Mongolia's best bank for digital solutions 2022: LendMN
Creating a version of Silicon Valley in Mongolia has always been the driving force behind LendMN, founded by Anar Chinbaatar, Boldbaatar Ochirsuren, Otgonbayar Uuye and Otgonbayar Purevsuren.
That commitment only became stronger as digital channels became ever more important after Covid-19 hit in 2020. In the period since, the ubiquitous consumer microcredit app has proved to be an invaluable part of the nation’s financial foundations.
This was partly what the founders had envisioned all along when they started the AI-powered fintech app in 2015. Mongolia, they believed, needed a global brand.
In February 2018, LendMN’s operating subsidiary became the first non-banking financial institution to be listed on the Mongolian Stock Exchange. The IPO was oversubscribed by 1,650%, the biggest in the history of the bourse. The group’s app is now used actively by 1.8 million people out of a population of about 3.4 million.
The entirely mobile-based process of acquiring a first loan – from application to approval, to receiving the money in a bank account – usually takes 15 minutes or less. Subsequent loans take just two minutes to process.
There is also a loyalty system embedded in LendMN’s platform.