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Merchant Bankers & Strategists

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Mongoljin is Mongolia's premier Merchant Banking & Strategy Consulting firm

We leverage our Financial Resources & Strategic Capabilities to support Entrepreneurs in Mongolia & Beyond

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Our vision is that Mongoljin will be Mongolia's most respected merchant banker & strategic advisor. 


Our mission is to assist our entrepreneur clients grow their enterprises and wealth, through the demonstrated application and dissemination of world-class, free-enterprise management practices, while earning favorable, risk-adjusted returns for our long-term investors. We do this by leveraging our financial resources & strategic capabilities to help entrepreneurs build competitive enterprises.



Mongoljin believes in the power of free-enterprise economics to improve the global standard of living. We particularly value competition because it is a powerful driver of positive economic & social change.


Mongoljin follows a Niche Strategy (Porter, 1996) focused on meeting the financial & strategic needs of serious entrepreneurs, who are committed to creating economic value via competitive enterprises.



We support serious entrepreneurs along the entire enterprise lifecycle, from lending to small firms, to investing equity in growth businesses, to providing business strategy & corporate development consulting to middle-market companies, to delivering family office & wealth management services to multi-generation family enterprises - including the opportunity to co-invest in our proprietary portfolio.



In addition to providing investment opportunities beyond the scope of local banks, our investment portfolio provides a laboratory to innovate management techniques. We believe it is insufficient to merely disseminate business-best-practices. We must also demonstrate this expertise, by applying business-best-practices, in the real world. We must be successful doers, to truly be trusted advisors.

Statement of Condition (Licensed Financial Institution)*

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*only includes regulated financial institution assets, not unregulated assets associated with private equity & proprietary investment

W. Malcolm (Oxon), Principal
MBA, MSc, MSc, MSc, BSc

CEO & Chief Strategy Officer

Expertise: Strategy, Finance, Systems, Analytics/BI

Experience: Consulting, Megaprojects, Corp, VC/PE

Malcolm is a strategy, finance & systems science expert, who has extensive, hands-on investment and operational experience in Mongolia.  At Oyu Tolgoi (Rio Tinto), he was responsible for treasury management, technical development of the Fixed Asset Capitalization Model ($7.5 Billion), conversion of 3 million accounting records from Ivanhoe Mines & Oyu Tolgoi legacy financial systems to project costs, and monthly project management & project controls reporting to executive management.


Prior to joining Oyu Tolgoi, Malcolm was GBU Manager of Planning & Scheduling (Chief Planner) for the $2 billion-per-annum Telecommunications Global Business Unit at Bechtel, as well as, Bechtel Chief of Staff on the Bechtel / AREVA $20 billion UAE nuclear power Joint Venture, based in France.


Malcolm completed his MBA in strategy, marketing & finance at the Kellogg School of Management (Northwestern University), an MSc in Major Programme Management at the University of Oxford (Saïd Business School), an MSc in Technical Management & an MSc in Systems Engineering at The Johns Hopkins University (Whiting School of Engineering), and a BSc in Finance & Economics at Indiana University-Bloomington (Kelley School of Business). Malcolm also studied financial economics at Harvard University & business economics at The London School of Economics (LSE), as a visiting undergraduate student.

In addition, Malcolm's doctoral research applies Complex Systems Thinking to Enterprise Strategy, via Enterprise Systems Engineering - a management engineering approach that combines Strategic Management & Systems Engineering to optimally engineer competitive, economically sustainable enterprises. Malcolm is studying for the CPA (certified public accountant) designation.

M. Urnaa (Cantab), Esq, Principal

President & Chief Operating Officer

Expertise: SME Finance, Entrepreneurship, Bus. Law

Experience: Consulting, SME Finance, VC/PE, Law

Urnaa is a Mongolia SME Finance expert. She founded Mongoljin's SME Finance business and has led the business to +40% Compound Annual Growth Rate (CAGR), during the past 9 profitable years, with a "repeat & referral only" customer strategy. During this period, she provided financing to 160+ Mongolian entrepreneurs & their SMEs, comprising 500+ business loans totaling 20+ Billion MN₮.


After graduating with a BSc in Management & International Business, Urnaa founded Mongoljin, as an international merchant focused on USA-Mongolia trade. 


Urnaa is an attorney licensed in Mongolia. She has represented foreign clients from the United States, France, Germany, the Middle East, India, Hong Kong, Australia and New Zealand, in legal advisory and fiduciary investment roles, in Mongolia. 

Urnaa was a licensed real estate agent in 2 states and worked for Long & Foster, a leading real estate broker in the Washington D.C area. Her USA work experience includes Target, Dilliard’s and Shisedo.

Urnaa earned a PgD in Entrepreneurship from the University of Cambridge (Judge Business School); an MA in Slavic Languages & Literatures – Russian, from Indiana University, while completing additional coursework toward a PhD in Slavic Languages & Literatures - Russian; a BSc in International Business & Management from Indiana University – Bloomington (Kelley School of Business); and a Bachelor of Laws from the National University of Mongolia (School of Law). Presently, she is working toward an MSc in Accounting.

Urnaa speaks Mongolian, Russian, and English. She particularly enjoys reading classical Russian literature in the Russian language. 

P. Toby (Sheff), Principal
MPhil, PgD, BA (Hons), FIC

VP & Chief Marketing Officer

Expertise: SME Development, International Economics

Experience: Consulting, SME Development, Academia

Toby is an SME Development expert. He has lived and worked in Mongolia, since 2017. Toby  brings more than 30 years of experience in SME and private sector development, having lived and worked in more than 25 countries. Previously, he was Director of International Cooperation at TransBank in Mongolia. Prior to that, he worked on several technical assistance assignments in Mongolia related to SME and private sector development for the European Union and Asian Development Bank. 


Toby also direct experience of running his own enterprises in the UK in the field of training and coaching, as well as delivering technical assistance on international development projects. Toby held academic appointments in Economics and SME Development at Birmingham City, Staffordshire and Durham Universities in the UK.

Since 1997, Toby he has gained significant direct experience through work on international development projects in Central and Eastern Europe, Central Asia, South Asia, East Asia and the Middle East. Toby's experience has included being both a long-term resident key expert entailing managing projects on the ground on a day to day basis, and short-term assignments. He developed a strong reputation for delivering high quality, well-presented and innovative outputs backed up by international good practice and direct experience.


In Mongolia, Toby taught economics and business to undergraduates at Raffles Institute in Ulaanbaatar. He has also been involved in the development of export capacity, identification of industrial clusters and private sector assessment for both the EU and Asian Development Bank. As Interim Executive Director of EuroChamber, Toby worked with the founding board members to establish the Chamber. Toby is studying for the CFA (chartered financial analyst) designation.

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