Yoma Bank

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]

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]

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 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]

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

• Economy of Myanmar
• Kanbawza Bank Ltd
• Myanmar May Flower Bank
• List of banks in Myanmar
• 2003 Myanmar banking crisis