From Radio Pranks to Credit Scores: Tsatsa Dambiinyam’s Journey Through Grit, Grace, and Growth
Meet Enkhtsatsral (Tsatsa) Dambiinyam, CEO of SainScore and CELA’17 from Mongolia. From childhood radio letters to leading Mongolia’s first nationwide credit scoring system, Tsatsa’s story is a mix of curiosity, resilience, and quiet strength. She shares reflections on her studies and career and the courage to keep going, even when you don’t feel ready.
“Sometimes, you are the grown-up in the room. Terrifying, but also kind of great.”
Tsatsa Dambiinyam
CELA'17, Mongolia
So I asked him, “If you leave, who will back me up?” I was used to having him as my “wall.” He replied, “You are the wall now. There’s no one else.” It hit me: I’m the final support for others now. It felt like a huge responsibility, but it was also empowering.
Let's start with something fun - what's one Mongolian tradition that you wish the rest of the world would adopt, and why?
My grandparents lived a nomadic life in the countryside when I was a kid. People often visited each other’s places randomly, without giving any notice. Whoever passed by would stop for a visit, and the host family treated them with whatever they had. If a guest came from far away, they might even prepare a sheep or a goat. I think it’s a beautiful tradition because we’re getting more distant and individualistic in our modern society. The nomadic way of living was warm and connected people deeper.
For example, the Mongolian Lunar New Year is on the first day of spring. Relatives and friends visit one another, and the host family serves big dumplings and other meat-heavy dishes. Everyone gathers, sharing updates on their lives: who’s going to university, who got married, who had a new baby, all the good or bad news. Relatives become closer because of this. A visit lasts at least two or three hours, never less than one hour. You have a real conversation. When guests leave, the host gives them small gifts. This is worth adopting because the world is becoming more capitalist and individualistic. Visiting someone’s home randomly is personal, allowing people to connect and build trust.
What would be your childhood memory that makes you smile whenever you think about it?
In middle school, I used to hang out with a group of three to five girls. We often gathered at one person’s house when their parents were working. FM radio was very popular back then, so we listened to it and wrote fancy, handcrafted letters to the station, hoping they’d read them aloud. Then we’d hear our letters on the broadcast and send more. It was a fun activity for us girls.
We also dressed in each other’s clothes and looked at ourselves in a big mirror for fun. We hung out at that friend’s place almost daily, mainly listening to the radio, writing letters, and calling random phone numbers on the landline. There were no mobile phones, so every home had a landline. We knew specific district prefixes, so we just dialed randomly. We hoped a kid around our age would answer so we could get to know them and become friends. If an older person picked up, we might play a small prank. It was silly, but it was our social media version back then.
My grandparents lived a nomadic life in the countryside when I was a kid. People often visited each other’s places randomly, without giving any notice. Whoever passed by would stop for a visit, and the host family treated them with whatever they had. If a guest came from far away, they might even prepare a sheep or a goat. I think it’s a beautiful tradition because we’re getting more distant and individualistic in our modern society. The nomadic way of living was warm and connected people deeper.
For example, the Mongolian Lunar New Year is on the first day of spring. Relatives and friends visit one another, and the host family serves big dumplings and other meat-heavy dishes. Everyone gathers, sharing updates on their lives: who’s going to university, who got married, who had a new baby, all the good or bad news. Relatives become closer because of this. A visit lasts at least two or three hours, never less than one hour. You have a real conversation. When guests leave, the host gives them small gifts. This is worth adopting because the world is becoming more capitalist and individualistic. Visiting someone’s home randomly is personal, allowing people to connect and build trust.
What would be your childhood memory that makes you smile whenever you think about it?
In middle school, I used to hang out with a group of three to five girls. We often gathered at one person’s house when their parents were working. FM radio was very popular back then, so we listened to it and wrote fancy, handcrafted letters to the station, hoping they’d read them aloud. Then we’d hear our letters on the broadcast and send more. It was a fun activity for us girls.
