Ganhuyag Ch.

Ganhuyag Chuluun Hutagt, is a co-founder of one of the most successful commercial banks in Mongolia, XacBank.[[1]][[2]] XacBank was created as a result of the merger two largest non-bank financial institutions (NBFI) in 2001. Ganhuyag was a co-founder of X.A.C. NBFI, one of the merging NBFIs, which operated as the country's first microfinance company since 1998, where Ganhuyag served as Executive Director.

In 2009 Ganhuyag was named Young Global Leader by the World Economic Forum. He is an initiator and organizer of the highly successful Mongolia Economic Forum[[3]] and serves as its Secretary General.

He has most recently been credited with coining the term "Wolf Economy" following a report by Renaissance Capital on the country's developmental prospects. The strength and ferocity of this national animal symbolises the power with which Mongolia is establishing its economic prowess.

Biography

Mr. Ganhuyag Ch. Hutagt started his career at the Mongolian Stock Exchange as a floor supervisor in 1991. He joined the Central Bank’s Supervision Division after graduating from the Budapest University of Economic Sciences in 1997. He was hired by UNDP’s MicroStart Pilot Project in 1998, and then became the Executive Director of Mongolia’s first non-bank financial company X.A.C. in 1999 - a pioneering microfinance institution in the industry and a leading commercial bank in Mongolia. He has held the position of the CEO of XacBank since its founding to 2009.

Ganhuyag has served as the Honorary Consul of the Republic of Hungary in Mongolia since 2006 and was appointed as advisor to Prime Minister of Mongolia on development and economic issues in 2009. Ganhuyag served on several working groups of the parliament to draft laws related to financial inclusion. He was nominated to the Forum of Young Global Leaders by the World Economic Forum in 2009. Ganhuyag also served as the executive secretary of the organizing committee of the Mongolia Economic Forum 2010.