The National Bank of Canada (NBC) has acquired 22% stake in Myanmar’s mobile payments business Ongo.

However, the terms of the deal were not disclosed.

Leveraging the latest payments technology, Ongo provides retailer payments solutions, payroll programs and direct to consumer services.

Ronoc Asia/Ongo founder and chairman Michael Madden said: “The addition of National Bank of Canada is an important milestone for our business. We have aggressive growth plans for Myanmar and have set ourselves a goal of providing over one million consumers with access to finance over the next three years.”

Currently, Ongo employs more than 300 people in Yangon. Its headcount is expected to increase to five hundred by the end of this year.

NBC president and chief executive officer Louis Vachon said: “This investment in fintech complements the activities we already have in the ASEAN zone through our subsidiary ABA Bank, in Cambodia.”

Ongo currently allows its customers use their smartphone to cash-in (convert their cash into Emoney) and cash-out at over two hundred cash agent locations around Yangon.

Its instant services include mobile top-up, P2P money transfer, B2B payments and bill payments.

Ongo is a consumer facing brand of Ronoc Asia, which a subsidiary of the emerging markets investment business Ronoc.

With headquarters in Dublin, Ireland, Ronoc specializes in emerging markets and is focused on retail financial services and fintech.