G.Sodbileg, Economist, Research Division, Research and Statistics Department, Bank of Mongolia

With the rapid pace of technological change, data has become an integral part of our daily lives. Not only is the amount of data being generated growing at an exponential rate, but the average rate per capita of data-driven interactions per day continues to grow significantly. Furthermore, with Mongolia’s banking system constituting over 90% of the financial sector, reform of the financial sector and restructuring of the banking system address urgent economic problems and provide a sustainable basis for economic growth and stability. 

The Bank of Mongolia (BoM) is implementing a big data platform system in response to the increased digitalization of both the global and Mongolian economies. In doing so, the BoM aims to continue fulfilling its mandate and main objectives, which are: (i) ensure the stability of the national currency, (ii) promote balanced and sustainable development of the national economy, and (iii) make the existing financial infrastructure more resilient and secure. As a part of this evolution and with the support of the World Bank Project on Strengthening Fiscal and Financial Stability Project (SFFS), I had the excellent opportunity to participate in the University of California, Los Angeles’s (UCLA) Database Management Certificate Program. 

UCLA’s Database Management Certificate Program was a unique postgraduate opportunity to gain in-demand skills and learn more about database management-related concepts in-depth. The program incorporates 8 courses: 3 required courses that focus on learning core data and database principles and 5 electives that allow students to understand various topics. As a part of the BoM big data initiative, I selected electives that dealt with big data specifically. As a result, this program effectively grasped a broader range of big data-related concepts that can be readily applied to the big data platform project implemented at the BoM and guided other professionals through the process. Proper database management systems help users share data quickly, effectively, and securely across an organization internally and externally. As the volume of data and the complexity of the database increase, big data management becomes more crucial. 

Big data have increasingly driven central banking's statistical stability and supervisory function. However, little change has occurred in the supervisory data collection and management methodology, which relies on the traditional document-oriented approach. This method is intrinsically time-consuming, costly, and complex. Data gaps exist even with such an approach, and data remains a critical factor for central banks. Innovative solutions are not only necessary to effectively handle the increasing velocity and volume of data at the BoM, but also an inevitable key in transforming the Mongolian economy and creating new levels of prosperity. 

As a representative of the Bank of Mongolia, I would like to extend my appreciation to the World Bank and the SFFS project team for their valuable efforts to strengthen fiscal and financial stability and improve national human capabilities by supporting professionals with such great learning opportunities. 

Strengthening Fiscal and Financial Stability Project, Room 205 United Nations Street 8/2 4th khoroo Chingeltei district Ulaanbaatar-15160 Mongolia
+976-70120582
training@sffs.mn