Question 1

What is Yoma Bank?

Accepted Answer

Yoma Bank is one of Myanmar's largest private commercial banks, employing over 3,100 people and operating 85 branches with 169 ATMs nationwide. Founded as a private institution, the bank has positioned itself as "the Responsible Bank" and is recognized as Myanmar's fastest developing private bank. Yoma Bank specializes in retail banking, corporate banking, and small and medium-sized enterprise (SME) lending, with a strong focus on financial inclusion and digital innovation.

Question 2

When was Yoma Bank founded?

Accepted Answer

Yoma Bank was founded in May 1993 by entrepreneur Serge Pun of the First Myanmar Investment Company (FMI). After receiving a full commercial banking license, the bank opened its first branch in August 1993 in front of the iconic Aung San Stadium in Yangon. The bank was established with the vision of providing modern banking services to Myanmar's population and quickly expanded to become one of the largest private banks in the country.

The bank celebrated its 30th anniversary in 2023, marking three decades of banking services in Myanmar.

Question 3

Where is Yoma Bank headquartered?

Accepted Answer

Yoma Bank's head office is located at Star City Campus in Thanlyin Township, Yangon, Myanmar. The specific address is No. 14, Kyaik Khauk Pagoda Road, Star City, Thanlyin Township, Yangon 11291. The bank moved to this location in 2021 as part of its modernization efforts.

The bank also operates major business centers in Yangon and Mandalay, Myanmar's two largest cities.

Question 4

Where does Yoma Bank operate?

Accepted Answer

Yoma Bank operates throughout Myanmar with 85 branches covering 25 major cities and 169 ATMs nationwide. The bank has a significant presence in key urban centers including Yangon, Mandalay, Naypyidaw, Taunggyi, Pyay, Myaungmya, Myawaddy, and Pyin Oo Lwin, among others.

The branch network spans all major regions and states of Myanmar, providing banking services to both urban and rural populations. This extensive geographic coverage makes Yoma Bank one of the most accessible private banks in the country.

Question 5

What services does Yoma Bank offer?

Accepted Answer

Yoma Bank provides a comprehensive range of banking services including:

Retail Banking: Personal accounts, savings accounts, fixed deposit accounts, and the innovative JZü prize-linked savings account that offers a 3% annual interest rate plus monthly prize draws for account holders maintaining minimum balances.

Digital Banking: The Yoma Bank Next mobile app provides mobile banking with QR code payments (Scan to Pay and My QR features), fund transfers, bill payments, balance checks, and fixed deposit account opening. The bank also offers the SMART digital account and SMART Credit solution for unsecured personal loans through a mobile application.

Corporate and SME Banking: Corporate banking services, business accounts, and specialized lending programs for small and medium-sized enterprises with support from international partners like the International Finance Corporation (IFC) and German development agency GIZ.

Transaction Services: Domestic and international remittances, foreign exchange services, and money transfer services. The bank is known for operating one of the most reliable and trusted remittance services in Myanmar.

Card Services: Debit and credit card issuance with payment acceptance at merchants nationwide.

Wave Money Partnership: Co-founded Wave Money with Telenor Group in 2015, Myanmar's first licensed mobile financial service provider and now the largest mobile money platform in the country, enabling secure money transfers through mobile phones.

Question 6

What makes Yoma Bank unique?

Accepted Answer

Yoma Bank distinguishes itself as a technology pioneer in Myanmar's banking sector. In 1999, it became Myanmar's first bank to implement a computerized accounting system and pioneered wireless banking communications using satellite technology to connect branches.

The bank successfully navigated the 2003 Myanmar banking crisis by maintaining operations through remittance services when its license was limited, demonstrating resilience and earning lasting customer trust.

Since regaining its full banking license in 2012, Yoma Bank has focused on achieving "international standards with a local presence" by employing foreign managers, attracting returning Myanmar nationals, and implementing world-class systems like Finastra's FusionBanking Essence core banking platform.

The bank's financial inclusion initiatives stand out, particularly the partnership with Experian to create Myanmar's first digital unsecured lending product for the mass market through the SMART Credit mobile app. The bank also partners with the Livelihoods and Food Security Fund (LIFT) to provide rural women's digital financing programs and agribusiness finance.

International backing from prestigious institutions including the IFC (Myanmar's first direct investment in 2014), Singapore's GIC sovereign wealth fund, and Norwegian development finance institution Norfund validates Yoma Bank's governance standards and growth potential.

Question 7

What type of financial institution is Yoma Bank?

Accepted Answer

Yoma Bank is a private commercial bank licensed by the Central Bank of Myanmar. As a full-service commercial bank, it operates under Myanmar's banking regulatory framework and holds licenses for deposit-taking, lending, foreign exchange operations, and domestic remittances.

The bank is structured as a private limited company (Yoma Bank Limited) and is not publicly listed. It operates as a universal bank serving both retail customers and corporate clients, with particular emphasis on SME banking and financial inclusion initiatives that align with Myanmar's economic development goals.

Question 8

What happened during the 2003 Myanmar banking crisis?

Accepted Answer

During the 2003 Myanmar banking crisis, Yoma Bank's operations were severely restricted when the Central Bank limited its license, preventing the bank from accepting deposits or issuing loans. Rather than closing, Yoma Bank pivoted to focus exclusively on fee-based services, particularly domestic remittances.

This nine-year period tested the bank's resilience and customer relationships. The bank maintained its remittance network and continued serving customers with money transfer services, building a reputation for reliability that persists today.

In August 2012, the Central Bank of Myanmar reinstated Yoma Bank with a full banking license, marking the beginning of a new chapter focused on modernization, international partnerships, and aggressive expansion.

Question 9

How has Yoma Bank partnered with international organizations?

Accepted Answer

Yoma Bank has established strategic partnerships with multiple international development and financial institutions. In May 2014, the International Finance Corporation (IFC) became the first international investor in Myanmar's banking sector by providing over $30 million in loans for SME lending programs, along with a comprehensive three-year advisory package covering credit risk management, finance, treasury, product development, and core banking system implementation.

The German development agency GIZ selected Yoma Bank in May 2015 as a partner for programs promoting SME development in Myanmar, providing ongoing technical assistance.

Rabobank, the Dutch agricultural bank, provides technical assistance for Yoma Bank's agribusiness finance programs targeting Myanmar's underserved agricultural community through LIFT (Livelihoods and Food Security Fund) grant programs.

In 2020, GIC (Singapore's sovereign wealth fund) and Norfund (Norway's development finance institution) acquired equity stakes in Yoma Bank, further strengthening its capital base and international governance standards. These partnerships demonstrate Yoma Bank's commitment to meeting international banking standards while serving Myanmar's development needs.

Yoma Bank

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About Yoma Bank in Myanmar