Three Equity Stories, One Stage

Most frontier-market events sell you a country. We have more than that.

On September 15, Capital Markets Mongolia hosts the Mongolia Investment Forum: London 2026, the second London edition of a forum. The macro case for Mongolia, its critical minerals, a domestic capital market that now produces investable listings, and a pipeline of companies pointed at international exchanges, has been made, including by us. But macro stories don’t trade. Companies do. And the reason to be in the room this September is that three very different Mongolian equity stories will be presented by the people who run them: the CEOs and executives who priced the bonds, rang the bells and signed the term sheets.

Golomt Bank, ICFG and AND Global are not three versions of the same pitch. One is a systemically important bank building an international funding base. One is already listed in London and expanding across Central Asia. One is a technology company whose cap table reads like a directory of Japanese financial institutions, plus the IFC. Between them, they cover most of the ways an international investor can own Mongolia’s growth. Here is each story in brief; the full versions will be told in person.

Golomt Bank: the benchmark trade

Banks are the broadest proxy for any economy, and Golomt Bank has spent the past four years turning itself into the benchmark for Mongolia’s. Its 2022 IPO on the Mongolian Stock Exchange was, at the time, the largest in the exchange’s history. Its debut international bond, a US$300 million three-year issue, was named Frontier Markets Deal of the Year by IFR.

Then came the follow-through. In 2026, Golomt executed a US$500 million senior unsecured bond, with JPMorgan and Deutsche Bank among the bookrunners, that drew roughly US$2.1 billion in orders from more than 150 institutional investors across North America, Europe, Asia-Pacific and the Middle East. The three-year notes priced at 7.95%, a full 387.5 basis points inside the bank’s 2024 debut. The message in that pricing is hard to miss: in under two years, global fixed-income investors cut the risk premium on Mongolian banking sharply, and they did it through Golomt.

The equity story writes itself from there. A bank that global credit investors have already put through due diligence, rated (B+ by both Fitch and S&P) and oversubscribed seven times is a bank whose next logical step is international equity, and Golomt is among the Mongolian banks actively preparing for exactly that. In London, where Golomt Bank is the forum’s main sponsor, Odonbaatar Amarzaya, CEO, will lay out how the international funding base, the domestic banking market and the listing ambition fit together. For investors who like to meet a bank before it prices, not after, this is the meeting.

ICFG: the one that’s already here

If Golomt is the pipeline, ICFG is proof the pipe reaches London. In January 2025, Invescore Financial Group was admitted to the Main Market of the London Stock Exchange, the first Mongolian financial company ever to list in London.

Behind the ticker sits Mongolia’s largest non-bank financial institution. InvesCore NBFI, founded in 2016, built its position lending to the small businesses and consumers that sit below the banks’ radar, and has since layered on a digital neo-banking product (Pocket), capital-markets services and digital insurance. The more interesting part of the story, though, is geographic. InvesCore has taken its microfinance model over the border: first into the Kyrgyz Republic, then into Kazakhstan, where it launched a subsidiary in September 2024. That makes ICFG something rare: a London-listed vehicle for the non-bank lending opportunity not just in Mongolia but across Central Asia, a region London investors already know through Kaspi, Kazatomprom and Air Astana.

ICFG’s CEO, Enkhmaral Batkhuyag, will be presenting the expansion story in person. The question to bring is the one every frontier NBFI eventually faces: how far does the model travel?

AND Global: the cap table tells the story

Some equity stories you evaluate on projections. AND Global’s you can evaluate on who has already written cheques. Founded in 2015, the company has raised a $15.3 million Series A and, in August 2025, a US$21.4 million Series B led by the International Finance Corporation (the IFC’s first equity investment in Mongolia in over a decade), alongside AEON Financial Service, Marubeni, SBI Holdings and Tokyo’s Premium Group. When Japan’s most established financial groups and the World Bank’s private-investment arm converge on the same Mongolian fintech, the due-diligence question has, in a meaningful sense, already been answered several times over.

What they bought into is a genuinely two-sided business. At home, AND Global’s digital lender LendMN, itself listed on the Mongolian Stock Exchange, serves more than 1.3 million registered users, reaching over 80% of Mongolia’s economically active population, and in 2025 secured a US$20 million debt facility from London-based Lendable. Abroad, its technology arm, AND Solutions, sells AI-driven lending infrastructure (loan origination, document processing, credit scoring) to financial institutions across 11 countries, from offices in Singapore, Tokyo, Manila and Bangkok. This is the rarest kind of Mongolian equity story: one where Mongolia is the proof of concept and Asia is the market. CEO Khos-Erdene Baatarkhuu will be in London to explain what comes after the Series B.

One room, one afternoon

A bank on its way to an international listing. A financial group that has already made the journey and is now compounding across Central Asia. A fintech whose shareholders sit in Tokyo, Washington and Ulaanbaatar. Three stories, three risk profiles, three entry points, presented first-hand, with time to ask the questions that never make it into prospectuses.

Mongolia Investment Forum: London 2026 takes place on the afternoon of September 15. Attendance is by invitation; request one at mif.capitalmarkets.mn/london-2026.