On November 16, 2020, Marubeni Corporation (hereinafter, “Marubeni”) reached an agreement with AND Global Pte. Ltd. (hereinafter, “AND Global”), a FinTech solutions developer and provider in Singapore, by which Marubeni will make an equity investment in AND Global by capital increase through third-party allotment.

AND Global is a start-up company that operates its FinTech R&D center in Ulaanbaatar, Mongolia. The company also runs a small ticket lending business with the brand, “LendMN” and an e-wallet service with the brand, “LendMN Wallet”. Additionally, its operating subsidiary, LendMN NBFI JSC was listed on Mongolian Stock Exchange in 2018.

Since Marubeni and AND Global entered into a strategic partnership in April 2020, the two companies have been cooperating to develop new business opportunities and promote AND Global’s FinTech solution service globally. Through this process, Marubeni has grown to believe even more strongly in AND Global’s vision and digital development capability in providing its FinTech service due to its strong management and talented people. As such, Marubeni decided the agreement to strengthen its relationship with AND Global even further by investing in the company and support its further growth in the future. After consummation of the equity subscription, Marubeni, as the largest shareholder of AND Global, will continuously provide necessary support for the company’s global expansion, including deployment of its own employees to AND Global’s group companies and extensive support for business development.

With the coronavirus crisis, and as Digital Transformation becomes a global phenomenon, especially in the consumer business area, significant growth in digital financial services for general consumers is expected. Marubeni strongly believes that AND Global’s FinTech solutions, including its proprietary AI-based credit scoring system and collaboration with external application service providers, has a great potential to serve the increasing global demand and will work together with AND Global to expand its business outside of Mongolia.

Marubeni also believes that AND Global’s experience in operating digital finance service and establishing digital ecosystems with its self-developed technology will be a great help for consumer businesses of the Marubeni Group and partner companies, helping them to improve their current operation and create new businesses in the midst of the aforementioned global trend.