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Mongolia's emerging IT sector leads economy in new direction

Returnees armed with AI and fintech skills seed thriving startup scene

The Mongolian capital of Ulaanbaatar, home to half of Mongolia's population and 90% of its universities   © Reuters

ULAANBAATAR -- Startups in artificial intelligence, fintech and other sectors are set to transform Mongolia's economy, as they begin turning the capital of Ulaanbaatar into a small but thriving high tech hub.

Mongolia's key industries have traditionally centered around mining, farming and tourism, but severe winters limit activity during the cold season. To keep the economy humming through the frigid months, the country is ramping up efforts to fuel its nascent information technology industry.

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