1. For those who may not yet know ICFG, could you briefly introduce the company and its core business activities? 

ICFG began in 2016 to modernize Mongolia's financial services, which were dominated by informal lenders and slow, paper-based microfinance. We saw an opportunity to change that. By combining traditional microfinance principles with fintech innovation, we developed a fully automated loan origination system and AI-driven credit scoring. This allowed us to offer accessible financial products such as online loans and deposits.

One of our key innovation is “Pocket,” a comprehensive financial marketplace app—a first in Mongolia and Central Asia. It enables banks and financial institutions to distribute their products directly to users—a first in Mongolia and Central Asia. 

This tech-driven model propelled Invescore NBFI to become a market leader, capturing a 13.5% market share with US$278.45 million in assets by H1 2025. 

We’ve since expanded into Kyrgyzstan and Kazakhstan, with plans for Uzbekistan, ranking us among the top microfinance lenders in Central Asia. The ICFG group operates across 4 synergistic pillars: microfinance  via Invescore NBFI, investment banking through Invescore Capital, real estate via Invescore Property, and technology/AI through AI Lab. Following our 2019 listing on the Mongolian Stock Exchange, we completed a Reverse Takeover to list on the London Stock Exchange (LSE) in 2025.

2. You were the first Mongolian financial institution to be listed on the London Stock Exchange. What were your initial objectives for pursuing this milestone, and to what extent have you been able to realize them so far? Could you also share a bit about your experience with the listing process?

Our decision to list on the LSE was a strategic move to elevate our international profile and access deep pools of global capital. The LSE’s robust ecosystem is ideal for growth companies like ours. A key enabler was the shared adoption of International Financial Reporting Standards (IFRS) by both Mongolia and the UK, which ensures the transparency that global investors require.

The listing process was a complex, 3 years long process that culminated in a Reverse Takeover. Now that we're listed, our immediate focus is on fundraising to fuel our continued innovation and growth. This milestone is about more than just capital; it’s about positioning ICFG as a bridge between developed and emerging markets and highlighting Mongolia's potential on the global stage.

3. How has the company performed in recent years — financially and operationally?

ICFG has delivered strong financial and operational performance over the past year, reflecting both strategic growth and disciplined execution. In the first half of 2025, our net operating income hit US$25 million, a 13% YoY increase, while our total assets grew to US$288.3 million. Profit before tax rose to US$15.3 million, compared to US$14.8 million in the same period last year

Operationally, we've expanded to 18 branches across Mongolia and 7 across Central Asia, serving a customer base that now exceeds 1 million. Reinforcing our commitment to ESG, we secured a US$20 million financing facility from FMO (the Dutch development bank) to support green initiatives and SME lending in underserved communities.

A key strategic development is our expansion into digital insurance. In July 2025, Connect Life LLC—a subsidiary within our Group—was granted a specialized life insurance license. We’ve partnered with Mobicom, Mongolia’s largest telecom service provider, to launch “Mobilife”. Together, we’ll deliver digital life insurance to Mobicom’s 1.7 million customers—a first in Mongolia, and a big step in our InsurTech journey. Additionally, Invescore NBFI distributed US$ 1.27 million in dividends to shareholders in April 2025, reflecting our commitment to delivering value. 

4. Could you please outline ICFG’s current expansion strategy and share the key priorities driving its growth plans?  

Our expansion strategy is built on 2 core pillars: becoming a “Comprehensive Financial Service and Product Provider”, and an “Innovative Fintech Solutions & Platform Provider”. We’re focused on transforming the microfinance sector using advanced technology to create scalable, inclusive financial solutions across emerging markets.

Our strategy focuses on 3 key goals: advancing financial inclusion for MSMEs, bridging developed and emerging markets by connecting global capital to local opportunities, and scaling through technology and partnerships. On one hand, we offer a diverse range of investment products—from listed shares and REITs to asset-backed securities and corporate bonds—that appeal to global investors. On the other hand, we utilize technology that streamlines lending process and create powerful network effect by allowing other institutions to leverage our infrastructure.

Unlike regional competitors who often focus narrowly on payments, ICFG offers a full suite of financial services, positioning us to capture the significant opportunity in serving the underbanked population.

5. What is the most compelling reason for global investors to look at Mongolia?

Mongolia is a compelling frontier market undergoing a digital finance revolution. Investor confidence is rising, evidenced by over $1.2 billion in capital inflows in 2024 and a recent credit rating upgrade from Fitch Ratings.

The country’s stable, democratic government is actively reforming the financial sector with support from the World Bank, creating a transparent and predictable policy environment. Strategically, Mongolia serves as a gateway to Central Asia, sharing market characteristics with its neighbors and boasting a young, educated workforce. Its highly digitized banking sector makes it an ideal launchpad for fintech innovation. Finally, international listings like ICFG’s successful debut on the LSE signal the market's maturity and readiness for global investment, making now an opportune time to invest.

6. What’s your expectation out of the Mongolia Investment Forum?

Our primary goal is to deepen engagement with our London-based investor community following our LSE listing. We are focused on building long-term, strategic partnerships with global institutions. The Forum is an invaluable opportunity to expand that network.

Specifically, we aim to improve our access to structured and ESG-focused capital, which is key to lowering our cost of funding while scaling sustainably. We see this forum as a vital platform for meaningful dialogue with the stakeholders who are shaping the future of finance in Mongolia and the wider region.