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Ganhuyag Chuluun Hutagt

President, Rural MF Development Association

Ganhuyag started his career at the Mongolian Stock Exchange in 1991 and joined the Central Bank of Mongolia after graduating from Budapest’s Corvinus University 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 XAC in 1999. XAC evolved into a leading microfinance institution and, in 2001 it merged with another NBFI to form XacBank, the first commercial bank with social and development mandate. He worked as a CEO of XacBank until 2009. In 2010, Ganhuyag was appointed as Vice-Minister of Finance of Mongolia and served until he and his party (Mongolian People’s Party) lost in general elections of 2012.

Hutagt has served as Honorary Consul of Hungary in Mongolia (2006-2010), member of the Board of the Microfinance Centre for CEE and NIS (2007-2009), President of the CEO Club of Mongolia (2007-2008), Advisor to the Prime Minister of Mongolia on Economic and Development issues (2009-2010), member of the Global Agenda Council on social entrepreneurship of Schwab Foundation (2009-2010), Secretary General of the Mongolia Economic Forum (2009-2013), Vice-Minister of Finance of Mongolia (2010-2012) and President of Mongolian Students’ Union (2010-2012).

He was one of the pioneers of the financial cooperative movement in Mongolia in the 1990s. He currently holds the position of the Executive Chairman of EIT, the company he helped found in 2005, which engages in financial investments and turnaround management. He was elected as President of the Mongolian Basketball Association in 2013.

He has initiated a number of campaigns and projects, including hosting of the 11th MFC Conference of Microfinance Institutions in Ulaanbaatar and Boom2020 initiative to support the development of football amongst children.

In 2009, he was nominated to the Forum of Young Global Leaders of the World Economic Forum, and was asked to help found the UB Global Shapers Hub in 2011. He led the YGL Global Dignity Initiative in Mongolia since 2010.