Board of Directors

Ganhuyag Chuluun Hutagt re-engaged in business on a full-time basis after resigning from the Vice Minister of Finance position in 2012. He is a serial entrepreneur and is a recognized spokesperson for large businesses in Mongolia.

Ganhuyag started his career at the Mongolian Stock Exchange as a floor supervisor in 1991. He joined the Central Bank’s supervision division after graduating from the Budapest University of Economic Sciences in 1997. He was hired by UNDPs MicroStart Pilot Project in 1998, and then steered this project to transform into the country’s first non-bank financial company, X.A.C., in 1999 and then into XacBank and TenGer Financial Group in 2001. He held the position of the CEO of XacBank and TenGer until his appointment as Vice Minister of Finance in 2010.

in 1999 and then into XacBank and TenGer Financial Group in 2001. He held the position of the CEO of XacBank and TenGer until his appointment as Vice Minister of Finance in 2010.

Ganhuyag has been, and continues to be, involved in a great number of social campaigns, projects and initiatives. He is the Founder of Ard Financial Group and is currently serving as its Executive Chairman.

Suhdorj Avir, Board Chairman of Grape City LLC and Most Fintech LLC, began his career at Mongolia’s Planning Committee in 1975. Soon after, he was appointed as the Director of the Data Center Division of the Central Bank of Mongolia and effectively led the division for many years. He studied computer engineering at the University of Polytechnics located in Kyiv, Ukraine. In 1991, soon after the transition from socialism to a market-based economy, he founded Mongolia’s first information communications technology company, BSB Service LLC (now BSB Group). In 2000, while working as BSB Service LLC Chairman and CEO, he founded GrapeCity Mongolia LLC - a company focused on software solutions for banking. In 2001, he also established Incomnet LLC, a space communications service provider. Today, GrapeCity Mongolia LLC has become the leader in banking and payments solutions in Mongolia.

He spearheaded Mongolia’s information and communications technology development for the past 40 years, and was the driving force in developing solutions for banking and payments systems. In 2008, he established the national payments service provider Most Fintech LLC, and he successfully launched Most Money mobile wallet.

Bruno Raschle founded and served as the Executive Chairman of Adveq from 1997 until 2017, when he sold the Adveq Group of Companies to the UK-based Schroders Group. Following this, he held the position of Vice Chairman of Schroders Capital until the summer of 2024. Currently, he is involved with several Boards of Directors and Advisory Boards for asset management firms worldwide, operates his own family office, BR2Invest, and is an active philanthropist, art collector, and mountaineer.

Before establishing Adveq, Bruno was the founder and Managing Director of the MC Partners fund of funds investment programs at Motor-Columbus in Switzerland, starting in 1986. His extensive operational experience encompasses managing start-ups, turnaround projects, and expansion efforts across various industries and continents. He holds Master of Science degrees in Construction Engineering from the Swiss Federal Institute of Technology (ETH) and in Industrial Engineering from Stanford University. Additionally, he completed the Advanced Management Program at Harvard University and was a member of the World Economic Forum (WEF) for many years.

Mr. Odbayar Odonchimed earned his Bachelor’s and Master’s degrees from Kyiv Pedagogical University and majored as a teacher from 1984 to 1988. He graduated from Florida Institute of Technology in the United States, majoring in economics. From 1997 to 2000, he majored as a lawyer from Otgontenger University in Mongolia. In 2017, Odbayar graduated from Harvard University with a degree in management.

In the past, he has served as: Director of the Mongolian-Chinese joint state-owned factory, Attache and Third Secretary at the Embassy of Mongolia in China, Advisor to the Prime Minister of Mongolia, and Vice-President of Altai Holding LLC. From 2016 to 2019, he worked as the Deputy Director for Business Development at Erdenes Mongolia LLC, and managed large state-owned enterprises. This role included: putting strategic fields into economic circulation, natural resources exploitation and processing, managing investment and infrastructure projects, and distributing its benefits to Mongolia’s citizens through wealth funds. Mr. Odbayar helps manage 13 subsidiaries of Erdenes Mongolia LLC, such as Baganuur JSC, Shivee-Ovoo JSC, and world-class copper-gold and coking coal mines such as Erdenes Oyu Tolgoi LLC, and Erdenes Tavan Tolgoi JSC.

