KEB Hana and Ongo partner to use Ongo’s services in Myanmar
KEB Hana’s underserved, unbanked loan recipients now have access to Ongo E-Money’s digital services in selected locations in Myanmar, making repayments much easier for hardworking borrowers.
YANGON, Myanmar – 5 September 2019 – KEB Hana Microfinance Limited (KHMF), one of the country’s oldest and largest microfinance institutions, and Ongo, the market-leading business-to-business (B2B) digital payment service in Myanmar, partner to provide thousands of KHMF borrowers across the country a simple solution to repay their loans, through Ongo’s mobile app or with an Ongo QR code at any Ongo Agent.
A subsidiary company of Hana Financial Group, one of the largest bank-holding companies in South Korea, KHMF was founded in 2013 and provides loans not only for financial return but also to create the social value to the communities. With more than 900 employees in 13 States and Divisions in the country, KHMF provides group and individual loans to small businesses and individuals who lack access to traditional banking services. According to the Payments Journal, 74% of Myanmar citizens lack an account at financial institutions.
KHMF aims to increase greater impact on the communities and expand operation toward underprivileged remote areas through efficient and innovative operations with advanced technology. In partnership with Ongo, KHMF is now able to provide its borrowers effective, easy-to-use, digital solutions for their recurring loan repayments throughout the country.
1 Payments Journal: “Myanmar Drives Towards QR Codes, With 74% Unbanked, This is a Large Step for Financial Inclusion.” https://www.paymentsjournal.com/myanmar-drives-towards-qrcodes-with-74-unbanked/
2 KHMF borrowers can initially repay loans at any Ongo agent location in the following townships: Hmawbi, Taunggyi and Pyin Oo Lwin.
“I am so excited and proud to offer digital solutions to our clients which will give them better customer experience than before,” said Michael Lee, President & CEO of KEB Hana Microfinance. “This partnership will allow our clients to take advantage of relevant technologies that make it simpler and less time-consuming to make loan repayments,” says Lee”.
“Ongo is thrilled to support KHMF in their effort to increase market share by providing financial services for their broad range of clients. As mobile growth throughout the country continues to increase rapidly, there is a great opportunity to utilize our mobile devices and services to help busy borrowers repay their loans more efficiently,” said Allen Gilstrap, Ongo CEO.
Once the digital service with Ongo commences, KHMF clients can easily repay their loans at any Ongo agent location or simply with the Ongo smartphone app themselves. As all Ongo mobile wallet accounts are monitored and regulated by the Central Bank of Myanmar under the Mobile Banking License (MBL) directive through Myanmar Oriental Bank (MOB), customers can get the security of a bank regulated account without ever having to visit a bank branch.
For more information on KEB Hana Microfinance, please visit the company’s official wesite at https://www.kebhanamyanmar.com or https://www.facebook.com/kebhanamicrofinance/. For more information on the Ongo/KEB Hana Microfinance digitized payment system partnership or Ongo’s other innovative digital payment services, please visit the company’s official website at ongo.com.mm or Facebook account at facebook.com/ongoemoney, e-mail email@example.com or call 09-450888996-7, 09-444450816-8.
About KEB Hana Microfinance Limited (KHMF)
KEB Hana Microfinance Limited (KHMF) is the subsidiary company of Hana Financial Group, one of the largest banks holding companies in South Korea. It was founded in August 2013. KHMF is one of the largest microfinance institutes in Myanmar, providing affordable loans to support the financial needs of those who wish to start or to expand their business.
Ongo is the brand name for Ronoc Myanmar Limited and is the leading B2B digital payment service provider in Myanmar. Ongo operates in 74 Myanmar cities with over 1,800 Ongo agent employees providing digital payment services to over 140 corporate clients, 26,000 merchants, and 650,000 consumer users.
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 across Myanmar. Ongo services include; mobile airtime top-up, P2P money transfer, B2B payments, bill payments, digital payroll services, and online shopping payments. In addition, Ongo Users 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 more information, please contact:
Zar Pann Phyu
+ 959 770 551 384