Breakpoint 2023: The Investor Nation

Summary

During the Breakpoint 2023 event, an influential thinker from Mongolia, Gan, introduced a transformative vision for his home nation dubbed "The Investor Nation". As Mongolia shifts away from its socialist past and embraces market economies and democracy, Gan is leveraging blockchain technology to revolutionize how Mongolians interact with finance. By creating public ownership in companies and using blockchain to administer a transparent loyalty system with a proprietary coin, Gan's initiatives, such as the ARD coin and the super-app ARDED, have amassed over a million clients and are reshaping Mongolia's investment landscape.

Key Points:

Background and Vision for Mongolia

Gan, a Mongolian innovator with a diverse background in financial institutions, has commenced a noteworthy project that could redefine Mongolia's economic trajectory. With experience ranging from the Stock Exchange of Mongolia to the Ministry of Finance, his loss in the 2012 elections led to introspection on how to steer Mongolia towards prosperity. His answer: "Investor Nation", a movement aiming to democratize financial access and encourage savings, trustworthy banks, reliable insurance, and pension plans. Gan's strategy involved taking companies public, thus sharing ownership among customers and employees, a revolutionary step for Mongolia's market economy.

Introduction of Blockchain Technology

The pivotal moment for Gan's vision was the introduction of blockchain technology into Mongolia's financial systems. He spotted an opportunity to transform the banking sector by implementing a novel loyalty program using blockchain. Unlike conventional programs hindered by regulations and inflexible conditions, blockchain-based loyalty systems provide transparency, value retention, and transferability. This innovation incentivizes customer retention and broadens access to financial services. His enterprise led to the launch of the ARD coin in 2018, and the creation of the ARDED super-app revolutionized how Mongolians bank, shop, invest, and even play games, all while earning loyalty rewards.

The Future of Finance with Metaverse and NFTs

Further pushing the boundaries of technology, Gan's company invested in metaverse and blockchain development, hosting a groundbreaking rock concert in the metaverse with the Mongolian band, The HU. This venture leveraged art coins, NFTs, and introduced a fresh way to experience entertainment. He envisions bringing financial services into the metaverse, where the younger generation spends a significant portion of their time, thereby fusing finance and digital interaction. This vision aligns Mongolia with the fourth industrial revolution, creating opportunities for growth and advancement on par with developed nations.

Facts + Figures

• Mongolia is the world's 19th largest country with a small population of only 3.5 million, half of whom live in the capital city.
• The Mongolian economy has been transitioning from socialism to market economy and democracy over the past 30 years.
• The "Investor Nation" movement was initiated in 2013 to increase access to financial services and foster a culture of investment among citizens.
• ARD coin was launched in 2018 and reached one million clients in three years, in contrast to a previous bank which took 25 years.
• There are currently 110,000 shareholders in the companies and 1.6 million users on the ARDED super-app.
• Users of the app can transact in a multitude of services, earning ARD coins which can be exchanged for other currencies and assets.
• The tokenomics of ARD coin operates on a transparent and circular reference system that requires buying back coins from the market.
• The company owns 45 financial licenses and has integrated various companies, including blockchain and banking systems, stock and crypto exchanges.
• A partnership with Solana is in the pipeline to revolutionize global loyalty programs.
• A metaverse rock concert featuring the Mongolian band The HU was organized, with tickets and upgrades purchasable exclusively with ARD coins.

Top quotes

• "I basically started working in 1991 for the Stock Exchange of Mongolia when we started privatizing all those socialist state-owned enterprises for free to all our citizens."
• "The real breakthrough came when we stumbled upon Bitcoin... we took the notion of the crypto and blockchain."
• "Every time you make a transaction inside the app, we reward you with our coins."
• "We think that those two centralized exchanges will have to converge."
• "It puts us on the same starting line with the developed world, that we can now offer something back and also benefit from this fourth industrial revolution, if you will."
• "It's the same for the countries. You don't have UN or World Banks... come and help countries. Where have you seen a country that became a prosperous country because of donations given by development institutions?"
• "We, as its citizens, we want to help achieve this goal."

Questions Answered

What is the "Investor Nation"?

Investor Nation is a movement initiated by Gan in 2013 with the objective to democratize financial services availability in Mongolia. It aims to empower citizens by providing them access to finance, safe savings options, and reliable insurance and pension plans, thus stimulating better income opportunities and improved livelihoods.

How does blockchain technology play a role in Gan's vision?

Blockchain is pivotal to Gan's endeavors, as it offers a transparent and flexible platform for loyalty programs that conventional banking regulations restrict. The blockchain-based loyalty program assigns measurable value to loyalty points, making them a piece of personal property that can be transferred or used for additional services.

What are ARD coins and the ARDED app?

ARD coins are a form of cryptocurrency introduced by Gan's company as part of its loyalty program. The ARDED super-app is a comprehensive platform where users can perform various financial transactions and earn ARD coins as rewards. These coins can be traded for other cryptocurrencies, securities, and cash, contributing to the investment culture in Mongolia.

What innovations does Gan's project introduce to the entertainment industry?

Gan's project blends entertainment with blockchain technology by hosting a full-fledged rock concert in the metaverse with the Mongolian band The HU. The concert tickets and avatar upgrades were sold as NFTs that could only be purchased using ARD coins, showcasing a novel application of cryptocurrency and NFTs in the entertainment sector.

How does Gan envision the future of banking and finance?

Gan sees the future of banking and finance as intertwined with the digital and gaming worlds. With the younger generation already spending much of their time in digital environments, like the metaverse, Gan proposes to bring financial services into these platforms, making finance part of the broader digital experience.