The National Bank of Canada (NBC) has acquired a 22% stake in Ongo, a mobile money service with big plans for expansion in Myanmar, Finextra reported on 25 April. 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.
Ongo currently employs over three hundred people in Yangon and is expected to grow to five hundred by year end.
For NBC, the stake reflects the bank’s existing interest in Asean markets through its Cambodian subsidiary ABA Bank, the report said.