22-24 April 2025 | Bangkok

At this year’s Money20/20 Asia in Bangkok, the spotlight turned toward emerging markets and how purpose-built technology can unlock growth where traditional systems fall short.

Representing AND Solutions, CEO Baasandorj Davaasuren took the stage to share a real-world success story: how technology developed in Mongolia is transforming access to finance for underserved businesses.

Bridging the Gap for MSMEs

In his session, Baasandorj spotlighted the story of LendMN, a pioneering digital lender in Mongolia that has become a model for AI-powered, fully digital B2B lending. Built entirely on AND Solutions’ technology, LendMN serves as a clear example of how financial inclusion can be achieved at scale through the right infrastructure.

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“Fintech is not just about technology. It’s a bridge to financial inclusion.” — Baasandorj Davaasuren, CEO of AND Solutions

‍In Mongolia, MSMEs represent 93% of all enterprises and account for nearly 70% of employment, yet nearly half still lack access to formal financing. The situation is mirrored across Southeast Asia, where the funding gap for MSMEs is estimated at $300 billion (ADB, 2024). LendMN was built to address this challenge head-on.

The Technology Behind the Success

What enabled LendMN to become one of Mongolia’s most successful fintech stories was Looms, the loan origination and management platform developed by AND Solutions.

From day one, Looms provided LendMN with a fully digital infrastructure, eliminating the need for manual processes or legacy banking systems. It allowed LendMN to:

• Automate the full lending journey, from onboarding to disbursement and repayment
• Leverage AI-based credit scoring and alternative data models
• Simplify KYC workflows for easier access
• Operate at scale with speed, compliance, and transparency
• Reach tens of thousands of borrowers with collateral-free MSME loans

‍And the results speak for themselves: within just four months of launching its Flexi Business product, 1,500 MSMEs successfully received unsecured business loans through the platform.

"AND offers 100% automated decision-making within 3 minutes of customer onboarding, significantly reducing acquisition costs and setting a new standard in the micro-lending industry.” —Uuganbayar Tserendorj, CEO of LendMN

This case study demonstrated how Looms can serve as a blueprint for other markets facing similar infrastructure limitations and inclusion gaps.

Key Takeaways from Money20/20 Asia

Beyond the presentation, Baasandorj engaged in rich conversations with fintech leaders from across Asia. Here are some of the insights that emerged:

1. Financial Inclusion is Now a Core Business Strategy

In panel discussions and closed-door sessions, one theme was clear: inclusive fintech is no longer optional. Global and regional players alike are shifting from seeing inclusion as CSR to recognizing it as a driver of sustainable growth.

2. The Region is Moving Toward Embedded, Invisible Finance

From onboarding to credit evaluation, financial services are becoming seamless, contextual, and real-time. The shift toward embedded lending and invisible finance requires platforms like LendMN to lead with flexibility and deep data integration.

3. AI and Alternative Data Are Changing the Game

Lenders across Southeast Asia are adopting AI models that go beyond traditional credit history. Discussions highlighted how alternative data sources — from mobile usage to cash flow trends — are unlocking new markets, especially for MSMEs and informal sector businesses.

“What stood out to me most was how aligned we are with the global fintech movement. There’s a clear demand for solutions that put people first. At AND Solutions, our mission is to “bring technology closer to everyone” and Southeast Asia is quickly becoming the proving ground for that transformation. I’m proud that we are part of it.” — Baasandorj Davaasuren, CEO of AND Solutions

We extend our sincere thanks to the organizers of Money20/20 Asia for creating such a dynamic platform for meaningful exchange and collaboration. It was an incredible opportunity to share Mongolia’s fintech journey, connect with industry pioneers, and explore new possibilities across the region.

We’re energized by the conversations started and even more excited about what comes next.

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Let’s bring technology closer to everyone—together.