Ortogh

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Ortogh, also called ortoq, was a merchant partnership in the Mongol Empire. The name comes from the Turkic word “ortak,” meaning partner. Ortogh allowed merchants to pool money, share risks, and lower the costs of long-distance trade, helping caravan trade to grow.

How it started: Genghis Khan’s family and generals chose Muslims—mainly Uyghurs and West Turkistanis—to handle gold and silver for trade. These merchants were paid high commissions and could use official relay stations as long as they did not interfere with military actions. The Mongols also offered low-interest loans to ortogh merchants. In 1268, Kublai Khan created a General Administration for the Supervision of Ortogh to provide money at low interest.

The Mongols developed investment arrangements in ortogh partnerships, similar to the qirad and commenda contracts. Investors used coins, paper money, gold and silver ingots, and tradable goods to fund lending and trade.

Mongol elites formed trade partnerships with merchants from Eastern, Central, and Western Asia, and even Europe, including Marco Polo’s family.

In China, ortogh were known for special privileges and moneylending at high interest, which drew criticism. By the Ming dynasty, the term ortogh simply meant “merchant” and no longer described a distinct institution.