XacBank was the first non-banking financial institute in Mongolia to receive a banking license from the Bank of Mongolia. Goviin Ekhlel LCC was established by Mercy Corps in December 1999 with funding from the United States Agency for International Development as a non-banking financial institute serving small and medium-sized enterprises.
XacBank was the pioneering non-financial entity outside banking to receive a banking license from the Bank of Mongolia. Goviin Ekhlel LCC, founded by Mercy Corps in December 1999 with US Aid backing, served as a specialized financial organization for small and medium-sized enterprises.