Financial Regulatory Commission of Mongolia (FRC) Chairman Bayarsaikhan Dembereldash delivers opening remarks during 7th Experts Group on Financial Inclusion Policy (EGFIP) meeting.

23 June 2021

7th Experts Group on Financial Inclusion Policy (EGFIP) meeting – Opening Remarks by Bayarsaikhan Dembereldash, Chairman, Financial Regulatory Commission of Mongolia (FRC)

7th Experts Group on Financial Inclusion Policy (EGFIP) meeting co-hosted with Financial Regulatory Commission of Mongolia (FRC)

Opening Remarks by Bayarsaikhan Dembereldash, Chairman, FRC

Good Morning,

It gives me great pleasure to welcome you most cordially at the official opening of the 7th Meeting of the EGFIP. This event is the culmination of an enormous collective effort of the ECAPI, seven AFI member institutions: the central banks of Armenia, Belarus, Kazakhstan, Russia, Tajikistan and Uzbekistan, as well as the Financial Regulatory Commission of Mongolia. Although each of these member states has made great strides and plans for the future, we have always been united by one great goal: equal access to finance. Please accept the warmest greetings from the FRC Mongolia to each of the participating countries.

I’m glad to open the 7th EGFIP Meeting and on behalf of the FRC Mongolia, I would like to extend the congratulations and we also wish that this meeting will help build consensus, increase mutual understanding, and promote practical cooperation among us.

We know that the effects of the plague have manifested themselves in many ways in our lives. We live in every corner of the globe, but we face the same tragedy. We all think about how to recover faster and reach a higher level faster. There is no doubt that the way we share our best practices, share our achievements, and set an example for others will give us a lot of knowledge.

It is a pleasure to reiterate that we are united here for the same purpose in the same region. Each of our members involved in this activity has many good ideas and initiatives to share with others. It is therefore necessary to understand each other, communicate, create platforms for cooperation, build constructive and effective dialogue and find common, consensual and the best possible solutions that contribute to improving the economic and financial situation in the region, and thus improve the lives of people in our community. 

Thanks again to AFI for its continued support and assistance in this endeavor. I would like to end by expressing my best wishes for a most rewarding discussion and I await your conclusions and recommendations with much interest, since I am sure they will contribute greatly to your most appreciated effort. I want to emphasize here again that ECAPI is the primary platform to support and develop our financial inclusion policy and regulatory frameworks and to coordinate regional peer learning efforts.

I will speak again soon on behalf of incoming chair of ECAPI, according to the rules of rotation, Mongolia’s turn is coming.

Thank you very much for your kind attention to my opening remarks. 


Honorary participants,

Financial sector regulators and policymakers in seven countries representing AFI’s Eastern Europe & Central Asia Policy Initiative (ECAPI) are attending the event to exchange knowledge and experiences. I am honored to assume the role of Chair. First, I would like to acknowledge the terrific work of my predecessor, outgoing ECAPI Chair Central Bank of Armenia. We are thankful to Armenia for being a leader in ECAPI and co-hosting meetings of the regional initiative during the COVID-19, and very elaborate reports on knowledge products. We are all here acknowledging that your leadership since the founding of ECAPI is moving us forward. I would like to take this opportunity to express my special importance on targeted educational activities. We have taken the initiative to implement such measures in our country. Thank you for all your good example of leadership your active work is a great example for us. We will definitely benefit from your inspiration and knowledge in the future. Your further input and active participation is very important to our future goal. We will continue to work together effectively in many ways.

Second, I would like to express my deep gratitude to AFI, which is the main gateway for partnership. Without such a gateway, it would be very difficult for us to come together from all over the world. It is our effort and it is an honor to be an active member. We should serve as a bridge for knowledge and collaboration across a multitude of stakeholders, including: 

  • Regulated bodies, which is striving for benefits and development and supported effectively.
  • Professional organizations, which we can work with synergistically to achieve its goals.

Please accept, my position beliefs the assurance of my highest consideration. I look forward to the next 2 years. We Mongolians say that neighbors have the same vision. It is highlighted the principle of right consultation and joint contribution, and shared benefits, and it responded to the joint aspiration to the people to development. We, Mongolian have lived with this old saying in mind for many generations and always considered it important to keep good relations with other people. Let’s learn from each other, support each other and move forward together. I wish the meeting success and move on to the next step. Thank you.

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