We also dressed in each other’s clothes and looked at ourselves in a big mirror for fun. We hung out at that friend’s place almost daily, mainly listening to the radio, writing letters, and calling random phone numbers on the landline. There were no mobile phones, so every home had a landline. We knew specific district prefixes, so we just dialed randomly. We hoped a kid around our age would answer so we could get to know them and become friends. If an older person picked up, we might play a small prank. It was silly, but it was our social media version back then.
“We used to call random landlines, hoping a cool kid would answer. That was our version of social media.”
Tsatsa Dambiinyam
CELA'17, Mongolia
You made the bold move from corporate leadership at Mobicom to pursuing advanced education in Boston. What was that midnight moment you decided, 'I need to make this change'?
My childhood wasn’t that fancy. My parents didn’t have enough money to send me to a private or foreign school. In fifth grade, I took a test to enter a math-focused school and got in. Later, I wanted to go to a Turkish–Mongolian school in eighth grade - one of my friends was accepted, but the annual dormitory fee was about $800, and my parents couldn’t afford it. I remember crying all day at the kitchen table because I wanted to go. It was the first time I wanted something so badly for myself, but they couldn’t pay.
I ended up going to a public school and then a local university, which was still good. I placed around 55th or 56th out of 3,000 candidates, so I got in, then worked at Mobicom for 11 years.
I never gave up on studying abroad, though. My family couldn’t support it financially, so I started looking for scholarships. I realized I needed more community work and stronger English skills. I spent two years on IELTS preparation - did lots of tests until I got a 7.
I joined a nonprofit called Women for Change, which does women’s leadership and empowerment. That experience opened me up to new areas like democracy and human rights. After I felt ready, I applied for scholarships in the U.S., the UK, Australia, and Canada. I got rejected three or four times before receiving a Fulbright-Humphreys scholarship. I was confident I’d get something if I kept trying, so I made it in the second or third year.
You hold a CFA credential, which anyone in finance knows is like climbing Mount Everest while solving math problems. What kept you going through those exams when most people would have given up?
There were fewer than five CFA charterholders in Mongolia when I started, maybe three. Now there are more candidates, but it’s still small. I had been working in corporate planning and budgeting for a while and wondered about my future career. I was doing well at Mobicom, but what if I left? Only internal stakeholders knew my capabilities, so I needed a recognizable qualification, like something that sets me apart in the job market. I explored CPA, but that’s more for accountants, and I’m more into financial management, forecasting, and budgeting. So CFA felt closer to my field.
I spoke to one of the first Mongolian CFAs to learn about the journey. Then I found three friends, and we eventually studied together, becoming CFAs. I passed Level II in 2018 while I was at Boston University. Then I went to Myanmar, got busy, and paused for two or three years. I resumed in 2024 and completed it.
At that time, there was no official CFA Society here. We tried forming one once we reached 30 charterholders, but the requirement increased to 150. With a population of only 3 million in Mongolia, and a smaller fraction in business and finance, it’s challenging.
You've lived in Mongolia, studied in the United States, and worked in Myanmar - that's quite the global perspective. What's something you've noticed about leadership that transcends cultural boundaries?
Before leaving Mongolia, I thought working in the U.S. or any multicultural setting would be hard. However, in Boston, I interned at a fintech with affiliates worldwide. I realized I could function well. In Myanmar, a typical meeting might include a Burmese person, a Japanese person, a Singaporean, a Malaysian, and an Indian - people from entirely different backgrounds.
One universal trait is being clear about the outcome. If everyone understands the goal, they’ll deliver results. If they only focus on their perspective, cultural differences, or how they personally do things, they’ll face many obstacles. However, if a leader keeps people’s eyes on the end result, it works across cultures. That’s the key.
Being able to envision the result helps to reach it, rather than getting stuck on how far away we are or how different the circumstances might be.
My childhood wasn’t that fancy. My parents didn’t have enough money to send me to a private or foreign school. In fifth grade, I took a test to enter a math-focused school and got in. Later, I wanted to go to a Turkish–Mongolian school in eighth grade - one of my friends was accepted, but the annual dormitory fee was about $800, and my parents couldn’t afford it. I remember crying all day at the kitchen table because I wanted to go. It was the first time I wanted something so badly for myself, but they couldn’t pay.
