This paper explores the potential of introducing an independent ombudsman system to address complaints by consumers against financial services providers (FSPs) in Mongolia by exploring existing dispute resolution systems in Armenia, Australia and Singapore.
Among the similarities of these three systems are:
The Armenian bank Araratbank and Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (FMO) recently agreed to expand their risk-sharing facility by USD 10 million. FMO’s portion of the commitment is from its Nasira Fund, which guarantees
Impact Asset Management (I-AM), a unit of Austria’s C-Quadrat Investment Group, recently announced it has disbursed a total of USD 35 million to microfinance institutions in Armenia, El Salvador, Panama, Uzbekistan and four other countries. While I-AM has not released the names of the latter countries or any of the borrowers, it did announce a recent local-currency loan to
Evocabank, an Armenian bank, recently partnered with Armenian Card (ArCa), a network of 15 Armenian and international banks, to launch a service that allows Evocabank bank customers to send money transfers using recipients’ mobile numbers, without the need for their bank details. The service is part of Evocabank’s mobile app, EvocaTouch. Transfers are
Evocabank of Armenia recently gained access to USD 7.5 million from Switzerland-based Symbiotics to on-lend to micro-, small and medium-sized enterprises (MSMEs) with goals including to boost market competition and job creation. Symbiotics sourced the funds from
The European Bank for Reconstruction and Development (EBRD), a UK-based development finance institution, recently agreed to lend EUR 5 million (USD 5.7 million) to Armeconombank (AEB), an Armenian bank. The purpose is to finance small and medium-sized enterprises (SMEs) in acquiring technology that will upgrade employees’ working conditions, boost competitiveness and increase exports – including by reaching EU standards. AEB has agreed to direct at least 70 percent of the loan proceeds to
The Agricultural Cooperative Bank of Armenia (ACBA), a commercial and investment bank, and Symbiotics, a Switzerland-based impact investing firm, recently partnered to raise USD 6.75 million for onlending in Armenia. Symbiotics will list a sustainability bond on the
C-Quadrat Impact Asset Management (IAM), a member of the Austria-based C-Quadrat Investment Group, recently announced that it loaned a total equivalent to USD 16 million to microfinance institutions (MFIs) in Bolivia, Armenia, Costa Rica, Panama and Tajikistan from its
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently announced that it has lent local currency approximately equivalent to USD 2.58 million to SEF International, a microfinance institution (MFI) in Armenia, to finance micro- and small enterprises (MSEs) in rural areas. Commenting on the transaction, SEF CEO Garegin Gevorgyan said
Agricultural Cooperative Bank of Armenia (ACBA)-Credit Agricole Bank, the Armenian subsidiary of France-based Groupe Credit Agricole, recently borrowed local currency equivalent to USD 10 million from the European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled