Sendly International Remittance Company prepares for IPO

Sendly International Remittance Company prepares for IPO

  • By Dulguun   -   Mar 28,2022
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The Sendly application is the first officially licensed international money transfer service developed by Mongolian tech youths for Mongolians all over the world.

In May 2020, they launched a remittance service from the USA to Mongolia, followed by a remittance service from Australia to Mongolia in May 2021 and a remittance service from Japan to Mongolia in November 2021. The Sendly’s distinguished feature gives advantage of having the lowest fees.

In the past, a total of 8.7 million USD or 24.8 billion MNT was transferred to Mongolia. In 2021 alone, 19,600 transactions were received, which is 46.2 percent of the total number of 42,400 SWIFT transactions received by all commercial banks.

The Sendly became an official partner of China’s WechatPay service in 2021, and the company is planning to launch the service this year and make money transfers to China in the future.

In 2020, the Financial Conduct Authority in the UK granted MonRemit Limited, The Sendly’s UK subsidiary, an API (Authorized Payment Institution) license. In May, we plan to launch our services in the European Union. The Sendly’s software allows Mongolians living overseas to shop online, make payment of voluntary social insurance, provide access to stock market, and purchase apartments.

The company’s slogan is “Sendly-Money transfer for Mongolians” and it plans to enter the global market in 2023 and expand its operations to other countries.

In the third quarter of 2022, The Sendly intends to go public. A collaboration agreement has been inked with prominent Mongolian and international organizations as part of the preparations.

IPO partner organizations:

Leading underwriter: Ulzii and Co Capital JSC

Co-underwriter: Rhinos Investment JSC

Legal Counsel: MDS Khanlex HNN

External evaluation company: Gerege Estimate LLC

External audit company: Ernst & Young Mongolia Audit LLC

Ulzii & Co. Capital LLC, one of Mongolia’s premier securities companies, was founded by B.Ulziibayar, the chairman of the board of the Mongolian Securities Dealers Association, in 2007 to provide investment banking services. For the first time in Mongolia, the company has introduced HKEX, LSE, ASX, and NYSE trading services, as well as collaborated with Ard Credit NBFI LLC to issue an IPO using the order registration technique as an underwriter and issued Sandbox’s digital bond.

Rhinos Investment JSC LLC was founded in 2019 with a 100 percent investment from the Republic of Korea’s investment management firm, Rhinos Asset Management. It previously worked for Andsystems LLC and AN Mobile Network LLC as a closed-end product investment consultancy company and as a syndicate company for LendMN NBFI’s open bond launch.

MDS Khanlex Law Firm was founded in 2011 and began providing legal services to well-known multinational corporations in 2018. The business has worked on the first public offerings of LendMN NBFI LLC, Mongol Daatgal JSC, Tumenshuvuut JSC, Investor NBFI LLC and Suu JSC.

Since 2001, Ernst & Young Mongolia Audit LLC (Ernst & Young Mongolia) has provided external audit and tax consulting services in Mongolia as part of the Ernst & Young Global Network of 300,000 people in 150 countries. In 2021, the organization conducted an external audit of six commercial banks as well as Mongolian Mortgage Corporation, LendMN, Emart, and Tenger Daatgal’s financial statements.

Gerege Estimate LLC is an independent valuation firm and D.Gantulga, the firm’s founder and qualified appraiser, leads the appraisal team. D.Gantulga works for the Royal International Institute of Certified Appraisers as a business and intangible asset appraiser. His team has worked on IPOs for financial institutions such LendMN NBFI, Invescore NBFI and Bodi Daatgal in the past.

Dulguun Bayarsaikhan