I ended up going to a public school and then a local university, which was still good. I placed around 55th or 56th out of 3,000 candidates, so I got in, then worked at Mobicom for 11 years.
I never gave up on studying abroad, though. My family couldn’t support it financially, so I started looking for scholarships. I realized I needed more community work and stronger English skills. I spent two years on IELTS preparation - did lots of tests until I got a 7.
I joined a nonprofit called Women for Change, which does women’s leadership and empowerment. That experience opened me up to new areas like democracy and human rights. After I felt ready, I applied for scholarships in the U.S., the UK, Australia, and Canada. I got rejected three or four times before receiving a Fulbright-Humphreys scholarship. I was confident I’d get something if I kept trying, so I made it in the second or third year.
You hold a CFA credential, which anyone in finance knows is like climbing Mount Everest while solving math problems. What kept you going through those exams when most people would have given up?
There were fewer than five CFA charterholders in Mongolia when I started, maybe three. Now there are more candidates, but it’s still small. I had been working in corporate planning and budgeting for a while and wondered about my future career. I was doing well at Mobicom, but what if I left? Only internal stakeholders knew my capabilities, so I needed a recognizable qualification, like something that sets me apart in the job market. I explored CPA, but that’s more for accountants, and I’m more into financial management, forecasting, and budgeting. So CFA felt closer to my field.
I spoke to one of the first Mongolian CFAs to learn about the journey. Then I found three friends, and we eventually studied together, becoming CFAs. I passed Level II in 2018 while I was at Boston University. Then I went to Myanmar, got busy, and paused for two or three years. I resumed in 2024 and completed it.
At that time, there was no official CFA Society here. We tried forming one once we reached 30 charterholders, but the requirement increased to 150. With a population of only 3 million in Mongolia, and a smaller fraction in business and finance, it’s challenging.
You've lived in Mongolia, studied in the United States, and worked in Myanmar - that's quite the global perspective. What's something you've noticed about leadership that transcends cultural boundaries?
Before leaving Mongolia, I thought working in the U.S. or any multicultural setting would be hard. However, in Boston, I interned at a fintech with affiliates worldwide. I realized I could function well. In Myanmar, a typical meeting might include a Burmese person, a Japanese person, a Singaporean, a Malaysian, and an Indian - people from entirely different backgrounds.
One universal trait is being clear about the outcome. If everyone understands the goal, they’ll deliver results. If they only focus on their perspective, cultural differences, or how they personally do things, they’ll face many obstacles. However, if a leader keeps people’s eyes on the end result, it works across cultures. That’s the key.
Being able to envision the result helps to reach it, rather than getting stuck on how far away we are or how different the circumstances might be.
Let's discuss women's empowerment, which I know is close to your heart. What would it be if you could whisper something in the ear of every young woman in Mongolia right now?
I’d say: You’re much more capable than you think. Be brave, be fearless, be playful. Our biggest enemy is often within ourselves, telling us we’re not enough. We give so much to others - family, company, community - but forget our needs. Don’t sabotage yourself. You can do more than you imagine. Even if you do something “stupid,” you can’t be that stupid. Just trust yourself and challenge yourself. You’re stronger than you realize.
We all face moments of doubt. Can you share a time when you felt completely out of your depth professionally, and how you navigated through it?
I feel doubt frequently, almost daily, but more so when I take on bigger roles. For example, I felt very nervous when I was promoted to manager for the first time. I kept comparing myself to others: “What if they judge me? What if my director sees I’m not ready?” I imagined someone saying, “She’s too junior, not capable enough.” It was stressful. After I became a director, I recognized that the same anxiety followed me every time I stepped up.
I remind myself, “I’ve faced this before and made it through.” That helps me manage new doubts. The first promotion was the hardest. Whenever I feel this stress, I recall, “It’s the same feeling I had back then, and I got through it.” So I can do it again.
What's the best piece of advice you've ever received, and who gave it to you?
My old manager and director was my go-to person whenever I needed guidance. He retired, and I was in line to replace him. One day, he asked, “Do you want this promotion? What do you think?” My mind said yes, but I had a lot of self-doubt. So I asked him, “If you leave, who will back me up?” I was used to having him as my “wall.” He replied, “You are the wall now. There’s no one else.” It hit me: I’m the final support for others now. It felt like a huge responsibility, but it was also empowering.
