Marubeni forms strategic tie-up with Singapore fintech startup AND Global

23, Apr. 2020

(Photo courtesy of AND Global)
(Photo courtesy of AND Global)

SINGAPORE, NNA –Marubeni Corp. has signed an agreement to form a strategic partnership with Singaporean fintech startup AND Global Pte. Ltd. to help both expand, the Tokyo-based trading giant said Wednesday.

Marubeni will take advantage of a global business network and expertise in financial services to help AND Global reach financial institutions that are in the process of digitizing for sales of financial service applications, a trading house spokeswoman said.

Marubeni and AND Global linked up because of their similar business strategies. Marubeni said in a statement it sees business growth in digital financial services and has explored the use of fintech applications. AND Global wants to expand its overseas fintech services.

The spokeswoman declined to disclose any sales target or other specific figures related to the partnership. But she did not rule out the idea that the two companies might eventually form a “capital alliance.”

AND Global, founded in 2017, runs a research and development unit in the Mongolian capital Ulaanbaatar, a growing center for the development of IT human resources. It sells mobile lending and electronic wallet services to local consumers as well. About 380,000 people are using AND Global apps in Mongolia.

The fintech startup is trying now to expand its sales of its apps to other parts of the world.