.
We provided reliable and robust financial statements to our members. Our year-end financial statements for 2017 and 2018 audited by the “Ernst & Young” international audit firm and those statements met all the prudential ratio requirements set by the Financial Regulatory Commission.
Our advantages over our peers are the experienced and skilled professional employees, advanced technology, and the professional software we use in our daily procedure.
More than 90% of the total employees of the “Gyals Tugrug” SCC, including headquarters and rural branches, have experienced in commercial banks. We implemented the comprehensive financial program “MARS” developed by "Grapecity Mongolia" LLC. As of now, all the rural branches are connected to our online platform and able to offer a convenient service to our members.
Our SCC sets the current maximum credit limit per transaction by 10 million ₮ in our Loan policy to manage and maintain a stable loan portfolio.
“Gyals Tugrug” SCC is aiming to contribute to corporate social responsibility by signing a cooperation agreement with the National Center for Cancer Research and its affiliated agencies to donate funding for the “Supporting the liver transplant procedure from a live donor, and the diagnosing laboratory for cancer” project. The agreement established on January 3, 2017, since then 24.2 million ₮ in 2017, 76.4 million ₮ in 2018, and 21.9 million ₮ as of June 30, 2019 funding donated. With our donation total of 37 doctors and nurses trained in South Korea, Russia, India, Japan, China, and Turkey.
The cooperative's future objectives are to develop non-banking financial markets in competitive terms, to reduce the current loan interest rate, and to satisfy its member’s short term financial needs with a fast and cost-effective solution.
We are offering the 12 different types of loan products to our members and improving our services based on their feedback and due to the market trend. By doing so, we introduced the Herders loan and Consumer loan to our members.
In 2016 when we were approved by the Financial Regulatory Commission, we developed our 3-year business strategy plan. As of now, we implemented the business plan successfully and opened branches in provinces and soums in the rural area of Mongolia.
In 2017, we opened branches in capital soums of the following provinces: Uvurkhangai, Dornogovi, Umnugovi, Bayankhongor, Darkhan, Sukhbaatar, Dundgovi, Orkhon, Uvs, Govisumber, Zavkhan, Arkhangai, Selenge, Khentii, Dornod, Zamiin-Uud, and Selenge.
In 2018, we opened the following branches in Kharkhorin, Bat-Ulzii soums of Uvurkhangai province, Bor-Undur, Umnudelger soums of Khentii province, Ongon, Munkhkhaan soums of Sukhbaatar province, Erdenedalai soum of Dundgovi, Gurvan tes, Tsogttsetsii soums of Umnugovi province, Dalanjargalan soum of Dornogovi province, Shiveegovi soum of Govisumber province, and Erdenemandal soum of Arkhangai province.
In 2019, we opened the following branches in Tsagaannuur, Yoroo soums of Selenge province, Saikhan, Sharin gol soums of Darkhan-Uul province, Delgerekh soum of Dornogovi province.
In 2020, we opened the following branches in Tosontsengel soum of Zavkhan province, Bayan-Uul, Tsagaan-Ovoo soums of Dornod province, Erdenetsagaan soums of Sukhbaatar province, Tes, Zuungovi soums of Uvs province, Batnorov soum of Khentii province, Tariat soum of Arkhangai province.