InvesCore Financial Group Market Research Report

Background

Overview

InvesCore Financial Group, established in 2016, is a multifaceted financial services conglomerate headquartered in Singapore, with its primary operations based in Ulaanbaatar, Mongolia. The company specializes in microfinance, securities, leasing, and IT solutions, integrating advanced technologies to offer innovative financial products and services. In 2019, InvesCore transitioned from a limited liability company to a joint-stock company, reflecting its growth and commitment to corporate governance. A significant milestone was achieved in 2025 when InvesCore became the first Mongolian financial institution to be listed on the London Stock Exchange through a reverse takeover of Fintech Asia Limited, now known as ICFG Limited.

Mission and Vision

InvesCore's mission is to act as a "Responsible Supporter" to its clients, introducing advanced technology and providing innovative and prompt services in the microfinance market. The company's vision is to lead the market by delivering innovative investment solutions aligned with investors' financial goals, pioneering environmentally and socially responsible long-term investments.

Primary Area of Focus

InvesCore focuses on providing non-banking financial services, including loans, deposits, and project financing, with a strong emphasis on social impact. The company aims to create positive environmental and social impacts through its financial services, serving small and medium-sized enterprises (SMEs) and individual consumers.

Industry Significance

As a leading non-banking financial institution in Mongolia, InvesCore plays a pivotal role in enhancing financial inclusion and supporting economic development. Its innovative approach, leveraging technology and a focus on social responsibility, sets a benchmark in the financial services industry.

Key Strategic Focus

Core Objectives

Financial Inclusion: Expand access to financial services for underserved populations, particularly SMEs and rural communities.

Technological Innovation: Integrate advanced technologies, such as AI and fintech solutions, to streamline operations and enhance service delivery.

Social Impact: Promote environmentally and socially responsible investments to contribute positively to society.

Specific Areas of Specialization

Microfinance Services: Offer tailored financial products to support the growth of SMEs and individual entrepreneurs.

Securities and Leasing: Provide investment banking services, including brokerage, dealer, and underwriting services, to facilitate capital market activities.

IT Solutions: Develop and implement digital platforms, such as the Pocket Merchant app, to enhance merchant operations and financial transactions.

Key Technologies Utilized

AI-Based Credit Scoring: Utilize the SMART-LOS system, an AI-driven credit scoring system developed with Japanese corporation Liberra, to automate loan processing and assess creditworthiness.

Digital Platforms: Implement mobile applications and online platforms to provide seamless financial services to clients.

Primary Markets Targeted

Mongolia: Serve as the primary market, offering a comprehensive range of financial services to a diverse clientele.

Central Asia: Expand operations into countries like Kyrgyzstan and Kazakhstan, establishing subsidiaries to introduce advanced financial services in the region.

Financials and Funding

Funding History

Initial Public Offering (IPO): In May 2019, InvesCore launched an IPO on the Mongolian Stock Exchange, transitioning to a joint-stock company.

International Expansion Funding: Secured significant funding from international development finance institutions to support expansion and operations.

Total Funds Raised

$10 Million from BlueOrchard Finance Ltd: In 2024, InvesCore secured $10 million in funding from BlueOrchard Finance Ltd, managed by Luxembourg-based development investment management firm BlueOrchard.

$20 Million from FMO Entrepreneurial Development Bank: In August 2025, InvesCore's subsidiary, InvesCore NBFI JSC, secured a $20 million loan from FMO Entrepreneurial Development Bank, marking a significant milestone in supporting micro, small, and medium-sized enterprises (MSMEs) in Mongolia.

Notable Investors

BlueOrchard Finance Ltd: A leading impact investment firm focusing on sustainable development.

FMO Entrepreneurial Development Bank: The Dutch development bank supporting private sector growth in developing countries.

Intended Utilization of Capital

Support for MSMEs: Allocate funds to address the financial needs of micro, small, and medium-sized enterprises, fostering business growth and job creation.

Technological Development: Invest in the development and implementation of advanced financial technologies to enhance service delivery.

Regional Expansion: Utilize capital to establish and expand operations in Central Asian markets, introducing innovative financial services.

Pipeline Development

Key Pipeline Candidates

SMART-LOS System: An AI-driven credit scoring system developed with Japanese corporation Liberra, aimed at automating loan processing and enhancing credit assessment accuracy.

Pocket Merchant App: A digital platform designed to streamline merchant operations and financial transactions, enhancing user experience and operational efficiency.

Stages of Development

SMART-LOS System: Currently operational, integrated into InvesCore's loan processing system to improve efficiency and accuracy.

Pocket Merchant App: Launched and actively used by merchants, with ongoing updates to enhance functionality and user engagement.

Target Conditions

SMART-LOS System: Aims to address challenges in manual loan processing, reducing errors and processing time.

Pocket Merchant App: Seeks to simplify financial transactions for merchants, improving cash flow management and customer service.

Anticipated Milestones

SMART-LOS System: Expected to achieve full integration across all loan products, enhancing processing speed and accuracy.

Pocket Merchant App: Plans to expand user base and introduce additional features based on user feedback and market demand.

Technological Platform and Innovation

Proprietary Technologies

SMART-LOS System: An AI-based credit scoring system developed in collaboration with Japanese corporation Liberra, automating loan processing and enhancing credit assessment accuracy.

Pocket Merchant App: A digital platform designed to streamline merchant operations and financial transactions, enhancing user experience and operational efficiency.

Significant Scientific Methods

AI and Machine Learning Algorithms: Utilized in the SMART-LOS system to analyze vast datasets for accurate credit scoring and risk assessment.

Data Analytics: Employed to monitor and improve the performance of financial products and services, ensuring they meet market needs and client expectations.

Leadership Team

Key Executives

Ankhbold Bayanmunkh: Chairman of the Board, with a background in financial services and a vision to enhance Mongolia's financial sector through technology.

Oliver Fox: CEO of ICFG Limited, overseeing the strategic direction and operations of the group.

Munkhgerel Bat-Orgil: CEO of InvesCore Capital Securities LLC, leading the company's investment banking and securities operations.

Purev Ralgaa: CEO of InvesCore Asset Management, responsible for managing investment portfolios and client relations.

Mungunzul Badamvaanchig: Head of Operations at InvesCore Asset Management, overseeing daily operations and ensuring efficient service delivery.

Buyandelger Nyamkhuu: Portfolio Manager at InvesCore Asset Management, managing investment portfolios and strategies.

Leadership Changes

Appointment of Munkhgerel Bat-Orgil as CEO: In February 2025, Munkhgerel Bat-Orgil was appointed as the CEO of InvesCore Capital Securities LLC, bringing over 14 years of experience in the banking and financial sector.

Competitor Profile

Market Insights and Dynamics

The financial services market in Mongolia and Central Asia is evolving, with increasing demand for innovative and accessible financial products. The expansion of non-banking financial institutions (NBFIs) and the integration of technology into financial services are key trends shaping the industry.

Competitor Analysis