Mr. Sergelen Munh-Ochir is the President of the Institute of Engineering and Technology and a Director of Mongol Kosen College. Prior to this, Mr. Sergelen has served as a Director of TCI LLC and MAC LLC. He was appointed as the board member of Ard Financial Group JSC in May 2018.

Mr. Sergelen has a Bachelor’s degree in accounting from the International College of Business, and a Bachelor’s degree in management from Isiti College, Japan.

Mr. Munhbat Chuluun was appointed as President and Executive Director of SouthGobi Sands LLC in September 2015. He joined the company as an advisor in 2012, and later was appointed as the General Manager of Government Relations and Compliance of SouthGobi Sands. Before joining the company, Mr. Munhbat was a project director at an Asian Development Bank-funded project, and a coordinator at a World Bank project.

Mr. Munhbat has a Bachelor of Law from the Institute of the Ministry of Internal Affairs in Leningrad, Russia. He also earned a Postgraduate Diploma in Public Administration from the Academy of Management in Ulaanbaatar, Mongolia. In 1998, Mr. Munhbat graduated from the University of Waikato, New Zealand with a Master of Social Science majoring in Public Policy and Administration. Mr. Munkhbat also serves as Honorary Consul of New Zealand to Mongolia.

Arnaud Ventura is Managing Partner with Gojo & Co, an investment company investing in banks and NBFC with a focus on financial inclusion. Gojo is active globally and headquartered in Tokyo. Prior to joining Gojo & Co. Arnaud  founded and developed Baobab Group (2008-2018), a leading digital microfinance group focusing on serving micro and small businesses in Africa and China. Between 1998 and 2008, Ventura co-founded and led PlaNet Finance, one of the most successful European Financial Inclusion Groups.

Additionally, Arnaud Ventura is a Board member for a number of Financial institutions including Binance Group (UAE), NSIA (Ivory Coast), Humo (Tajikistan).

Arnaud Ventura co-founded the French Asia Foundation, the leading network of Young Leaders between France and Asia.

Mr. Zeldovich is a venture investor and startup executive with two decades of experience in investing, commodities, and board directorship experience in the emerging markets (EM).  Currently Mikhail is Interim Chief Commercial Officer at a quantum sensing company Atomionics and

CEO of independent venture investor, Masik Enterprises (also an investor in ARD). Mikhail has also co-founded an industrial cybersecurity company Reperion. Mikhail has worked as a Business Development executive at Trafigura, an investor in a $2.2bn private equity fund, consultant at Boston Consulting Group and a trade negotiator for the U.S. President’s office. He graduated from Harvard Law School and the Fletcher School of Law and Diplomacy.

For his contribution to Mongolian energy independence, Mikhail was awarded the Order of the Polar Star of Mongolia.

Roland founded VPE Capital in 2013, building it into a Private Equity and Venture Capital Investment Manager specializing in Emerging Markets with offices in Barcelona, Abu Dhabi and Almaty. He has helped manage funds and investments across a range of industries including public equities, fixed income, infrastructure, real estate, gaming, ed-tech, health, the creative industry and green energy.

Besides VPE, Roland is also currently helping to build real estate development projects in Kenya and Georgia. He is a partner in Schmuckordie, a bar and restaurant manager, and in Molist 16SL a Spanish company specializing in real estate development in Catalunya. In addition, he has in the past helped launch and build businesses in Ukraine, Kyrgyzstan, Kazakhstan, Nigeria, Russia, UAE and Malta. Roland is currently the President of the Board of Trustees of the American School of Barcelona. Roland started his professional career in Moscow in 1994 as a Senior Economic Expert at the advisory group, the Russian European Centre for Economic Policy (RECEP). From 1996 to 2010, Roland helped build Renaissance Capital, one of Russia’s leading investment banks. Between 2003 and 2010, Roland was the Head of Research, managing a team of 85 research analysts across Russia, the FSU, and Africa. Between 2006 and 2010, he sat on the Executive Committee at Renaissance Capital, and from 2008 to 2010, he was Co-Head of the Equity Product Group.

Roland was voted the number one strategist for Russia every year between 2004 and 2009, and in 2008-09, also the number one strategist for EMEA. Roland graduated from Balliol College, Oxford University, where he received a BA in Politics, Philosophy, and Economics. He is a British citizen based in Barcelona, and speaks Russian and Spanish.