Sendly is a remittance service company that provides safe, fast, and affordable money transfer service to Mongolians living in the US.
We talked to Nyamjargal Batdorj, Remittance Director about how and why Sendly started, why they decided to partner with Machnet and their future plans.
How It Started
Mongolia is a small landlocked country with a population of 3.4 million and a diaspora of around 40,000 Mongolians living in the US. This small population has limited access to money transfer services, and the few available providers are large companies like Moneygram and Western Union.
The idea of Sendly was born when Mr. Naranbat Battulga, the founder and current Chairperson, used the then existing money transfer services to send money to Mongolia from outside. He realized that the fees accounted for twenty percent of the total amount of money that had been transferred. He felt the need for a localized money transfer service that catered specifically to Mongolians living abroad, with no language or cultural barriers, and did not charge exorbitant fees.
Why Sendly partnered Machnet
Sendly partnered with Machnet to build a fast, safe and affordable remittance service for Mongolians living in the US. Customers can send money back home by connecting their bank accounts and debit cards to the Sendly app powered by Machnet’s API and transfer money from back home. The entire transaction takes place online in less than 10 minutes for the customers - significantly quicker than other traditional money transfer services.
Sendly launched its app right at the beginning of the pandemic. One of the biggest benefits of partnering with Machnet was that we were able to build a 100% digital remittance service, and therefore have an online presence in the US despite the pandemic.
In our partnership, Sendly values reliability, drive for continuous improvement, and the appetite to find practical solutions to problems, which we believe we find in Machnet.
We see Machnet as a trustworthy business partner with whom we can discuss any issue. We can tackle any problem together, which is a crucial and fundamental aspect of any partnership.
As of the end of November 2022, the Bank of Mongolia reported that the total number of inbound transactions from the United States to Mongolia amounted to 500 million. In remittance alone, 1.5% of individual transactions took place through Sendly in 2022.
Today 40% of the 40,000 Mongolians living in the US are registered active users of Sendly. Given that we are one tiny player in the market, I believe it to be a significant amount. Sendly strives to continuously enhance its products and services to serve its diaspora better.