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.”