Ongo Protects its Business and Consumer Users
February 8, 2019 – YANGON, Myanmar In light of recent news and concerns related to agent-derived financial services including bill payment, money transfer and mobile airtime top-up, Ronoc Myanmar Limited (“Ongo”) would like to provide a reassurance and reiteration of Ongo’s commitment to protecting both our business and consumer users.
Ongo is a licensed and regulated company
Ongo operates in partnership with Myanmar Oriental Bank (MOB). Ongo services are licensed by the Central Bank of Myanmar and is governed by the Mobile Banking Directive No 4/2013 (published 2/12/2013), which is also regulated by the Central Bank of Myanmar (CBM). To comply with this Directive, Ongo and MOB follow strict procedures, which include know-your-client (KYC) processes and monthly reporting on all mobile money transactions to the CBM.
Protection of Ongo users’ funds
In compliance with the Directive, at all times, the balance of all Ongo mobile banking accounts is matched by deposits held in trust accounts with Myanmar banks. This means that every MMK of Ongo e-money is backed with an equal amount of cash in a regulated Myanmar bank. This guarantees Ongo User’s funds are protected as per the requirement of the Directive.
Our Agent Network
Ongo’s Agent model in Myanmar is unique. Our wide network of Ongo Agents provide services to Ongo business and consumer users across the country. These individual agents have employment agreements directly with Ongo and there are no required deposits or financial risk exposure for the merchant whose locations are used by Ongo Agents to provide services. Our Agents are therefore protected as Ongo employees.
Strong investor backing
Ongo is the leading B2B digital payments business in Myanmar and is backed by renowned international investors including Ronoc and National Bank of Canada. Ronoc is an investment and advisory firm founded in 2007 with offices in Dublin and New York. Ronoc specialises in emerging markets and is focused on retail financial services and fintech. Ronoc brings a strategic and hands-on approach to investment with a key focus on Impact Investing.
National Bank of Canada is a financial institution incorporated and domiciled in Canada (7th largest by assets) and whose shares are listed on the Toronto Stock Exchange. The Bank is a chartered bank under Schedule 1 of the Bank Act (Canada) and is regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI).
Conclusion As a fully licensed and regulated financial services company, we appreciate the opportunity to re-affirm the extensive measures we take to protect our business users, consumer users and agent-hosting merchants. Based on this trust, Ongo now operates in 55 Myanmar cities serving 100+ corporate clients, 26,000 merchants and 430,000 consumer users.
For more information on Ongo and their innovative digital payment services, please visit the company’s official website at ongo.com.mm or Facebook account at facebook.com/ongoemoney, e-mail firstname.lastname@example.org or call 09-450888996-7, 09-444450816-8.
Ongo is the brand name for Ronoc Myanmar Limited which provides digital payment services in Myanmar with its licensing partner Myanmar Oriental Bank (MOB). Ongo App Users can use their smartphone to Cash-in (convert their cash into E-money) and Cash-out at hundreds of Cash Agent locations in 55 Myanmar cities and towns. Ongo services include; mobile airtime top-up, P2P money transfer, B2B payments, bill payments, and online shopping payments. In addition, Ongo Users will receive rewards in their Ongo App from leading Myanmar retailers and online merchants. Our goal is to promote financial inclusion in a safe, simple and convenient fashion.
For queries, please contact:
Thet Moe Myint
+95 9 250 355 811