Yoma Bank
 | |
| Company type | Private |
|---|---|
| Industry | Banking Financial services |
| Founded | May 1993 |
| Founder | Serge Pun |
| Headquarters | , |
Key people | Serge Pun (Chairman) Dean Cleland (Chief executive officer) |
| Products | Retail banking Corporate banking Foreign currency accounts Foreign exchange services |
| Total assets | MMK 506 billion[1] |
Number of employees | > 2300 (2014)[2] |
| Website | yomabank |
Yoma Bank Limited (Template:Lang-my; 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 the country.[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 was Myanmar’s first bank with a computerized accounting system and to use wireless communication to connect to all of its branches via satellite.[7] In 2001 Yoma Bank provided 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
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 will be 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]
See also
- Economy of Myanmar
- Kanbawza Bank Ltd
- Myanmar May Flower Bank
- List of banks in Myanmar
- 2003 Myanmar banking crisis
References
- ^ a b c "Myanmar's Financial Sector" (PDF). Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). February 2015. Retrieved 21 September 2015.
- ^ "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.
- ^ a b "In dirt-poor Myanmar, smartphones are transforming finance". The Economist. 12 October 2017.
- ^ "History". Yoma Bank. Retrieved 21 September 2015.
- ^ a b "Yoma Bank Ltd". Serge Pun & Associates. Archived from the original on March 12, 2012. Retrieved 21 September 2015.
- ^ a b c
"Profiles: A look at two private banks". Myanmar Times. 15 July 2014. Retrieved 21 September 2015.
{{cite web}}: Unknown parameter|authors=ignored (help) - ^ Elliott Holley (17 March 2015). "Yoma Bank Myanmar revamps core banking system". Banking Technology. Retrieved 21 September 2015.
- ^ Turnell, Sean (2009). Fiery dragons: banks, moneylenders and microfinance in Myanmar. NIAS Press. p. 312. ISBN 978-87-7694-040-9.
- ^ Simon Montlake (28 August 2013). "Golden Return: Serge Pun Constructs A Real-Estate Empire In Myanmar". Forbes. Retrieved 21 September 2015.
- ^ Htin Lin Aung (18 December 2014). "Yoma Bank helps SMEs with loans". Mizzima. Retrieved 21 September 2015.
- ^ Paul Vrieze (20 May 2014). "Campaign Group Criticizes World Bank Subsidiary for Funding Hotel, Real Estate in Myanmar". The Irrawaddy. Retrieved 21 September 2015.
- ^
"Yoma receives IFC loan". Myanmar Times. 22 September 2014. Retrieved 21 September 2015.
{{cite web}}: Unknown parameter|authors=ignored (help) - ^ James Barton (25 November 2014). "Telenor readying mobile money with Yoma in Myanmar". Developing Telecoms. Retrieved 21 September 2015.
- ^
"'Stay tuned' for mobile banking services from Yoma and Telenor, say CEOs". Myanmar Times. 24 November 2014. Retrieved 21 September 2015.
{{cite web}}: Unknown parameter|authors=ignored (help) - ^ Thiha (1 April 2015). "Yoma Bank Selects Misys for Banking Transformation". Consult-Myanmar. Retrieved 21 September 2015.
- ^ Zayar Nyein (30 May 2015). "GIZ selects SME banks in Myanmar". Dealstreetasia. Retrieved 21 September 2015.
- ^ "Yoma Bank's JZü Gains Momentum". Myanmar Business Today. Retrieved 2019-02-06.