Mongolia's best digital bank 2021: LendMN
Anar Chinbaatar, one of five founders of LendMN, doesn’t claim to be able to see into the future. But it’s hard to think of an entrepreneur who did a better job of gearing a startup for where Mongolia would be six years on.
LendMN, the nation’s most dynamic fintech firm, was established in 2015 by a group of friends, including chief executive Boldbaatar Ochirsuren. Six years ago, the senior management could not have known how a fintech craze would upend Mongolia’s notoriously analogue economy. And neither Chinbaatar nor Ochirsuren could have guessed that a pandemic shock would force Mongolia’s entire financial system to bend their way.
The good news is that Mongolia isn’t a zero-sum game economy. But LendMN is enjoying something of a first-mover advantage as the pie grows bigger and digitalisation becomes an urgent necessity for all banks.
The fintech operation is much more, of course. Parent company AND Global manages startups developing artificial intelligence-powered financial products and services. Its proprietary platform does instant credit-scoring to unlock access for millions of people to unsecured loans and payment options. All this is done instantly via smartphones.