The National Payment System Council was established on October 29, 2018 by the resolution of the Governor of the Bank of Mongolia, in accordance with Article 9 of the Law on National Payment System of Mongolia.
Prior to the adoption of the Law on National Payment System, the Bank of Mongolia, the Ministry of Finance, and the Financial Regulatory Commission jointly established the National Council of Payment and Settlement System on April 24, 2008 with members consisting of a well-balanced mix of representatives of payment system participants.
The National Payment System Council is an independent body responsible for advising the Bank of Mongolia on regulation and oversight of the national payment system, including, but not limited to, setting operational and technical standards and other matters affecting payment services and the clearing and settlement of payments and securities.
The main objectives of the Council are to support the stability of the financial system by establishing and expanding cooperation between the regulators and participants of the system; to coordinate and consolidate activities, and protect the interests of the system participants; and to define a strategy that promotes development of the national payment system while enhancing its economic efficiency.
The National Payment System Council consists of a diverse mix of representatives of the Bank of Mongolia, financial regulatory authorities, the State Central Administrative Body Responsible for Finance and Budget Matters, financial institutions, and other participants in the payment system.
The main activity of the Council is to hold annual meetings to discuss the challenges and opportunities facing the national payment system, including the development of policies, procedures, rules, guidelines, and recommendations aimed at improving the legal environment; future payment trends; and the socioeconomic impact of the payment system.
The National Payment System Council consists of the representatives of the following bodies:
- Bank of Mongolia
- Treasury Department of the Ministry of Finance
- Financial Regulatory Commission
- Communications Regulatory Commission
- Communications and Information Technology Authority
- Mongolian Stock Exchange
- Mongolian Central Securities Depository
- Mongolian Securities Clearing Center Co.,Ltd
- Mongolian Bankers Association
- Association of Mongolian Non-Bank Financial Institutions
- Mongolian Association of Securities Dealers
Figure 1. Timeline
Figure 2. Members of the National Payment System Council