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Fintech firms partner to expand reach in Myanmar

Local digital payments provider Ongo and mobile data operator Ananda yesterday announced a partnership to expand the reach of their services in Myanmar.

Under the agreement, Ananda users will have the added option of topping up their accounts at Ongo agents across the country as well as on its mobile application when they sign up for Ongo’s payment services.

Meanwhile, Ongo users who subscribe to Ananda’s 4G+ data service can also pay for the service on the Ongo app.

The partnership is a strategic move to encourage the Myanmar people to adopt a digital lifestyle, build up the landscape for financial technology (fintech) and raise the level of financial inclusion across the country, said Allen Gilstrap, CEO of Ongo.

Ongo’s digital payment system aims to reduce the cash handling burden for businesses as well as function as a digital wallet for individuals. More recently, it introduced a mobile payroll to employers, negating the need to process individual cash salary payments for employees.

Alan Sinfield, CEO of Ananda, said that with 80 percent of the Myanmar population currently using mobile Internet, now is the right time to actively promote fintech applications and raise awareness of the benefits involved in using them.

Ananda provides 4G+ wireless broadband data-only services in Myanmar. To access the service, customers are given a plug and play MiFi device, which is a small wireless router that functions as a mobile Wi-Fi hotspot.

Ananda is also working with other payments providers to extend its reach. Since October 10, Ananda users were also given the option to extend their plans or top up their accounts via Wave Money.

Ananda was launched by Amara Communications in Yangon in May and will introduce its services in Mandalay soon.

SOURCE: MYANMAR TIMES

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