AND Global Raises US$2.8mil in fresh funding
By Digital News Asia November 2, 2018
- This round will be used to expand services to the Philippines (Q418) and Myanmar (Q119)
- Will deliver a digital wallet app that allows P2P money transfers, and low-interest micro-loans
AND Global, an Asia's fintech platform incorporated in Singapore has announced a US$2.8 million (RM11.7 million) investment from Korea-based Rhinos Asset Management into its subsidiary AND Systems. Total funding to date stands at US$15.3 million (RM63.98 million).
This round will be used to expand their services to the Philippines (Q418) and Myanmar (Q119) and to increase their available loan pool in these new regions.
Their mobile app, LendMN, currently delivers more than 90,000 unsecured micro-loans per month in Mongolia — repayment rates stand at 98.5%. In Myanmar and the Philippines the service is planned to be rebranded as myLend and aiLend, respectively.
This planned expansion comes less than a year after LendMN went public in March 2018 on the Mongolian Stock Exchange, with an IPO oversubscribed by 16 times.
Rhinos CEO Myungho Chun said, “We have invested MNT7 billion in AND Systems’ ELB, which is the first ELB ever issued in Mongolia. This will make it possible for AND to save on interest expenses, and will not have to issue new shares which would dilute their shareholders’ position.”
In the Philippines and Myanmar, roughly 131 million people have no access to traditional financial services, yet both countries have relatively high rates of smartphone penetration, at 48% and 80% respectively.
Capitalising on this need, AND Global will deliver a digital wallet app that allows P2P money transfers, without service fees, and low-interest micro-loans with no collateral requirement. Integration with popular direct messaging services, like Viber and Facebook Messenger, will make P2P transactions quick and convenient with only a few clicks.
AND Global will use the Philippines and Myanmar as testbeds for their digital financial service expansion. In H219 the company is planning additional roll outs in the Southeast Asia region, where around 307 million people still have no access to banking or other vital financial services.
To scale growth, they will launch their platform as a service through a partnered cloud provider, free for any small financial institution to try out, and accessible via any internet connection.
“We want to become a successful international finance company that provides complete consumer financing services. Not only lending: savings, payments, wallets, leasing, everything,” said AND Global CEO Anar Chinbaatar (pic).
“I believe that the next generation of banking has already started, and will be prevalent around the world in three to five years. That’s why we are making such aggressive use of our time right now.”
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