AND Global joins TSE Asia Startup Hub with Tokyo listing in sight

AND Global, the APAC-focused fintech group that grew out of Mongolia's nascent digital-lending market, has been selected as one of 23 companies in the Tokyo Stock Exchange's Asia Startup Hub, a programme launched in 2024 to channel high-potential Asian startups toward Japanese partnerships, institutional backing, and potential TSE listings. The selection, announced by the TSE on 25 September 2026, places AND Global alongside companies spanning ten countries and regions across Asia.

The timing is significant. AND Global closed a US$21.4 million Series B round backed by the International Finance Corporation, AEON Financial Service, Marubeni, SBI Holdings, and Premium Group. That investor roster reads less like a typical venture round and more like a strategic coalition: it pulls together a multilateral development bank, a major Japanese consumer-finance group, a trading conglomerate, and one of Japan's most active fintech-oriented financial groups. The breadth of that table suggests AND Global is being positioned for a role inside Japan's financial infrastructure, not merely alongside it.

From Ulaanbaatar to the Tokyo Exchange

AND Global's trajectory illustrates a pattern gaining traction across the region: fintech platforms that proved out digital-lending and credit-scoring models in underbanked frontier markets are now being imported, with institutional sponsorship, into more developed economies seeking to modernise ageing financial infrastructure. The company's flagship products, Looms for digital lending and collections, and Mindox for intelligent document processing, are already deployed within AEON Financial Service and Global Trust Networks operations, driving automated credit scoring and digital identity workflows across the region.

CEO Khos-Erdene Baatarkhuu framed the TSE inclusion in explicitly strategic terms: "Japan is more than a market for AND Global, it is a key partner in shaping our growth across Asia. Joining the TSE Asia Startup Hub allows us to further accelerate capital and commercial partnerships with Japanese market leaders, strengthen cross-border financial innovation between Japan and Asia, and advance our mission to become a premier Asian fintech company, with a future TSE listing in sight."

That reference to a future listing is the most consequential signal in the release. A TSE listing would give AND Global access to one of the world's deepest pools of institutional and retail capital, and would represent a meaningful liquidity event for its existing Japanese corporate backers, creating incentive alignment across the investor table.

The macro read-across: Japan's capital-market pivot

The TSE's Asia Startup Hub is not a peripheral initiative. It forms part of a deliberate Japanese government and exchange strategy to reposition Tokyo as a capital-markets hub capable of competing with Singapore and Hong Kong for high-growth Asian technology businesses. For decades, the TSE was characterised by low valuations, low liquidity for growth companies, and a domestic-investor bias. That narrative has shifted materially since the exchange's 2022 governance reforms, which have driven a wave of activist capital and corporate restructuring.

For Disrupts readers allocating across the region, AND Global's selection is a useful data point in a larger trend: Japanese institutional capital is increasingly flowing toward APAC fintech infrastructure, specifically platforms that can modernise bank and lender operations across Southeast and Central Asia. The IFC's lead position in the Series B adds a development-finance dimension, signalling that financial-inclusion mandates and commercial returns are converging in this corner of the market.

With products active in 11 countries and a 250-person organisation spread across Mongolia, Japan, Singapore, the Philippines, and Thailand, AND Global's architecture already mirrors the diversified holding-company model that Japanese trading houses have long used to manage regional exposure. Whether that structural resonance accelerates the path to a TSE listing, or complicates it as regulators and investors assess a genuinely multi-jurisdictional business, is the question worth watching.