ONGO Announces Strategic Partnership With National Bank Of Canada
- National Bank of Canada becomes strategic shareholder in Myanmar's leading mobile payments business
- ONGO plans to provide one million consumers in Myanmar with access to finance over the next three years
NEW YORK, April 20, 2017 /PRNewswire/ -- ONGO, Myanmar's leading mobile payments business, today announced that National Bank of Canada ("NBC") has become a new strategic shareholder acquiring a 22% shareholding. The terms of the deal are not being disclosed.
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 the latest payments technology.
"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."
ONGO currently employs over three hundred people in Yangon and is expected to grow to five hundred by year end.
About National Bank of Canada:
National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. With some 21,000 employees, it offers integrated financial services to consumers, small and medium-sized enterprises and large corporations. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA) and its head office is located in Montreal. Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About "ONGO" Myanmar:
ONGO customers can currently use their smartphone to Cash-in
(convert their cash into Emoney) and Cash-out at over two hundred
cash agent locations around Yangon
and can access a suite of instant services including; Mobile
top-up, P2P money transfer, B2B payments and Bill Payments. ONGO
customers can now receive their payroll/salary direct to the
E-wallet through ONGO's Mobile Payroll Service. Our goal is to
promote financial inclusion in a safe, simple and convenient
Ronoc is an investment business founded by Michael Madden in 2007. Ronoc specializes in emerging markets and is focused on retail financial services and fintech. Ronoc brings a strategic and hands-on approach to investment with a key focus on impact investing. It's investment business actively seeks to identify opportunities complementary to our core expertise with a focus on improving access to financial services in emerging markets. Ronoc headquarters are located in Dublin, Ireland with offices in New York, Singapore and Yangon. For more information please visit: http://ronoc.ie