Mongolia's regulator, the Financial Regulatory Commission, has signed a memorandum of understanding (MoU) with the Astana Financial Services Authority, an independent regulatory authority in Kazakhstan.
Under the MoU, the two authorities will collaborate in the following areas:
- Exchange of information regarding cross-border financial transactions
- Conduct technical cooperation in response to the increasing number of Mongolian companies requesting to provide fintech-based virtual asset services
- Provide mutual assistance in financial supervision to support the safe and secure activities of regulated institutions such as capital markets, insurance and fintech
- Strengthen the capacity of the two organisations