I’d say: You’re much more capable than you think. Be brave, be fearless, be playful. Our biggest enemy is often within ourselves, telling us we’re not enough. We give so much to others - family, company, community - but forget our needs. Don’t sabotage yourself. You can do more than you imagine. Even if you do something “stupid,” you can’t be that stupid. Just trust yourself and challenge yourself. You’re stronger than you realize.
We all face moments of doubt. Can you share a time when you felt completely out of your depth professionally, and how you navigated through it?
I feel doubt frequently, almost daily, but more so when I take on bigger roles. For example, I felt very nervous when I was promoted to manager for the first time. I kept comparing myself to others: “What if they judge me? What if my director sees I’m not ready?” I imagined someone saying, “She’s too junior, not capable enough.” It was stressful. After I became a director, I recognized that the same anxiety followed me every time I stepped up.
I remind myself, “I’ve faced this before and made it through.” That helps me manage new doubts. The first promotion was the hardest. Whenever I feel this stress, I recall, “It’s the same feeling I had back then, and I got through it.” So I can do it again.
What's the best piece of advice you've ever received, and who gave it to you?
My old manager and director was my go-to person whenever I needed guidance. He retired, and I was in line to replace him. One day, he asked, “Do you want this promotion? What do you think?” My mind said yes, but I had a lot of self-doubt. So I asked him, “If you leave, who will back me up?” I was used to having him as my “wall.” He replied, “You are the wall now. There’s no one else.” It hit me: I’m the final support for others now. It felt like a huge responsibility, but it was also empowering.
“The world doesn’t need perfection. It needs women who trust their own voice.”
Tsatsa Dambiinyam
CELA'17, Mongolia
Let's talk a bit about financial literacy. Financial literacy can be intimidating for many people. If you could demystify one concept that would make the biggest difference in people's life, what would it be?
Personal finance: People earn money but don’t manage it carefully, whether individuals or companies. Budgeting, forecasting, and planning for the future are ignored, and they fail. One big tip is always to set aside some savings. No matter how much you earn, you need a reserve for emergencies or future investments. If you have zero savings, you can’t multiply zero. Even if you start small, it can grow. Over time, it can help you invest in something that brings more income. When an opportunity appears, if you have nothing, you lose out. So I believe in consistency and accumulation. Many people want quick, significant gains, but real growth needs patience.
You've worked in telecommunications, education, and fintech - what's the common thread that connects your career journey?
My major is finance, but when I joined Mobicom in 2007 or 2008, I was placed in New Business Development. One of my first projects was to set up a digital wallet service, relatively early for Mongolia. We had to partner with vendors from Israel. Another project was also finance-tech related. Then I switched to corporate finance and budgeting.
When I studied in Boston, I chose Business Analytics because I already knew a lot about finance. Business Analytics covers data analysis, statistics, and how to apply it to business solutions. That connected finance with technology, like big data. Then I was invited to Myanmar as the CFO of a FinTech lending company. It was Myanmar's first digital lending idea, though it didn’t fully operate. They wanted telco data to create credit models for about 20 million telecom users. After returning to Mongolia, I joined the credit bureau, which aligns well with FinTech and risk assessment. So, looking back, I realize that finance and technology have always been intertwined for me.
So you're now with this credit bureau.
Yes, I am. We provide data on individuals and institutions so lenders can assess credit risk.
We launched Mongolia’s first nationwide credit scoring last year, after finishing some tasks in August and holding a launch event in September. We partnered with the U.S. company FICO and customized their approach for Mongolia. We factor in more than 120 criteria, like payment frequency and delays. Now, banks and non-banks use that scoring. Previously, they looked only at whether you were delinquent at that moment. Now they have a more detailed score.
It’s based on statistical regression, not AI, because we need explainability. If someone asks, “Why did I get this score, and how can I improve?” we should have clear factors. Sometimes AI is a black box. We might add other assessments later, especially for specialized lenders or specific needs.
