Category: Banks - Private
397, Rm# K/B, Shwebontha St., Upper Blk., Pabedan Tsp., Yangon
Yoma Bank is one of Myanmar’s largest private banks, with over 3000 employees and 74 branches in 35 cities nationwide. Over the past few years, Yoma Bank has made significant investments in strategic priorities - people, corporate governance, and technology. The Bank was founded by Mr. Serge Pun and its first branch was opened in July 1993 in front of the iconic Aung San Stadium in Yangon.
Yoma Bank has invested heavily in technology to optimize its nationwide branch network and is recognized for its efficient remittance services. It was the first bank in Myanmar to use a computerized accounting system and pioneered wireless banking communications. By 2003 Yoma Bank had grown to be one of the biggest banks in the country with 41 branches in 24 cities providing secure and efficient banking services nationwide.
In 2003, Myanmar experienced a financial crisis which had a significant impact on the banking industry. This led to the closure of many private banks while Yoma Bank's business activities were severely limited and had to sustain on domestic remittances. Yoma Bank’s remittance service still remains to be the most reliable and trusted in the country.
A new chapter began in August, 2012 when Yoma Bank regained its full banking license. With more than 74 branches across Myanmar, the Bank strives to become a leading SME Bank in Myanmar. Yoma Bank was the International Finance Corporation's (IFC) first direct investment in Myanmar in 2014 and it benefitted from a comprehensive 3-year advisory package to upgrade credit risk management, finance, treasury, product development and to procure a new core banking system (Misys Fusion Banking Essence). Yoma Bank also receives ongoing technical assistance from GIZ, the German development agency, to improve and expand our SME lending.
In 2015, Yoma Bank formed a strategic partnership with Telenor (Myanmar's largest foreign Telco) to develop nationwide digital financial services through the formation of Wave Money, a mobile financial services company. Yoma Bank has benefitted from a significant grant from LIFT, a multi-donor, UNDP administered trust fund, to expand agribusiness finance to Myanmar's underserved agricultural community - a key segment in Myanmar’s development. Technical assistance for this program is provided by Rabo Bank, a Dutch agricultural bank. With more than twenty years’ experience in Myanmar’s financial sector, Yoma Bank is well positioned to support the continued growth and financial inclusion of Myanmar.
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