- 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
fashion. https://ongo.com.mm
https://www.youtube.com/watch?v=gv_Y6iOadsg
About Ronoc:
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