Company:Yoma Bank
 | |
| Type | Private |
|---|---|
| Industry | Banking Financial services |
| Founded | May 1993 |
| Founder | Serge Pun |
| Headquarters | , Myanmar |
Key people | Serge Pun (Chairman & CEO) Hal Bosher (Special Advisor) |
| 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.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 Canadian Hal Bosher 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 Germany development agency GIZ selected Yoma Bank in May 2015 as a partner for its program to promote SMEs in Myanmar.[16]
See also
- Economy of Myanmar
- Kanbawza Bank Ltd
- Myanmar May Flower Bank
- List of banks in Myanmar
- 2003 Myanmar banking crisis
References
- ↑ 1.0 1.1 1.2 "Myanmar’s Financial Sector". Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). February 2015. https://www.giz.de/en/downloads/giz2015-en-myanmar-financial-sector.pdf.
- ↑ "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. http://ifcext.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0/DA68A4369A7ED58185257D55002561CE?opendocument.
- ↑ 3.0 3.1 "In dirt-poor Myanmar, smartphones are transforming finance". The Economist. 12 October 2017. https://www.economist.com/news/finance-and-economics/21730199-rudimentary-financial-services-are-offer-places-roads-do-not-reach.
- ↑ "History". Yoma Bank. http://yomabank.com/history.php.
- ↑ 5.0 5.1 "Yoma Bank Ltd.". Serge Pun & Associates. Archived from the original on March 12, 2012. https://web.archive.org/web/20120312220230/http://www.spa-myanmar.com/index.php?option=com_content&view=article&id=7&Itemid=66.
- ↑ 6.0 6.1 6.2 "Profiles: A look at two private banks". Myanmar Times. 15 July 2014. http://www.mmtimes.com/index.php/special-features/194-your-money-2014/11030-profiles-a-look-at-two-private-banks.html.
- ↑ Elliott Holley (17 March 2015). "Yoma Bank Myanmar revamps core banking system". Banking Technology. http://www.bankingtech.com/285261/yoma-bank-myanmar-revamps-core-banking-system/.
- ↑ 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. https://www.forbes.com/sites/simonmontlake/2013/08/28/golden-return-serge-pun-constructs-a-real-estate-empire-in-myanmar/.
- ↑ Htin Lin Aung (18 December 2014). "Yoma Bank helps SMEs with loans". Mizzima. http://archive-3.mizzima.com/business/investment/item/16008-yoma-bank-helps-smes-with-loans/16008-yoma-bank-helps-smes-with-loans.
- ↑ Paul Vrieze (20 May 2014). "Campaign Group Criticizes World Bank Subsidiary for Funding Hotel, Real Estate in Myanmar". The Irrawaddy. http://www.irrawaddy.org/business/campaign-group-criticizes-world-bank-subsidiary-funding-hotel-real-estate-burma.html.
- ↑ "Yoma receives IFC loan". Myanmar Times. 22 September 2014. http://www.mmtimes.com/index.php/business/11726-yoma-receives-ifc-loan.html.
- ↑ James Barton (25 November 2014). "Telenor readying mobile money with Yoma in Myanmar". Developing Telecoms. http://www.developingtelecoms.com/tech/end-user-services/mobile-financial-services/5589-telenor-readying-mobile-money-with-yoma-in-myanmar.html.
- ↑ "‘Stay tuned’ for mobile banking services from Yoma and Telenor, say CEOs". Myanmar Times. 24 November 2014. http://www.mmtimes.com/index.php/business/12338-stay-tuned-for-mobile-banking-services-from-yoma-and-telenor-say-ceos.html.
- ↑ Thiha (1 April 2015). "Yoma Bank Selects Misys for Banking Transformation". Consult-Myanmar. http://consult-myanmar.com/2015/04/01/yoma-bank-selects-misys-for-banking-transformation/.
- ↑ Zayar Nyein (30 May 2015). "GIZ selects SME banks in Myanmar". Dealstreetasia. http://www.dealstreetasia.com/stories/giz-selects-sme-banks-in-myanmar-7168/.
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