In China, they have behavioral scoring and personal scores. If it’s taken too far in an unethical way, it might create a caste system, as shown in one of the “Black Mirror” episodes. Still, doing it responsibly helps with lending.
What do you think about the future of Mongolia's economy in general?
In recent years, it’s been growing. We’re trying to be less dependent on mining, which is about 90% of our economy and is tied to global commodity prices. We want more diversification, but with just 3 million people, it’s hard to have large-scale manufacturing. Our banking sector is doing okay and getting some foreign investment. The near-term prospects look decent, but I’m not entirely optimistic about the quality or systems. The most qualified people do not run our politics and governance. I feel the system isn’t improving enough. Maybe it’s my pessimistic view, but many people avoid public service because it’s tough and the environment is unhealthy. I’m slightly disappointed with the politics, though the economy is growing. Our quality of life, better governance, and real improvements are questionable. But we rely on the government for big decisions. It isn’t very easy.
So you have an uncertain picture of the future. But is there something you know for sure?
I know everything eventually improves. Not everything goes bad. People and communities do move forward. I’m optimistic in that sense, even though I complain about politics. Overall, life gets better over time.
Personal finance: People earn money but don’t manage it carefully, whether individuals or companies. Budgeting, forecasting, and planning for the future are ignored, and they fail. One big tip is always to set aside some savings. No matter how much you earn, you need a reserve for emergencies or future investments. If you have zero savings, you can’t multiply zero. Even if you start small, it can grow. Over time, it can help you invest in something that brings more income. When an opportunity appears, if you have nothing, you lose out. So I believe in consistency and accumulation. Many people want quick, significant gains, but real growth needs patience.
You've worked in telecommunications, education, and fintech - what's the common thread that connects your career journey?
My major is finance, but when I joined Mobicom in 2007 or 2008, I was placed in New Business Development. One of my first projects was to set up a digital wallet service, relatively early for Mongolia. We had to partner with vendors from Israel. Another project was also finance-tech related. Then I switched to corporate finance and budgeting.
When I studied in Boston, I chose Business Analytics because I already knew a lot about finance. Business Analytics covers data analysis, statistics, and how to apply it to business solutions. That connected finance with technology, like big data. Then I was invited to Myanmar as the CFO of a FinTech lending company. It was Myanmar's first digital lending idea, though it didn’t fully operate. They wanted telco data to create credit models for about 20 million telecom users. After returning to Mongolia, I joined the credit bureau, which aligns well with FinTech and risk assessment. So, looking back, I realize that finance and technology have always been intertwined for me.
So you're now with this credit bureau.
Yes, I am. We provide data on individuals and institutions so lenders can assess credit risk.
We launched Mongolia’s first nationwide credit scoring last year, after finishing some tasks in August and holding a launch event in September. We partnered with the U.S. company FICO and customized their approach for Mongolia. We factor in more than 120 criteria, like payment frequency and delays. Now, banks and non-banks use that scoring. Previously, they looked only at whether you were delinquent at that moment. Now they have a more detailed score.
It’s based on statistical regression, not AI, because we need explainability. If someone asks, “Why did I get this score, and how can I improve?” we should have clear factors. Sometimes AI is a black box. We might add other assessments later, especially for specialized lenders or specific needs.
In China, they have behavioral scoring and personal scores. If it’s taken too far in an unethical way, it might create a caste system, as shown in one of the “Black Mirror” episodes. Still, doing it responsibly helps with lending.
What do you think about the future of Mongolia's economy in general?
In recent years, it’s been growing. We’re trying to be less dependent on mining, which is about 90% of our economy and is tied to global commodity prices. We want more diversification, but with just 3 million people, it’s hard to have large-scale manufacturing. Our banking sector is doing okay and getting some foreign investment. The near-term prospects look decent, but I’m not entirely optimistic about the quality or systems. The most qualified people do not run our politics and governance. I feel the system isn’t improving enough. Maybe it’s my pessimistic view, but many people avoid public service because it’s tough and the environment is unhealthy. I’m slightly disappointed with the politics, though the economy is growing. Our quality of life, better governance, and real improvements are questionable. But we rely on the government for big decisions. It isn’t very easy.
