LendMN taps into Korean market www.zgm.mn
LendMN NBFI JSC, a subsidiary of AND Global, is planning to issue a Depositary Receipt (DR) in the South Korean market. The commencement is in the process of research.
DR is a tool that allows foreign investors to buy shares in another country’s stock exchanges. In other words, it is a type of transferable financial security that is traded on a local stock exchange but represents a security, usually in the form of equity, that is issued by a foreign publicly listed company.
LendMN is the first Mongolian FinTech company that provides an opportunity for its users to obtain quick loans without collaterals using a mobile application powered by Artificial Intelligence-based credit scoring. The company currently disburses more than 2,500 loans per day.
Compared to the Q4 of 2018, the number of customers increased by 28 percent, the number of loans disbursed improved by 40 percent, the number of loans disbursed drew by 37 percent, and the amount of loan portfolio increased by 60 percent in the first quarter of 2019.
The company distributed 800 million shares in the domestic market. Shareholders own 600 million or 75 percent of the total shares, 200 million or 25 percent are owned by 4,000 small shareholders.
AND Global is an origin company of And Systems LLC and LendMN NBFI JSC, which is responsible for the Group’s investment, strategy, and management. And Global company has attracted USD 5 million from domestic and Asian investors, and the company’s market value has reached USD 30.4 million. Also, the LendMN model is about to be developed in the Philippines in Southeast Asia, Indonesia, and Japan.