Net Capital
We are committed to implement a corporate governance system that incorporates appropriate operating, monitoring, management and transparency structures that will maximize benefits to our investors, clients, shareholders, management and co-workers.
Brief History
Netcapital Financial Corporation was established as a Non-Banking Financial Institution (NBFI) on September 09, 2008 with 100 percent private funds from two individual partners. The total capital was MNT 420,000,000 (four hundred twenty million). By the Decree number 256 of the Financial Regulatory Committee, dated November 28, 2008, Netcapital received a license to provide lending services, currency exchange services, investment and financial advisory and information services.
On January 01, 2009 the company started its operations with a team of five people. It was located in a single rented room at the Zostyn Shovgor Ltd building located the west of Tengis movie theater.
Despite the fact that 2009 was a year of financial meltdown, the foundations of future success were built thanks to a concerted effort to provide microloans and currency exchange services to individuals.
From the day it was established, our company operated profitably. In addition to lending services, foreign currency exchange operations became the most profitable activity.
In March 2009, the number of investing partners in the company increased to 3, resulting in total share capital increasing to MNT 820 million; thus creating opportunity to increase client numbers; and consequently increase loan portfolio and profitability.
Since additional capital became available, several marketing channels, including rotating billboards, customer care service line, e-mail marketing, newspaper, brochure, FM radio and television advertising were used in order to stimulate credit business.
Our first branch in Dornogobi province was established as part of our strategy to make microloan services easily accessible to rural customers through opening branches in rural areas.
2009 brought us both challenges and successes, and we succeeded thanks to our tenacity and hard work. Each year The Mongolian Chamber of Commerce and Industry and The Mongolian Government announces the names Top-100 companies in economic sector, Top-10 Non-Banking Financial Institutions, Top-5 banks and Top-50 business entities. Netcapital financial corporation was one of the Top 10 Non-Banking Financial Institutions list in both 2009 and 2010.
In May 2010, by meeting the Financial Regulatory Committee minimum requirements for shareholder equity, we were able to obtain special license to expand our activities to custodial account services.
To improve operating synergy and monitoring and to reduce workload of our staff, we fully automated our operations by introducing Grape City Mongolia Ltd’s “Achid Banker” system, which provides accounting, controlling and MIS solutions to microfinance institutions.
To provide better customer service we expanded the amount of space in our office and increased the number of our employees.
The company capital was injected with MNT 294.00 million in the first quarter of 2010 and MNT 335.00 million in the first quarter of 2011 and reached MNT 1.449 billion. This had not only increased additional capital for expanding company operations, but also had a positive effect on shareholder’s equity adequacy and our ability to execute payments swiftly.
MNT 1.026 billion were raised through borrowing from banks, Non-Banking Financial Institutions and custodial accounts, making meeting financial needs of our clients easier.
www.netcapital.mn/index.php?lang=en
Good organization, good on-site support, good mix of topics. Speakers were excellent. In general, big satisfaction, I would like to attend next Uniglobal conference.
Key Account Manager,
Assecco SEE, Croatia
I personally thought the conference was very well organized and run.
Marketing Manager, Guidewire, UK