Being stuck between Russia and China has never put more pressure on Mongolia than in the past year. But the authorities and banks are making the best of a near-impossible situation – and succeeding in the process.

Trade and Development Bank of Mongolia is considered a pioneer in the resources-rich country. Its momentum on sustainability has gained more steam over the years.

The Kazakhstan central bank’s reliance on an oversimplified toolbox to combat rising inflation could threaten its economy in the longer run. Seeking out alternatives and reassessing monetary policy is now more urgent than ever.

Russia’s invasion of Ukraine has far-reaching consequences for Uzbekistan’s privately owned Hamkorbank. The bank had just pulled through the pandemic when it had to take a hard look at exposure to Russian trade and the rouble. 

Uzbekistan promises to transform its stock and bond markets in an effort to lure much-needed capital from abroad. Roadshows, tax cuts and easing of restrictions are on the agenda as Tashkent prepares to sell off state assets. 

The merger of Credit Bank with TransBank offers a template for Mongolia’s financial industry, which is ripe for more consolidation and better governance.

Alfa Bank has married its SME focus and its digital ambitions to much success in Kazakhstan, but will its business model be enough to ward off the competition?

The community of economies going green in a hurry has the unlikeliest of new members: coal-addicted Mongolia. Can the country shed its past?

Since Kazakhstan left the Soviet Union and embraced capitalism, its banks have been locked in a boom-bust cycle, but a banker who lamented the passing of Communism has emerged as the industry’s leader. Now Halyk Bank’s Umut Shayakhmetova faces what could be her biggest test yet.

Government officials and bankers see the Covid-19 crisis as an opportunity to overhaul energy policy and expand the range of financing options available for the country’s infrastructure needs.

The country’s government is talking a big game about opening up – but how likely is real change?

Home Credit proved to be one of Kazakhstan’s savviest and most agile banks during the pandemic, thanks to the digital transformation that it embarked on less than three years ago. Rivals have some doubts – but the shift to digital appears to be paying off.

The investment by Kazakhstan’s banks in their digital offerings had the first big test when Covid-19 struck; firms responded by rapidly rolling out online services to clients. Their transformation is remarkable, but it also raises an important question: where do they go from here?

At the first hint of crisis, Mongolia usually reaches out to the IMF for financial help. Not this time. Ulaanbaatar reacted swiftly to the Covid pandemic. It is set to emerge from a tough time with its reputation and its finances enhanced.

Silk Capital is making a big bet on the liberalization of the country’s financial system – a crucial test case of international demand for the nation will be the boutique investment bank’s own offshore IPO.

Uzbekistan’s state-owned banks dominate the local financial system; a mix of local, privately owned banks and eager foreign players are helping the country to open up, but it will not be easy.

For too long, Mongolia has depended heavily on the resources sector, but banks such as TransBank are making an important push to lend to small and medium-sized enterprises.

Kaspi.kz is Kazakhstan’s most exciting technology company, its most ambitious bank and perhaps its next international export, but rivals think they have figured out its secrets.