As part of the Strengthening Fiscal and Financial Stability project, a consulting team has been working to evaluate implementation of Mongolia's Vision 2050 (as approved by parliamentary decree), Decree on some measures to provide public services in digital, and Regulation on e-government services and information exchange procedures using the State Khur system. These are required to develop a Digital Transition Program; to expand e-services and accelerate e-transition.
The consulting service team has established a framework architecture - compatible with the activities of the Commission - based on studies of the relevant IT legislation environment, current activities of the Commission and IT solutions, international best practices in digital transition, etc.
More than eighty web services registered in the state information exchange system can be accessed and used in the digital services of the Commission.
In its activities, the Commission uses systems with separate databases, such as registration of license applicants, registration of permits, application registration, allocation and control, registration of financial statements of licensees, registration of official letters, and the website of the Commission.
Accordingly, the consulting team identified requirements for the development of a new system, with additional requirements to digitize the activities of supervisors of the Commission and policy makers. The team also developed a draft of the digital transition programme; with 45 recommendations to resolve shortcomings of the current programs, and suggestions for changes to state registration, Commission registration programs, and databases.
Currently, the draft program is in the process of discussion, for comments and review.
DRAFT OF THE MID-TERM ROADMAP TOWARD IMPLEMENTATION OF ACCRUAL BASED IPSAS AND CHART OF ACCOUNTS FOR PUBLIC SECTOR ACCOUNTING BEING DEVELOPED
As part of the Strengthening Fiscal and Financial Stability project, a consulting team has been developing draft of the mid-term roadmap toward implementation of accrual based International Public Sector Accounting Standards (IPSAS), economic classification and chart of accounts for public sector accounting and reporting.
Working on a model for establishing a sustainable Central Provident Fund in Mongolia
The Ministry of Labor and Social Protection and SCE signed a cooperation agreement. It officially launched the operation as part of the World Bank-funded SFFS project.
DELEGATIONS OF THE FINANCIAL REGULATORY COMMISSION ATTENDED THE IAIS ANNUAL CONFERENCE
Delegations of the Financial Regulatory Commission attended the International Association of Insurance Supervisors (IAIS) Annual Conference, held in Santiago, Chile.
The operation of MOF databases have been improved and an integrated database management system has been introduced
The Financial Information Technology Division of The Ministry of Finance Mongolia is responsible for more than 10 fiscal and financial related important information systems of the government such as Government Financial Management Information System of the Treasury (GFMIS), the financial reporting system of budget organizations (E-Report), the financial reporting system of private organizations (E-Balance), Glass accounting system, Budget planning system, Debt management system, Integrated salary system of civil servants, and etc. Ensuring the security of these systems and the reliable operation of the database is a task that requires many factors such as time, human resources, and technological innovation, and it is not easy to solve it with state budget funds alone. Therefore, under the projects SFFS and SGM, we are working to improve and ensure the reliable operation of the databases of the Ministry of Finance's information systems, and to create an integrated database management system.
THE FINANCIAL REGULATORY COMMISSION OF MONGOLIA SIGNED THE “MULTILATERAL MEMORANDUM OF UNDERSTANDING FOR SUPERVISORY COOPERATION”
Mr Bayarsaikhan Dembereldash, Chairman, Financial Regulatory Commission of Mongolia participated in the 47th Annual Meeting of the International Organization of Securities Commissions (IOSCO) from 17 to 20 October, in Marrakech, Morocco. During the Annual Meeting, member authorities have discussed the previous year’s achievements, policies, recommendations, and challenges for accelerating the development of the capital market. Particularly, delegations exchanged views on the supervision of technology-based financial activities and the principles of sustainable finance including green finance, and policy solutions for carbon reduction.
The discussion on draft revisions to the Law on Insurance, the Law on Insurance Intermediation, and the Law on Drivers’ Insurance
Under the "Strengthening Budget and Financial Stability Project" implemented in cooperation with the World Bank, the Ministry of Finance, the Financial Regulatory Commission /FRC/, and the Mongolian Insurance Association have prepared the draft revisions to the Law on Insurance, the Law on Insurance Intermediation, and the Law on Drivers’ Insurance. Within the scope of gradually implementing legal reforms in the insurance sector, in accordance with the relevant policy and planning of the Parliament and Government of Mongolia, the draft revisions of the laws were published on the Ministry of Finance’s website in June 2022 and have carried out the public discussion step electronically, thus reflected 277 suggestions received from the professional associations, stakeholders and individuals. The revised versions of the laws were prepared for the next round of discussions.