X.A.C. and Goviin Ehlel, two pioneering non-bank financial institutions of Mongolia merged in 2001 to create TenGer Financial Group, initially known as X.A.C.-GE Group. Each merging party brought unique, proven expertise to the table: one in creating self-employment through micro-lending, the latter in employment generation through small and medium enterprises' lending – two strong drivers for social and economic development in an emerging economy. The third non-bank financial institution that formed this development alliance was NetMon, which brought a savings and loan cooperative franchise model to the equation.

TenGer aims to build a transnational group of companies delivering a full range of financial services to people and businesses. The Group will adhere to the highest norms of business conduct and put environmental sustainability as one of its mission pillars.

The flagship subsidiary of TenGer, XacBank became a leading commercial bank in Mongolia in terms of transparency, corporate social responsibility, and size. Its pioneering role in development finance is illustrated by the fact that it became a founding member of the Global Alliance for Banking on Values in 2009.

Ever since the company moved to a new office in 2010, we have gathered the core team of dedicated and passionate professionals to expand domestically as well as regionally in tandem with XacBank, capitalizing upon the latter's experience and reputation. In the past few years TenGer introduced a corporate governance model, developed a regional expansion Business Plan, and implemented a successful pilot project in Kyrgyzstan's Mol Bulak Finance. During the global financial crisis the Group managed to raise new equity at a time of severe liquidity freeze, an effort which was duly recognized by the broader investment and development community.

On September 3rd, 2012, TenGer established the first Sino-Mongolia Micro Finance Institution along with four other investors such as IFC. With the combined international microfinance knowledge and experience of its investors, Tianrong is in a unique position to lead in the microfinance sector in Xinjiang and elsewhere in Central Asia.



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