About us

Financing the Future We Want!

Our vision

To become the regional knowledge hub in sustainable finance


Our mission

Foster impactful financing

Our values




Main activities

Sustainable Finance

Improve member organisations’ ESG implementation,climate financing, reporting and disclosures, initiate and implement projects, trains, meetings and events

Sustainable Business

Strengthen cooperation and common reporting methods for measuring business activities and impacts consistent with sustainable development

Policy support & Research

Introduce sustainable finance standards, guidelines and policies, support its implementation

Public awareness & Education

Increase public awareness about sustainable finance and green business and improve their understanding

About MSFA

MSFA strives to green the financing system by promoting sustainability and green growth in its member financial institutions and businesses. MSFA consists of commercial banks, mortgage corporations, non-bank financial institutions (NBFIs), asset management companies, insurance companies, research and training institutions. We closely work with our members and partners to design integrated and transformative policies, business approaches, and multi-sector initiatives that create positive change in line with the Sustainable Development Goals (SDGs), the Paris Agreement, as well as Mongolia’s Sustainable Development Vision, Nationally Determined Contributions (NDC), and Green Development Policy.

History timeline

The Mongolian Sustainable Finance Association (“MSFA”, a.k.a “ToC Association”) was established by the Mongolian Bankers Association (MBA) in December 2017 as a member-serving NGO.

July 2013

First Sustainable Finance Forum

MSF 8 Principles


We will manage the use of soil water, air, biodiversity, and natural resources to minimize negative impacts, and encourage the preservation and sustainable use of finite resources which are constrained or threatened.

Protect the natural environment


We will respect and uphold human rights and labour standards; and protect health and safety of people and local communities

Protect people and communities


We will protect and preserve the unique aspects of Mongolian culture such as tradition and language as well as historical, archaeological, palenthaeological heritage.

Protect cultural heritage


We will promote projects and other activities that contribute to Mongolian green and clear economy.

Promote “green economy" growth


We will promote a more inclusive financial system in Mongolia by increasing access to financial products, and services , and providing financial education as well as ensuring consumers are protected.

Promote financial inclusion


We will not finance certain ‘‘excluded’’ activities, we will not tolerate unethical and criminal behaviours, and we will support improved practices relating to ethics and corporate governance.

Promote ethical investment and corporate governance


We will promote transparency, accountability and report on our progress against our sustainable finance commitment.

Promote transparency and accountability


We will apply the consideration in our Business Operation that we are asking of our clients and will as a sector, lead by driving positive environmental, social and economic development in Mongolia.

Lead by example


World community has recognized the importance of an expanded role of financial sector in achieving Sustainable Development Goals (SDG). Mongolia is one of the first countries to embrace this strategy and drive the scale of climate investments and impact besides its numerous challenges as a developing country. Thankfully, there are increasing opportunities for banks and non-banking financial institutions to mobilize capital from international partners and provide private sector solutions that strengthen the foundations laid out in the past decade in Mongolia for sustainable and inclusive economic growth. Thus, Mongolian financial institutions are well-placed to utilize the opportunities and lead the next phase of climate finance and operations aligned with SDGs.

Munkhtuya R.

Chairwoman of MSFA Board and CEO of KHAN Bank

Board Members

The MSFA Board of Directors is composed of C-level executives elected from our member organisations every two years and the Chairperson of the Board is selected from the respective year’s “Lead Organisation”. The meeting of the Board is held quarterly.


Apart from the MSFA secretariat below, we collaborate with various international and national experts that provide subject-specific sustainable finance expertise and insights.

Professional council

The ToC Professional Council is composed of all member organizations as well as representatives of partner organizations such as the Central Bank of Mongolia, the Financial Regulatory Commission, the Ministry of Environment and Tourism, the IFC, the UNDP, and the ADB. The council meets as needed to discuss relevant sustainable finance issues and share experiences and information on selected topics.

© 2024 Mongolian Sustainable Finance Association