In its second edition, the Mongolia Investment Forum in London moved the conversation from Mongolia's potential to concrete progress. On 15 September 2026, around 150 participants met at Mansion House, including roughly 125 international participants from 84 institutions.
London is a different mission for Capital Markets Mongolia (CMM). In Singapore and Shanghai, the Forum builds on existing regional ties. In London, the task is to build Mongolia's presence and open a route for its issuers to raise capital in one of the world's deepest financial centres. Four takeaways stood out.
1. A National Investment Fund of Mongolia is on the table
Franklin Templeton, which CMM first brought to Mongolia a year ago, presented its vision for a National Investment Fund of Mongolia. The model is Uzbekistan's UzNIF, which listed successfully on the London Stock Exchange. The Government of Mongolia has since signed a Memorandum of Understanding with Franklin Templeton.
A London-listed vehicle holding Mongolian state assets would give investors liquid, professionally managed exposure to a market that has been hard to access.
2. Capital Market 2.0 lays the groundwork for dual listings
Munkhbat Davaatseren, Interim CEO of the Mongolian Stock Exchange, launched "Mongolian Capital Market 2.0: Roadmap for Technology, Infrastructure and Dual Listings," a joint programme with the London Stock Exchange Group (LSEG) and the Mongolian Central Securities Depository. Its two pillars are modernising trading, surveillance, settlement and depository services, and easing the path for Mongolian companies to dual list.
Infrastructure is often the binding constraint for institutional investors in frontier markets, and LSEG's involvement anchors the programme to international standards.
3. Three equity stories, straight from management
Investors heard directly from ICFG Limited, a Mongolian financial group already listed on the London Stock Exchange's Main Market; AND Global, a technology group spanning fintech and AI; and Golomt Bank, one of Mongolia's five systemically important banks. In a fireside chat with Philip Middleton of STJ Advisors, Golomt Bank CEO Odonbaatar Amarzaya traced the bank's path to global markets and signalled its preparations for a dual listing in London. Together, they offer three paths to own Mongolia's growth.
4. Mongolia's AI moment opens a second story
Session 2 asked whether Mongolia can host AI data centres and why it built its own sovereign AI capability. Speakers from Blaize, Egune AI, Redhill, Golomt Bank and AI Academy Asia mapped opportunities across energy, data infrastructure, talent and applied models. For investors, it is an early-stage theme worth watching alongside Mongolia's resource story.
Who was in the room
The audience was weighted toward the firms that structure, advise on and allocate to new listings. Of the 125 international participants, investment banks and securities firms formed the largest group, followed by consulting and advisory firms and asset managers and institutional investors. Together, these three groups made up 55% of the international audience. The rest came from banks, law firms, market infrastructure, development finance institutions, media and research, government and official bodies, technology and other organisations.
Participants included Jefferies, UBS, Morgan Stanley Investment Management, Pictet Asset Management and LSEG. A Mongolian delegation of more than 25 joined them, with 13 B2B meetings scheduled on the day.
What comes next
The next test is execution: progress on the fund, delivery under Capital Market 2.0, and more issuers preparing for dual listings. The Mongolia Investment Forum series continues in Singapore on 18 November 2026, where the focus shifts from equities to international bonds. Register here: https://mif.capitalmarkets.mn/singapore-2026.
For the full story of MIF London 2026, download the Recap Report.
