Foreign participation in savings and loans cooperatives is prohibited.
"Article 3.Definitions of the terms of the Law
3.1.The terms used in this Law shall have the following meanings:
3.1.1."Saving and Credit Cooperatives" shall mean a non-profit legal entity with democratic governance and collective supervision, which provides licensed saving and loan services to their members to meet common economic and social and cultural needs of the members;
[..]
CHAPTER TWO - ESTABLISHMENT OF THE SAVING AND CREDIT COOPERATIVES
Article 5.Establishment of the Saving and Credit Cooperatives
5.1.A citizen of Mongolia may establish a Saving and Credit Cooperative.
5.2.Decisions shall to be made about the founding meeting if founders meet the following requirements:
5.2.1.the number of founding members of the Saving and Credit Cooperative reached to 20;
5.2.2.the charter of the Saving and Credit Cooperative is drafted in compliance with relevant laws;
5.2.3.the founding members of the Saving and Credit Cooperative accumulated in cash more than 30% of the agreed total share capital to establish it.
[...]
CHAPTER FOUR - MEMBERSHIP OF THE SAVING AND CREDIT COOPERATIVE
Article 19.Membership of the Saving and Credit Cooperative
19.1.The Saving and Credit Cooperative shall have not less than 20 members.
19.2.Citizens and legal entities of Mongolia with full legal capacity who meet the requirements established by this Law and the charter of the Savings and Credit Cooperative approved in accordance with the Law may become members of the cooperative. [...]
19.5.Not more than 10% of the members can be legal entities. [...]" (Law on Savings and Credit Cooperatives, 27 October 2011, as amended)
Law on Savings and Credit Cooperatives, 27 October 2011, as amended
[<a href="https://legalinfo.mn/en/edtl/16532496975891">Law</a>]