XacBank
Location: Ulaanbaatar, Mongolia
Focus Area: Economic Development
XacBank is a registered Mongolian commercial bank focusing on marginalized citizens. The Bank’s business, about half of which is in the provinces, includes providing a wide range of financial services to individuals, micro-businesses, and to small to medium-sized enterprises. The Eco Banking Department was founded in 2011 and represents the expansion of the Eco Products Unit, which began operations in 2009. The department is the first of its kind in the Mongolian financial sector and is the flagship of the “Planet” portion of XacBank’s triple-bottom-line mission of “People, Planet and Prosperity”. The Eco Banking Department is the leading supplier of competitive consumer and small and medium-sized enterprise loan products specifically designed to promote positive environmental impact, and works closely with international financial institutions to develop financial products for preserving the environment of Mongolia and combating the negative effects of climate change. XacBank has hosted PiA Fellows since 2008. The Fellow works as a Project Development Officer, assisting in operations management of existing projects, communicating with international organizations, partners, and donors, and developing and conducting due diligence on new projects for the Eco Banking Department. To learn more about XacBank, visit their website here.