Murun Ulziibaatar is an economist, statistician, researcher, and data analyst with over seven years of experience in banking, finance, and economics, specializing in strategic decision-making, data analysis, and research.
He began his career at Golomt Bank in 2018, where he led the bank’s economic research unit, conducting major studies focused on both international and domestic markets. He played a key role in Golomt Bank’s first-ever IPO and the issuance of a bond in the international capital market—the first of its kind in over a decade—both of which marked historic milestones in the financial sector.
In addition, he has actively worked on educating general public, as well as advising professional investors, and decision makers on financial and economic matters, providing expert insights and strategic guidance. Under his leadership, his economic research team conducted extensive macroeconomic and financial studies, while he played a pivotal role in advancing data analysis and automation.
With deep expertise in technological advancements and data analytics, he developed the core system of Unet Innovations LLC, driving data-driven innovative solutions.
Education:
Experience:
2024-present, Pretium Advocates LLC
2020-2024, Golomt Bank
2016-2020, Administrative Court of Appeals
Tumentsatsal Barsbold has been serving as the independent member of the board of directors of Unet Asset Management since March 2025. With eight years of experience spanning banking, finance, technology, and manufacturing industry, she has built a strong expertise in research, financial analysis, modeling, and project management across Mongolia and international markets.
She began her career in the Credit Division of Golomt Bank, where she conducted in-depth research across more than 10 industries, mapped value chain structures, assessed key risks, and performed financial analyses for over 80 major Mongolian companies—playing a pivotal role in credit decision-making. At Khan Bank, she led a large-scale project for internet banking implementation, contributing significantly to the successful launch of digital services that reached 1.9 million users.
Tumentsatsal holds a master’s degree in “International Finance – FinTech” from the University of Amsterdam, one of the world’s top institutions. Through this, she gained deep expertise in global finance and digital financial services. Her international experience extends to business environment analysis and business model development, having provided consulting services to startups in the Netherlands, South Africa, and Myanmar.
Prior to joining Unet Consulting, she served as the Head of Finance and Investment at Gobi JSC, where she led and executed the company’s financial strategy, driving key investment decisions and business growth.
Mr. Myagmardorj is one of the co-founders of Unet Financial Group and has served as the Group’s Chief Executive Officer since 2024. With over 17 years of experience in the banking, finance, and investment sectors, he is a recognized expert in the industry.
He began his career at Golomt Bank in 2007, spending five years in the retail banking sector, where he gained extensive experience in customer service, product development, and sales. Since 2012, he has worked in the corporate banking sector for 12 years, successfully implementing strategic research and sales initiatives. Over the past three years, he has led the bank’s corporate business, overseeing major development projects through banking, finance, and capital markets.
Since 2019, he has been working as an investment and management consultant in the small and medium-sized enterprise (SME) sector, identifying new business opportunities and successfully leading projects that add value to the economy.
Today, he is overseeing the strategic management of Unet Financial Group, driving the creation of shared value in the financial sector.
Education:
Experience:
2024-present, Unet Asset Management,
2018-2024, Golomt Bank,
2016-2018, Golomt Bank
2012-2013, Golomt Bank,
2011-2012, Golomt Bank
Mr. Badral Dandar has founded Unet Financial Group in 2023 and has been appointed as the Chairman of the Board of Directors since 2024.
He has over 20 years of experience in the banking and financial sectors, capital markets, and project management. During his tenure as Deputy CEO of Golomt Bank, he made significant contributions to the bank’s continuous business growth, risk management, and market innovation. Under his leadership, Golomt Bank became a publicly listed company on Mongolia’s capital market and played a crucial role in the bank’s steady expansion within the financial sector.
Today, he leads Unet Financial Group with a dedicated and skilled team united by values and beliefs, with a mission of collaborating rather than competing and sharing rather than owning; he strives to promote a progressive business culture. Under Mr. Badral’s leadership, Unet Financial Group continues to grow as an organization that builds shared value, fostering mutual trust and shared development with its clients.
Swap Agreement
One of the most important derivative financial instruments in the modern financial market is the swap agreement. It is a contract between parties who agree to exchange cash flows or assets over a certain period at agreed-upon rates. This tool is widely used by companies, financial institutions, and investors.
Basic Concept of Swap Agreement
A swap agreement is a contract between two parties to exchange specified instruments with agreed-upon amounts and terms over a certain period. The primary purpose of the swap is to reduce risk, optimize investment costs, and increase financial flexibility.
Swaps come in many forms, but the most common are interest rate swaps, currency swaps, commodity swaps, and credit default swaps. In Mongolia, currency swaps are frequently used between banks.
Types of Swaps and Their Uses
Interest Rate Swap: In this type of swap, one party agrees to pay a floating interest rate while receiving a fixed interest rate from the other party, or vice versa.
Example: A company with a floating-rate loan can enter into an interest rate swap agreement with another party to convert its loan into a fixed-rate loan, thereby increasing its financial stability.
Currency Swap: This involves exchanging currencies at the current exchange rate and agreeing to reverse the transaction at a future date at a predetermined rate.
Example: A US company needing funding in euros may enter into a currency swap agreement with a European company to exchange dollars for euros, thereby hedging against currency risk.
Commodity Swap: Designed to protect against fluctuations in commodity prices.
Example: An oil producer may enter into a swap agreement to sell oil at a fixed price with a buyer, protecting against the risk of future price drops.
Credit Default Swap (CDS): One party pays a premium in exchange for protection against the risk of default on a loan or bond.
Example: A bank lending money may buy a CDS from another financial institution to hedge against the risk of borrower default.
Importance of Swap Agreements
Swap agreements are essential tools for managing risks in financial markets. Their effective use requires detailed calculations and research. Companies and investors frequently use swaps to reduce risks and enhance financial stability.