ICFG Limited, the first Mongolian financial institution listed on London Stock Exchange, joined the Mongolia Investment Forum London 2026 as a partner. At Mansion House, it presented its growth record, and its regional ambitions to an audience of international investors.
Leadership in a Fragmented Sector
InvesCore, ICFG's Mongolian subsidiary, is the country's largest non-bank financial institution (NBFI), with a 12.7% market share in a sector of 583 licensed lenders. This year it marks its tenth anniversary, having disbursed about USD 4.7 billion over the decade. NBFIs serve individuals and small businesses that the banking system reaches only partially. Within that sector, InvesCore's scale gives it advantages in funding, technology and data that smaller lenders find difficult to match. The group's core businesses are branch-based microfinance and the Pocket digital platform, both supported by an in-house technology engine, with smaller ancillary operations in capital market services, real estate management and digital insurance.
A Strong First Half of 2026
The group's first-half results support that position. The gross loan portfolio grew 25% in six months, to USD 320m. Adjusted net profit rose 33.9% year on year to USD 15.4 million, a net profit margin of 47.6%, and annualised ROA improved to 8.8%. Asset quality also strengthened, with past-due loans falling to 13.5% from 17.0% at year-end 2025.
Digital Lending as the Principal Growth Engine
Most of that growth came from digital channels. Digital loans grew by roughly 43% in six months to USD 150 million, more than three times the pace of branch lending. Pocket, the group's fintech app, has 1 million registered users. The group serves 210,000 active borrowers, a considerable reach in a country of 3.6 million people.
From Lender to Platform Provider
ICFG's most distinctive strategic step is that other lenders now use its technology. Ten outside NBFIs rely on its systems to originate loans. Several of Mongolia's top ten NBFIs also sell their products on Pocket's marketplace in return for a commission, which already accounts for a fifth of Pocket's income. In a market as fragmented as Mongolia's, small lenders find it cheaper to rent compliant credit-scoring systems than to build them. That positions ICFG at the centre of the sector's likely consolidation, either as an acquirer or as the infrastructure on which others operate.
Regional Expansion and Diversified Funding
ICFG is now applying its Mongolian model to neighbouring markets. In Kyrgyzstan, which it entered in 2020, it has become the fifth-largest NBFI. Pocket launches in Kazakhstan this year, and Southeast Asia forms the next phase of the strategy. A diversified funding base supports these plans. At the end of June 2026, the group had USD 254 million of funding from domestic and international sources. ICFG is now inviting international investors to fund its growth through corporate bonds, asset-backed securities and convertible notes, which would broaden its investor base beyond development lenders.
Valuation and Outlook
ICFG's London listing offers investors a discounted route into this growth. ICFG owns 80.8% of InvesCore, which the company values at USD 188 million on the Mongolian Stock Exchange, implying about USD 152 million for its stake. ICFG itself is valued at roughly USD 66.3 million in London, around 40% less. The gap reflects the costs of running a parent company, thin trading and unfamiliarity with Mongolian credit, rather than the performance of the business. It has already begun to close, with the share price nearly tripling from their 52-week low. How the younger digital portfolio matures, and whether commission income keeps rising, will shape the next stage. By presenting at MIF London, ICFG brought that case directly to international investors: that it is building not only a lending business, but the infrastructure of non-bank finance in Mongolia and Central Asia.
The full pitch deck and further information on ICFG Limited are available on the CMM platform: https://capitalmarkets.mn/directory/icfg-limited.
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