Yoma Bank

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Yoma Bank Limited
TypePrivate
ISINMyte
IndustryBanking
Financial services
FoundedMay 1993 (May 1993)
FounderSerge Pun
Headquarters
Yangon
,
Myanmar
Key people
Serge Pun
(Chairman)
Dean Cleland
(Chief executive officer)
ProductsRetail banking
Corporate banking
Foreign currency accounts
Foreign exchange services
Total assetsMMK 506 billion[1]
Number of employees
> 2300 (2014)[2]
Websiteyomabank.com

Yoma Bank Limited (Burmese: ရိုးမဘဏ်; Chinese: 祐瑪銀行; pinyin: Yòumǎ Yínháng) is one of Myanmar's largest commercial banks. It is the 4th-biggest bank in Myanmar.[3] The bank is led by New Zealander Dean Cleland and has 80 branches across Myanmar.[3]

Foundation and first years[]

Yoma Bank was founded in May 1993[4] by entrepreneur Serge Pun of the First Myanmar Investment Company (FMI). After receiving a full commercial banking license, Yoma Bank opened its first branch in August 1993.[5] Since 1996, Yoma Bank expanded and has become one of the largest private banks in Myanmar.[6] In 1999 Yoma became Myanmar's first bank with a computerized accounting system and started using wireless communication to connect to all of its branches via satellite.[7] In 2001 Yoma Bank operated 41 branches in 24 cities.[5]

Banking crisis[]

After the Myanmar banking crisis in 2003, Yoma Bank's license was limited,[8] stopping the bank from accepting deposits or issuing loans. Yoma Bank focused on fee-based services such as remittances.[6]

Full operations[]

Yoma Bank, Yangon

In August 2012, the Central Bank of Myanmar reinstated Yoma Bank with a full banking license.[1] Yoma Bank Chairman Pun stated the goal for the future development of the bank is "to be of international standard [yet a] local bank."[6] To accomplish this, Yoma Bank began employing foreign managers and returning Burmese from abroad[9] and focusing its service on small and medium-sized enterprises (SMEs).[10] The International Finance Corporation (IFC), member of the World Bank Group, announced in May 2014 the long term plan to promote the Yoma Bank in its SME lending program with a loan of over $30 million.[11]

In August 2014 Yoma Bank employed more than 2,200 employees in 51 branches.[1] After signing the contract with the IFC, the bank received the first $5 million for its SME program in September 2014. Additionally the IFC agreed to assist Yoma Bank with installing a new core banking system and improving the bank's risk management and corporate governance.[12]

In November 2014 Yoma Bank and the telecommunications firm, Telenor Myanmar announced their cooperation to provide mobile banking to Myanmar.[13] The aim of the cooperation is to provide the non-banked access to financial services.[14]

For the transformation of their core banking system, Yoma Bank decided in March 2015, to utilize "FusionBanking Essence" software from the British provider Misys.[15]

Because of Yoma Bank's access to SMEs and international banking standards, the German development agency GIZ selected Yoma Bank in May 2015 as a partner for its program to promote SMEs in Myanmar.[16]

In 2018, Yoma Bank introduced a new bank account service named JZü. JZü is a prize-linked account to encourage the habit of depositing money into bank accounts among the public. On top of a 3% annual interest rate, which is calculated daily and paid monthly, each account is included in a monthly draw for a chance to earn double the monthly minimum balance. To qualify for the monthly draw, JZü account holders will need to maintain a MMK 200,000 minimum balance in their account.[17]

As of 2020, Yoma Bank has over 3,000 employees in its operations with over 80 branches nationwide.[18]

See also[]

References[]

  1. ^ a b c "Myanmar's Financial Sector" (PDF). Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). February 2015. Retrieved 21 September 2015.
  2. ^ "IFC and Yoma Bank Ink Deal to Expand Financing for Small and Medium Enterprises in Myanmar". International Finance Corporation – World Bank Group. 16 September 2014. Retrieved 29 August 2015.
  3. ^ a b "In dirt-poor Myanmar, smartphones are transforming finance". The Economist. 12 October 2017.
  4. ^ "History". Yoma Bank. Retrieved 21 September 2015.
  5. ^ a b "Yoma Bank Ltd". Serge Pun & Associates. Archived from the original on March 12, 2012. Retrieved 21 September 2015.
  6. ^ a b c Jeremy Mullins and Myo Lwin (15 July 2014). "Profiles: A look at two private banks". Myanmar Times. Retrieved 21 September 2015.CS1 maint: uses authors parameter (link)
  7. ^ Elliott Holley (17 March 2015). "Yoma Bank Myanmar revamps core banking system". Banking Technology. Retrieved 21 September 2015.
  8. ^ Turnell, Sean (2009). Fiery dragons: banks, moneylenders and microfinance in Myanmar. NIAS Press. p. 312. ISBN 978-87-7694-040-9.
  9. ^ Simon Montlake (28 August 2013). "Golden Return: Serge Pun Constructs A Real-Estate Empire In Myanmar". Forbes. Retrieved 21 September 2015.
  10. ^ Htin Lin Aung (18 December 2014). "Yoma Bank helps SMEs with loans". Mizzima. Retrieved 21 September 2015.
  11. ^ Paul Vrieze (20 May 2014). "Campaign Group Criticizes World Bank Subsidiary for Funding Hotel, Real Estate in Myanmar". The Irrawaddy. Retrieved 21 September 2015.
  12. ^ Jeremy Mullins and Nyan Lynn Aung (22 September 2014). "Yoma receives IFC loan". Myanmar Times. Retrieved 21 September 2015.CS1 maint: uses authors parameter (link)
  13. ^ James Barton (25 November 2014). "Telenor readying mobile money with Yoma in Myanmar". Developing Telecoms. Retrieved 21 September 2015.
  14. ^ Jeremy Mullins and Aye Thida Kyaw (24 November 2014). "'Stay tuned' for mobile banking services from Yoma and Telenor, say CEOs". Myanmar Times. Retrieved 21 September 2015.CS1 maint: uses authors parameter (link)
  15. ^ Thiha (1 April 2015). "Yoma Bank Selects Misys for Banking Transformation". Consult-Myanmar. Retrieved 21 September 2015.
  16. ^ Zayar Nyein (30 May 2015). "GIZ selects SME banks in Myanmar". Dealstreetasia. Retrieved 21 September 2015.
  17. ^ "Yoma Bank's JZü Gains Momentum". Myanmar Business Today. Retrieved 2019-02-06.
  18. ^ Yoma Bank. "About us". Yoma Bank. Retrieved 8 October 2020.
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