Central Bank of Mongolia Governor Lkhagvasuren Byadran explained how the country has navigated key opportunities and also the challenges presented by the current complex economic environment.

He said that, due to the geopolitical tension in the world, the Mongolian government developed its payment system, adding that fintech companies and start-ups are well supported in Mongolia to improve financial activities.

"Now our banking system is more based on those new technologies," he said.

Digitization in Mongolia is improving rapidly. "Now, only 3 percent of the total money supply is cash in circulation," he said, adding that people in Mongolia are used to digital instruments, noting even people in rural areas transfer money to each other via mobile phones.