Goviin Ekhlel LCC was established by Mercy Corps in December 1999 with funding from the United States Agency for International Development as a non-banking financial institute serving small and medium-sized enterprises.

LLC began in 1998 under the Micro Start Mongolia Project under United Nations Development Program and later transformed into Mongolia’s first non-banking financial institution by uniting the financial services activities of six local NGOs.

In 2004, International Finance Corporation invested in XacBank, the first Mongolian commercial institution to receive such funding.

In 2008, XacBank launched ATM, internet and message banking services.

In 2009, XacBank expanded outside Mongolia when it invested in Molbulak Microfinance Institution in Kyrgyzstan.