Myanmar mobile payment firm ONGO gets new investor
In this article (5)
National Bank of Canada (NBC) has acquired a 22% stake in Myanmar-based mobile payments firm ONGO for an undisclosed sum.
ONGO is the consumer facing brand of Ronoc Asia, a subsidiary of the emerging markets investment business Ronoc. It offers retailer payments solutions, payroll programs and direct to consumer services leveraging payments technology.
ONGO currently employs over three hundred people in Yangon and is expected to grow to five hundred by year end.
“The addition of National Bank of Canada is an important milestone for our business. We have aggressive growth plans for Myanmar and have set ourselves a goal of providing over one million consumers with access to finance over the next three years,” said Michael Madden, the Founder and Chairman of Ronoc Asia/ONGO.
“The addition of NBC as a strategic investor will strengthen our capabilities and accelerate our timelines in Myanmar as well as our expansion to other markets in the region.”
“National Bank of Canada is proud to become a partner of Ronoc Asia/ONGO. This investment in fintech complements the activities we already have in the ASEAN zone through our subsidiary ABA Bank, in Cambodia,” stated Louis Vachon, President and Chief Executive Officer of National Bank of Canada. “We look forward to contributing to ONGO’s success.”
Questions & Answers
Q.What kind of services does ONGO offer to its customers?
What kind of services does ONGO offer to its customers?
ONGO provides retailer payment solutions for businesses, manages payroll programs, and offers direct-to-consumer services. These are all built upon its underlying payments technology, catering to various financial needs within the Myanmar market.
Q.How many employees does ONGO currently have, and what are its immediate growth plans?
How many employees does ONGO currently have, and what are its immediate growth plans?
ONGO currently employs over three hundred people in Yangon. The company anticipates significant growth, with plans to increase its workforce to five hundred employees by the end of the current year.
Q.Why is National Bank of Canada's investment in ONGO significant for the Canadian bank?
Why is National Bank of Canada's investment in ONGO significant for the Canadian bank?
The National Bank of Canada views this investment in fintech as complementary to its existing operations in the ASEAN zone. It already has a subsidiary, ABA Bank, located in Cambodia, which suggests a strategic regional focus.
Q.What are ONGO's strategic goals for consumer access to finance in Myanmar?
What are ONGO's strategic goals for consumer access to finance in Myanmar?
ONGO has set an ambitious goal to provide access to finance for over one million consumers in Myanmar within the next three years. This objective highlights their commitment to expanding financial inclusion.
Reader pulse
Is NBC's investment in ONGO a smart move?
24,203 votes so far