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SBI invests in AI-powered microlender serving Mongolia

AND Global to expand app-based financing to Cambodia and beyond

A rider at the Genghis Khan Statue Complex near Ulaanbaatar: Roughly 30% of Mongolia's population is registered on AND Global's microfinancing app.   © Reuters

TOKYO -- Japanese financial group SBI Holdings has taken a stake in Singapore-based fintech startup AND Global, which provides microloans in Mongolia via its smartphone app.

SBI took part in the startup's $15.3 million private placement round through an investment unit in Singapore.

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