The National Bank of Canada has acquired a 22% stake in Ongo, a mobile money service with big plans for expansion in Myanmar.
Established by emerging markets investment business Ronoc, the Ongo e-wallet allows for P2P money transfers, B2B payments and bill payments, alongside cash-in and top-up services at two hundred cash agent locations around Yangon.
Michael Maddon, the founder and chairman of Ronoc Asia has set a target of attracting one million people to Ongo 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,” he says.
Ongo currently employs over three hundred people in Yangon and is expected to grow to five hundred by year end, adds Maddon.
For NBC, the stake reflects the bank's existing interest in Asean markets through its Cambodian subsidiary ABA Bank.