National Bank of Canada acquires 22% stake in Myanmar mobile money outfit

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Asean Affairs April 26, 2017

National Bank of Canada acquires 22% stake in Myanmar mobile money outfit

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.

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ASEAN ANALYSIS

This year in Thailand-what next?

AseanAffairs 04 January 2011
By David Swartzentruber

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

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