The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2020 Euromoney is part of the Euromoney Institutional Investor PLC
Best Bank Awards

Mongolia's best digital bank 2020: LendMN


Boldbaatar Ochirsuren, LendMN.jpg
Boldbaatar Ochirsuren, LendMN

It will be fascinating to watch LendMN develop as the effects of Covid-19 lessen. Founder Anar Chinbaatar’s big idea was to build a digital payday lender that could approve and disburse a loan in minutes. When LendMN opened for business in 2017, issuing small, unsecured loans, that process generally took most traditional Mongolian lenders several days to do.

Chinbaatar built the firm to last and to grow quickly. In its first 18 months, it issued 600,000 loans with an average size of $90. It had no branches, which cut costs and helped it to survive during the pandemic. Its success also forced the nation’s big lenders to get serious about digital innovation.

Will it survive as a solo operator? More than one bank chief that Asiamoney spoke to in November dismissed the idea. “It will be bought by one of the big banks,” said one seasoned banker. Perhaps – but then most pure-play digital banks are built to be bought.

LendMN, run by CEO Boldbaatar Ochirsuren, is a formidable operator that carefully layers new services on top of strong foundations.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree