Name of Institution

Deposit Insurance Corporation of Mongolia (DICoM)

Country

Mongolia (MON)

Institution at a Glance:

The Bank deposit insurance law was adopted by the Mongolian parliament on January 10, 2013, and laid down the legal basis for the establishment of the Deposit Insurance Corporation of Mongolia (DICoM) with the mandate to protect depositors’ interests and ensure financial stability. The DICoM is a nonprofit, state owned corporation that acts as an independent agency of the Government to implement the deposit insurance scheme. DICoM, on August 16, 2013, hosted the official opening ceremony among the higher ups of the company in which it was awarded official bank certificate.

Vision

The mission of DICoM is to ensure financial stability of Mongolia, enhance public confidence in the banking sector and create an acceptable deposit insurance scheme that meets international standards.

Mission

• Strengthen citizen’s confidence in the banking sector
• Improve discipline of banking sectors
• Ensure the financial stability
• Conduct deposit insurance operations that comply with international standards

Services

• Deposit insurance fund investment
• Collecting premiums from member banks
• Payout settlement

Key Milestones

2013-01-10 The Bank Deposit Insurance Law was passed
2013-06-14 The Deposit Insurance Corporation was established
2013-08-16 Certifications of insurance provided to member banks
2013-10-02 Provided financial assistance to State bank
2013-12-21 Became the 72nd member of the International Association of Deposit Insurers/IADI/
2018-02-08 The amendment of the Bank Deposit Insurance Law has been approved by the parliament
2018-04-01 Became a member of the Financial Stability Council
2019-04-08 Following the compulsory liquidation of Capital Bank, the Deposit Insurance Corporation has been reimbursing deposit account holders of Capital bank.

Shareholders

State-owned, independent agency

Member Since: 2023

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Key Officers

Mr. Baatarsuren Sukhbaatar, Acting CEO
Ms. Altantulkhuur Adiya, Head of Foreign Relations and Cooperation division
Ms. Uyan Enkhtsogt , Senior officer of Foreign Relations and Cooperation division
Mr. Badral Batmunkh, Officer of Foreign Relations and Cooperation division

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Contact Us

Deposit Insurance Corporation of Mongolia (DICoM)
Address: 4th Floor Sunroad Office, Narny Road 91, 1st khoroo, Sukhbaatar district Ulaanbaatar 14230, Mongolia
Telephone: +976-70008448
Fax: +976-70008448
Website: http://www.dicom.mn