Mongolia’s role in the Cryptocurrency Market www.medium.com

Mongolia is a country still often overlooked when it comes to economic development.
Over the last decades Mongolia has overcome political and economic hardships and the government is keen to find ways to strengthen the financial sector of the country. Mongolia has an open mind about cryptocurrency and there are plans to further promote this industry.
Cryptocurrency and blockchain related market actors also started to focus on Mongolia over the recent months. Especially during the bear market 2018 Mongolia gained popularity as a new haven for miners.
Resource and Cryptocurrency Mining in Mongolia
Mongolia is well known for resource mining, such as gold, bronze, copper and rare metals but it also has the potential to play a leading role in cryptocurrency mining.
Probably the biggest factor is that electricity prices are very low in Mongolia, even much lower than prices in China. Many miners who struggled with the balance of energy costs and gained profit during the last bear market, relocated to Mongolia. This way they could lower their financial burden in times when the mined coins couldn’t generate much revenue.
Aside from low energy prices, Mongolia’s cool climate is also favorable for cryptocurrency mining. Throughout the year temperatures are relatively low which reduces the energy needed to keep the heat-generating mining computers at their working temperature.
That is why especially during the very cold winter months, when resource mining is difficult, cryptocurrency mining flourishes.
The AIS project that is currently building a cryptocurrency exchange called AIS-X in Mongolia sees the potential of Mongolia’s mining sectors and plans to combine them with “Double Mining”. Double Mining refers to a form of investing and promoting both, the resource and the cryptocurrency mining, and smartly linking it to the services of the exchange.
For more information about the AIS project and the AIS-X exchange please refer to the links below.
AIS Website : https://ais-x.io
AIS-X(exchange) : https://ais-ex.com/
Telegram : https://t.me/aisofficial
Twitter : https://twitter.com/aisx_official
Facebook : https://www.facebook.com/AISXOFFICIAL

‘Future Heritage Fund Corporation’ constituted www.montsame.mn

Ulaanbaatar /MONTSAME/ At its regular meeting on July 24, the Cabinet established the ‘Future Heritage Fund Corporation’ LLC responsible for the Future Heritage Fund (FHF)'s asset management.

Construction work of Tavantolgoi-Gashuunsukhait railroad to commence next month www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Road and Transport Development B.Enkh-Amgalan reports that the Cabinet resolved to continue construction of 208.5 km Tavantolgoi-Gashuunsukhait railroad from August 15 and to commission in 2021.

Greater Tumen Intiative Committee meeting kicks off in Khentii aimag www.montsame.mn

Ulaanbaatar /MONSTAME/ The 7th Greater Tumen Intiative (GTI) North East Asia Local Cooperation Committee (LCC) Meeting and the 5th LCC Logistics Sub-Committee (LSC) Meeting started in Chinggis city of Khentii aimag.

Mongolian company implements housing project www.news.mn

Over 200,000 households in the outskirts of Ulaanbaatar – the so-called ger districts – burn coal to stay warm and to cook; the smoke produces is a source of air pollution in the city. Since 2013, the Mongolian government has been implementing several housing projects, these include: ‘Buyant-Ukhaa-1’, ‘Buyant-Ukhaa-2’, ‘Apartments for 1000 Households in Every Province’ and the ‘State Rental Housing Programme’. However, these have not been enough to clear the heavy coal smog covering Ulaanbaatar’s sky.

“Mongolia – Land of the Dinosaurs”: Park proposed www.news.mn

The Mongolian Gobi Desert was the first place in the world where, in 1922, it was discovered that dinosaurs laid eggs. Since then, sites such as the Flaming Cliffs, have provided a veritable treasure trove of dinosaur remains from the Late Cretaceous. Most famous of the Mongolian dinosaurs is Tarbosaurus Bataar – a close cousin of the T Rex, which lived 70 million years ago in what is now North America. Mongolia is currently hosting the IV International Symposium on Asian Dinosaurs for first time. The two-day symposium is being held at National University of Mongolia. Nearly 100 delegates and representatives from 11 countries such as Russia, South Korea, China, Canada, Denmark, Thailand and Taiwan are participating in the event.

Meat export talks with Iranian Ministry of Agriculture www.montsame.mn

Ulaanbaatar /MONTSAME/. Minister of Food, Agriculture and Light Industry Ch.Ulaan received officials led by Minister of Agriculture of the Islamic Republic of Iran Mahmoud Hojjati on July 22. At the start of the meeting, Minister of Agriculture Mahmoud Hojjati expressed his willingness to further develop the partnership in the sectors between the two countries as well as strengthening previous agreements.

