The Central Bank reported that the Main Directions for 2019 State Monetary Policy will include fintech issues. According to the Law on National Payment and Settlement System adopted this year, the Bank of Mongolia is in charge of the payment and settlement process by fintech. The payment system faces difficulties such as confidentiality, data security and legal arrangements as fintech has just introduced to financial sector of Mongolia, according to the Central Bank's Settlement Department. Fintech is being developed in many forms, such as 'artificial intelligence', 'peer to peer' loans, biometric, block  chain technology and business transactions. The central bank emphasized that "e-money" and "Q-Pay" services are used broadly in Mongolia.

The monetary policy committee meeting of the Central Bank will be held on Thursday, 20th of this month. At the meeting, the Central Bank will discuss not only the policy rate, but also the the Main Directions for 2019 State Monetary Policy.

Source: BloombergTv.mn