So you have an uncertain picture of the future. But is there something you know for sure?
I know everything eventually improves. Not everything goes bad. People and communities do move forward. I’m optimistic in that sense, even though I complain about politics. Overall, life gets better over time.
“CFA exams feel like climbing Everest while solving math problems. In the snow. Alone.”
Tsatsa Dambiinyam
CELA'17, Mongolia
We all have hidden talents. What's something you're surprisingly good at that has nothing to do with finance or business?
I’m good at communication, especially in small groups, but maybe that’s not hidden. I use my time well when I cook potatoes, steak, and other dishes. For instance, if I’m cooking steak, mashed potatoes, a salad, rice, and maybe a beverage, I make them all finish simultaneously - maybe in an hour or an hour and 15 minutes, by overlapping tasks. That might seem small, but I’m pretty proud of it. I cook a handful of “signature dishes” on weekends, so everyone gathers around the table.
What book has changed your perspective on life, and how did it find you at precisely the right moment?
Deep Work by Cal Newport. It talks about focusing on essential goals without getting distracted. I read it in 2021, and it helped me understand how to concentrate on key tasks, like preparing for the CFA exam or doing coaching sessions. If I hadn’t read it, maybe I’d keep trying to multitask and be less productive. Another book is 40 Rules of Love by Elif Shafak, which changed my perspective on human connection. It’s fiction, but it dives into how people see each other’s struggles.
If you could have dinner with any three people, living or not, who would they be and what would you want to ask them?
I’d choose my dad first. He passed away when I was five, so now as an adult, I’d love to sit down with him, see who he was, how he saw the world. Second, someone enlightened, maybe Buddha, to ask about the purpose of life. How to find fulfillment and peace. If there was only one thing I could do every day to feel truly content, I’d ask what that would be. Third, I’d pick someone funny. Maybe a potential future partner, someone I’d enjoy talking to. Or a celebrity like Nicolas Cage, to ask, “What’s it really like to be rich and famous?” But mostly I want an enlightened conversation.
What if Buddha said there is no purpose?
Then I'd have a follow-up question about how to live without a defined purpose. But I’m not religious. I’m still searching for my beliefs to have a solid perspective on why we’re here and how to live. I want something meaningful to me, whether or not it’s a formal religion.
I’m good at communication, especially in small groups, but maybe that’s not hidden. I use my time well when I cook potatoes, steak, and other dishes. For instance, if I’m cooking steak, mashed potatoes, a salad, rice, and maybe a beverage, I make them all finish simultaneously - maybe in an hour or an hour and 15 minutes, by overlapping tasks. That might seem small, but I’m pretty proud of it. I cook a handful of “signature dishes” on weekends, so everyone gathers around the table.
What book has changed your perspective on life, and how did it find you at precisely the right moment?
Deep Work by Cal Newport. It talks about focusing on essential goals without getting distracted. I read it in 2021, and it helped me understand how to concentrate on key tasks, like preparing for the CFA exam or doing coaching sessions. If I hadn’t read it, maybe I’d keep trying to multitask and be less productive. Another book is 40 Rules of Love by Elif Shafak, which changed my perspective on human connection. It’s fiction, but it dives into how people see each other’s struggles.
If you could have dinner with any three people, living or not, who would they be and what would you want to ask them?
I’d choose my dad first. He passed away when I was five, so now as an adult, I’d love to sit down with him, see who he was, how he saw the world. Second, someone enlightened, maybe Buddha, to ask about the purpose of life. How to find fulfillment and peace. If there was only one thing I could do every day to feel truly content, I’d ask what that would be. Third, I’d pick someone funny. Maybe a potential future partner, someone I’d enjoy talking to. Or a celebrity like Nicolas Cage, to ask, “What’s it really like to be rich and famous?” But mostly I want an enlightened conversation.
What if Buddha said there is no purpose?
Then I'd have a follow-up question about how to live without a defined purpose. But I’m not religious. I’m still searching for my beliefs to have a solid perspective on why we’re here and how to live. I want something meaningful to me, whether or not it’s a formal religion.