National Bank of Canada takes stake in Myanmar’s ONGO

The National Bank of Canada (NBC) is taking a 22% stake in Myanmar-based mobile payments business ONGO. The financial terms of the deal are not being disclosed.

The consumer-facing brand of Asian investment business Ronoc, ONGO aims to provide one million consumers in the region with access to finance over the next three years.

The company’s smartphone service allows users to convert cash into e-money and cash out money at agents located around Yangon.

It also offers payments solutions for retailers, payroll programs and direct-to-consumer leverage.

ONGO’s founder and chairman Michael Madden commented: “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.

“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.”

ONGO currently employs more than 300 people in Yangon and aims to expand its team to 500 by the end of the year.

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