Ronoc has been and investor and Board Member of XacBank (and its parent company TenGer Financial Group) for over 10 years.
Since its founding in 2001, XacBank has created sustainable growth in the banking and financial sector of Mongolia, continuously expanding operations, and has become one of the largest systemic banks. XacBank’s vision is to become a preferred bank for a wide range of customers in the financial market providing financial solutions in the most convenient way being dedicated to its values of People, Planet and Profit and continuing to set high standards in corporate governance and social responsibility.
XacBank currently has 78 branches, with 1,200 personnel and 5,000 merchants serving over 1 million customers. The Bank’s Total Assets at the end of 2021 reached MNT ₮3.47 trillion (USD $1.19 billion) producing ROE of 19.2% from profits of MNT ₮62 billion (USD $ 21 million). XacBank will launch its Initial Public Offering (IPO) in 2022 in accordance with Mongolian Banking Law.learn more
Ongo is a Mobile Payments Platform developed by Ronoc in Singapore and operating in Myanmar since 2016
Ronoc Asia was formed by joining forces with OpenRevolution (Mobile Fintech Company Est. 2008) to create an investment vehicle focused on Fintech opportunities across Asia, the first operation would commence through the establishment of Ronoc Myanmar in 2015 and the launch of Ongo, a Digital Payments service in Myanmar in 2016.
Ongo provides a unique Digital Payments Service which is a standalone service, independent of any Mobile Network Operator. The service is an Android smart phone or tablet enabled application which operates over any data service provided by a 3G, 4G or wireless connection.
Ongo has been operating in Myanmar since 2016, working directly with both Business to Business (B2B) and Direct to Consumer (D2C) clients across a broad range of service offerings including; Digitized Dashboard Payments, Microfinance Loan Disbursements and Collections, Fast Moving Consumer Goods (FMCG) Merchant Payments, Payroll, Digitized NGO and Relief Payments. Ongo has been a key driver in the evolvement of the digital movement in Myanmar bringing Mobile Payments to millions of users and businesses, enabling, swift, secure and simple mobile solutions. Over the last two years, Ongo has navigated the Economical and Political challenges in the market and continues to evolve its strategy and services to best serve the people of Myanmar and provide sustainable mobile money infrastructure and access to finance services.learn more