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National Bank of Canada partners Ronoc Asia and acquires ONGO's shares

Monday 24 April 2017 | 09:24 AM CET

The National Bank of Canada (NBC) has become a strategic shareholder of ONGO, a mobile payments business from Myanmar, acquiring a 22% shareholding.

The terms of the deal have not been 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 Asian company has announced aggressive growth plans for Myanmar and has set as goal to provide over one million consumers with access to finance over the next three years. The addition of NBC as a strategic investor will strengthen the company’s capabilities and accelerate its timelines in Myanmar as well as its expansion to other markets in the region.

ONGO currently employs over three hundred people in Yangon and is expected to grow to five hundred by the end of 2017.

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