This Singaporean Fintech Startup Introduced Mobile-based Microlending to Mongolia
By Pooja Singh
In Mongolia, where the average monthly income is $400, getting credit and small bank loans is difficult. So the citizens turn to friends or family members for financial help.
Anar Chinbaatar and his friends Boldbaatar Ochirsuren and Bayarsaikhan Volodya got so tired of friends asking to borrow money, that they established AND Global in 2015 to provide non-collateralized instant consumer, micro and micro business. “The endless queues and paperwork requirements of traditional banks are time consuming, and people often are forced to risk their valuables as collateral for pawnshops or other non-traditional lenders. The lending industry in Mongolia is fractured,” says Chinbaatar, the chief executive officer of the Singapore-registered fintech startup.
Photo courtesy of uditha wickramanayaka.