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]
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]
^ abc "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.
^ ab"In dirt-poor Myanmar, smartphones are transforming finance". The Economist. 12 October 2017.
^ "History". Yoma Bank. Retrieved 21 September 2015.
^ ab. Serge Pun & Associates. Archived from the original on March 12, 2012. Retrieved 21 September 2015.
^ abc Jeremy Mullins; Myo Lwin (15 July 2014). "Profiles: A look at two private banks". Myanmar Times. Retrieved 21 September 2015.
^ 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. ISBN978-87-7694-040-9.
^ 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.
^ Jeremy Mullins; Nyan Lynn Aung (22 September 2014). "Yoma receives IFC loan". Myanmar Times. Retrieved 21 September 2015.
^ James Barton (25 November 2014). "Telenor readying mobile money with Yoma in Myanmar". Developing Telecoms. Retrieved 21 September 2015.
^ Jeremy Mullins; Aye Thida Kyaw (24 November 2014). "'Stay tuned' for mobile banking services from Yoma and Telenor, say CEOs". Myanmar Times. Retrieved 21 September 2015.
^ 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.
yoma, bank, limited, burmese, မဘဏ, chinese, 祐瑪銀行, pinyin, yòumǎ, yínháng, myanmar, largest, commercial, banks, biggest, bank, myanmar, bank, zealander, dean, cleland, branches, across, myanmar, limitedtypeprivateindustrybankingfinancial, servicesfoundedmay, 19. Yoma Bank Limited Burmese ရ မဘဏ Chinese 祐瑪銀行 pinyin Youmǎ Yinhang 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 Yoma Bank LimitedTypePrivateIndustryBankingFinancial servicesFoundedMay 1993 May 1993 FounderSerge PunHeadquartersYangon MyanmarKey peopleSerge Pun Chairman Dean Cleland Chief executive officer ProductsRetail banking Corporate banking Foreign currency accounts Foreign exchange servicesTotal assetsMMK 506 billion 1 Number of employees gt 2300 2014 2 Websiteyomabank wbr com Contents 1 Foundation and first years 2 Banking crisis 3 Full operations 4 See also 5 ReferencesFoundation and first years EditYoma 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 EditAfter 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 Edit 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 JZu JZu 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 JZu 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 EditEconomy of Myanmar Kanbawza Bank Ltd Myanmar May Flower Bank List of banks in Myanmar 2003 Myanmar banking crisis Banks portalReferences Edit a b c Myanmar s Financial Sector PDF Deutsche Gesellschaft fur 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 amp Associates Archived from the original on March 12 2012 Retrieved 21 September 2015 a b c Jeremy Mullins Myo Lwin 15 July 2014 Profiles A look at two private banks Myanmar Times Retrieved 21 September 2015 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 Jeremy Mullins Nyan Lynn Aung 22 September 2014 Yoma receives IFC loan Myanmar Times Retrieved 21 September 2015 James Barton 25 November 2014 Telenor readying mobile money with Yoma in Myanmar Developing Telecoms Retrieved 21 September 2015 Jeremy Mullins Aye Thida Kyaw 24 November 2014 Stay tuned for mobile banking services from Yoma and Telenor say CEOs Myanmar Times Retrieved 21 September 2015 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 JZu Gains Momentum Myanmar Business Today Retrieved 2019 02 06 Yoma Bank About us Yoma Bank Retrieved 8 October 2020 a href Template Cite web html title Template Cite web cite web a CS1 maint url status link Retrieved from https en wikipedia org w index php title Yoma Bank amp oldid 1153927240, wikipedia, wiki, book, books, library,