Fintech opens new doors for talents www.chinadaily.com.cn

China is at the forefront of the financial technology or fintech industry, and offers great opportunities for fintech talents, driven by the rising demand for experienced financial services and technology professionals, industry experts said.

Fintech professionals who possess both technical expertise as well as an understanding of finance will be highly sought after, according to Hays Plc, a global professional recruiting group.

"In China there are opportunities for skilled candidates across a wide range of fintech businesses, including banking, insurance, wealth management and payment services," said Simon Lance, managing director of Hays China, adding the industry risks losing valuable momentum given the shortage of skills and the overwhelming demand for experienced professionals.

"For those already in the fintech industry, China offers great potential. And for those in banking and financial services - or with relevant technology skills - now is a good time to consider what your career could be in the fintech industry," Lance said.

According to Hays, large-scale commercial banks are accelerating the establishment of fintech subsidiaries across the country. It said the roles in demand in the banking sector include data security, data scientists, user experience and user interface engineers, and full stack developers for mobile and web applications.

"Fintech offers career opportunities to people with experience in almost every area of banking and financial services, as well as experts in artificial intelligence, biometrics, cloud and big data," Lance said.

Global fintech funding rose to $111.8 billion in 2018, up 120 percent from $50.8 billion in 2017, fueled by mega mergers and acquisitions and buyout deals, according to a report from global auditing and consulting firm KPMG.

"China is at the cutting edge of the fintech industry and will provide a robust and exciting career for many years to come," Lance said. "Fintech also provides opportunities for those in related technology fields."

There is high demand from fintech startups for high-caliber talents with expertise in digital payment systems, digital asset management, blockchain and cryptocurrency, said the 2019 Hays Asia Salary Guide. Hays expected qualified fintech candidates to command higher salaries in 2019.

Fintech is already a fast-growing industry in China. Statistics from Beijing-based market consultancy Analysys showed the market scale of China's fintech industry reached 115 trillion yuan ($16.7 trillion) in 2018.This figure is expected to surpass 157 trillion yuan in 2020.

"Compared with the traditional financial sector, fintech talents should have not only solid financial professional background, but also flexible and innovative thinking," said Zheng Xia, assistant general manager of Ping An Securities.

Zheng explained that fintech talents can not only interpret and think about finance from the perspective of the internet, but also observe the development of science and technology from the perspective of finance, and sensitively capture the application and innovation of cutting-edge technologies in the financial field.

Yang Rong, a banking analyst with China Securities, said the development of cloud computing, big data, blockchain, mobile internet and AI undoubtedly brings about new challenges and opportunities to the traditional financial and technology industries, especially in aspects like customer services, product design and operation model.

"Internet financial enterprises such as Ant Financial, the financial arm of e-commerce giant Alibaba, and JD Digits are actively exploring new business models and attempting to increase revenue through the output of financial technology," Yang said.

Yang added that domestic internet fintech enterprises are riding a boom, due to their huge number of active users and advantages in rich application scenarios.

"While fintech continues to be the core business of the company, we are intensely developing digital technology to serve a wider range of industries. The data-related business remains our primary focus," said Chen Shengqiang, CEO of JD Digits.

JD Digits was formerly known as JD Finance until it was comprehensively upgraded and rebranded in November 2018. It has ramped up its efforts in terms of its data processing capabilities and the implementation of advanced data technology, with artificial intelligence and the internet of things among the company's core strengths.

"Within fintech, we are observing a growing demand for talent with skills relating to AI, machine learning and deep learning. These skills are also sought after in sectors outside of fintech, such as other Chinese internet companies, creating a wider talent gap in the market," said Rupert Forster, managing director of specialist recruitment firm Michael Page North and East China.

Forster said talents from other industries are motivated to move into fintech if the firms can provide competitive salaries, good employment packages and strong technology platforms, adding they have seen candidates from the traditional financial services market with the necessary advanced technology skills successfully transfer to fintech.

Alibaba will let American companies sell on its site www.cnn.com

New York (CNN Business)Alibaba said Tuesday it is opening up the Alibaba.com platform, allowing American companies to sell their products to small- and mid-sized business buyers around the world. That will help Alibaba (BABA) better compete with Amazon (AMZN) and Shopify (SHOP), which already have a thriving marketplace for large companies to sell to business customers across the globe.

Cashmere forum suggests to establish joint high capacity plant www.montsame.mn

Ulaanbaatar /MONSTAME/ The fourth edition of the Mongolia-China cashmere forum themed ‘Expanding mutually beneficial cooperation’ held today has made a recommendation. The recommendation about eco-friendly sustainable cashmere production, the two countries cooperation development in cashmere sector suggests a number of proposals including: