Digital payments firm ONGO to boost Myanmar’s cashless transactions

Tue May 2, 2017 - 5:14am GMT+0000
Myanmar payments firm ONGO to boost country's cashless transactions
ONGO app

Mobile-led digital payment firm ONGO is looking to boost Myanmar’s cashless transaction, as it takes advantage of the country’s rapidly growing smartphone adoption rate.

The company is owned by Ireland-headquartered Ronoc Asia, a Singapore entity backed by Ronoc with investments in a range of business from microfinance, retail banking, digital payments, and mobile fintech.

ONGO acts as its consumer-facing brand, where it provides a digital payment experience that provides convenience for users to pay and receive money.

It offers a range of fintech services including retailer payments solutions, payroll programs, e-wallets, airtime top-up, p2p transfer, and direct to consumer services leveraging the latest payments technology.

“We have a very strong focus on business-to-business payments,” said Allen Gilstrap, the CEO of ONGO who also leads Ronoc Asia.

The digital payments firm has also recently added National Bank of Canada (NBC) as a new strategic shareholder.

“We look to tap some of NBC’s experiences and scaling the financial services business as they have done successfully in other places,” said Gilstrap in a press statement. “We are looking to tap their expertise at the board level as we grow here in Myanmar.”

ONGO’s goal is to provide one million consumers in Myanmar with access to finance over the next three years, according to an official press release.

Over the next five years, Ronoc Asia will be looking to expand into six or seven markets in Southeast Asia.

By Vivian Foo, VCNewsNetwork