IT COMPANIES CONSORTIUM TO TAKE PART IN ONLINE COAL TRADING

Ulaanbaatar, May 16, 2023 /MONTSAME/. Given the Mining Exchange Law will come into effect on July 1, the parties involved in online coal trading of the Mining Exchange began to be identified. "Erdenes IT Consortium", an association of information and technology companies is evidence. They intend to work together to create an eco-system in the mining industry by developing transport logistics, payment, and IT modules in online coal trading. To this end, a joint forum was organized under the theme "Ensuring the participation of parties in the operation of the Mining Exchange" on May 10.

 

The information and technology consortium participating in online coal trading includes 11 companies such as "Itzone," "iTools," "Gerege systems," "Cody," "Digital Finex," "Utility solution," "InnoSolution," "Itauco," "DPS" (Digital Payment Solution), and "Anicar" which have a long history of operating in the field of information technology in Mongolia. Executive Director of "Erdenes IT Consortium" B. Buyannemekh clarified, "Currently, in the mining ecosystem of our country a complex platform for product spot, forward and futures trading, option transactions, their payment and tracking of transport logistics has been developed." He said that national IT companies within the Consortium propose to invest and cooperate in activities of the Mining Exchange without taking any funds from the state budget.

 

Chairman of the Board of Directors of the Consortium D. Davaa said, "There are many problems in the current exchange trading. Therefore, it is necessary to ensure the participation and cooperation of the public and private sectors, focus on forming the structure of the eco-system by introducing transport logistics, payment, and IT modules in the coal trade, and further develop it. In this way, the national mining eco-system could compete internationally.”

 

He underlined that information and technology companies, coal suppliers, transporters, and logistics companies are enabled to participate in the digital trade of the coal exchange, which has already started in our country, with their own systems and the system of IT companies’ consortium. In addition to major "players," small enterprises and individuals can participate in online coal trading through professional associations in accordance with relevant laws and regulations.

 

Representatives of securities companies also participated in the "Mining Ecosystem" forum. The introduction of the Mining Exchange in Mongolia will bring a number of outcomes including :

·         Make exchange trading reliable, transparent, and controlled,

·         Create accredited laboratories, warehouses, and carriers,

·         Facilitate participation of professional investors and investment funds, custodians, brokers, and traders,

·         Increase state and local budget and tax revenues.

Source:https://montsame.mn/en/read/319144