Yoma Bank
{{Short description|Largest commercial banks of Myanmar}}
{{Infobox company
| name = Yoma Bank Limited
| logo = Yoma Bank Logo.svg
| logo_size = 150px
| image_size =
| type = Private
| traded_as =
| predecessor =
| foundation = {{Start date|1993|05}}
| founder = Serge Pun
| industry = Banking
Financial services
| location_city = Yangon
| location_country = Myanmar
| area_served =
| key_people = Serge Pun
(Chairman)
(Chief executive officer)
| products = Retail banking
Corporate banking
Foreign currency accounts
Foreign exchange services
| revenue =
| operating_income =
| net_income =
| assets = MMK 4.5 billion
| equity =
{{cite web
|url=http://ifcext.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0/DA68A4369A7ED58185257D55002561CE?opendocument
|title=IFC and Yoma Bank Ink Deal to Expand Financing for Small and Medium Enterprises in Myanmar
|date=16 September 2014
|publisher=International Finance Corporation – World Bank Group
|access-date=29 August 2015
}}
| subsid =
| homepage = {{URL|www.yomabank.com}}
}}
Yoma Bank Limited ({{langx|my|ရိုးမဘဏ်}}; {{lang-zh|c=祐瑪銀行|p=Yòumǎ Yínháng}}) is one of Myanmar's largest commercial banks. As ‘the Responsible Bank’ for 30 years, Yoma Bank has been the fastest developing private bank in Myanmar. The bank has 81 branches across Myanmar.{{cite news|title=In dirt-poor Myanmar, smartphones are transforming finance|url=https://www.economist.com/news/finance-and-economics/21730199-rudimentary-financial-services-are-offer-places-roads-do-not-reach|newspaper=The Economist|date=12 October 2017}}
Foundation and first years
Yoma Bank was founded in May 1993
{{cite web
| url=http://yomabank.com/history.php
| title=History
| publisher=Yoma Bank
| access-date=21 September 2015
}}
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.{{cite web|url=http://www.spa-myanmar.com/index.php?option=com_content&view=article&id=7&Itemid=66 |title=Yoma Bank Ltd. |publisher=Serge Pun & Associates |access-date=21 September 2015 |url-status=dead |archive-url=https://web.archive.org/web/20120312220230/http://www.spa-myanmar.com/index.php?option=com_content&view=article&id=7&Itemid=66 |archive-date=March 12, 2012 }} Since 1996, Yoma Bank expanded and has become one of the largest private banks in Myanmar.
{{cite web
| url=http://www.mmtimes.com/index.php/special-features/194-your-money-2014/11030-profiles-a-look-at-two-private-banks.html
| title=Profiles: A look at two private banks
|author1=Jeremy Mullins |author2=Myo Lwin
| date=15 July 2014
| publisher=Myanmar Times
| access-date=21 September 2015
}}
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.
{{cite web
| url=http://www.bankingtech.com/285261/yoma-bank-myanmar-revamps-core-banking-system/
| title=Yoma Bank Myanmar revamps core banking system
| author=Elliott Holley
| date=17 March 2015
| publisher=Banking Technology
| access-date=21 September 2015
}}
Banking crisis
After the Myanmar banking crisis in 2003, Yoma Bank's license was limited,{{cite book |title=Fiery dragons: banks, moneylenders and microfinance in Myanmar |last=Turnell |first=Sean |year=2009 |publisher=NIAS Press |isbn=978-87-7694-040-9 |page=312}} stopping the bank from accepting deposits or issuing loans. Yoma Bank focused on fee-based services such as remittances.
Full operations
In August 2012, the Central Bank of Myanmar reinstated Yoma Bank with a full banking license.
{{cite web
| url=https://www.giz.de/en/downloads/giz2015-en-myanmar-financial-sector.pdf
| title=Myanmar's Financial Sector
| date=February 2015
| publisher= Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)
| access-date=21 September 2015
}}
Yoma Bank Chairman Pun stated the goal for the future development of the bank is "to be of international standard [yet a] local bank." To accomplish this, Yoma Bank began employing foreign managers and returning Burmese from abroad
{{cite web
| url=https://www.forbes.com/sites/simonmontlake/2013/08/28/golden-return-serge-pun-constructs-a-real-estate-empire-in-myanmar/
| title=Golden Return: Serge Pun Constructs A Real-Estate Empire In Myanmar
| author=Simon Montlake
| date=28 August 2013
| work=Forbes
| access-date=21 September 2015
}}
and focusing its service on small and medium-sized enterprises (SMEs).
{{cite web
| url=http://archive-3.mizzima.com/business/investment/item/16008-yoma-bank-helps-smes-with-loans/16008-yoma-bank-helps-smes-with-loans
| title=Yoma Bank helps SMEs with loans
| author= Htin Lin Aung
| date=18 December 2014
| publisher=Mizzima
| access-date=21 September 2015
}}
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.
{{cite web
| url=http://www.irrawaddy.org/business/campaign-group-criticizes-world-bank-subsidiary-funding-hotel-real-estate-burma.html
| title=Campaign Group Criticizes World Bank Subsidiary for Funding Hotel, Real Estate in Myanmar
| author=Paul Vrieze
| date=20 May 2014
| publisher=The Irrawaddy
| access-date=21 September 2015
}}
In August 2014, Yoma Bank employed more than 2,200 employees in 51 branches. 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.
{{cite web
| url=http://www.mmtimes.com/index.php/business/11726-yoma-receives-ifc-loan.html
| title=Yoma receives IFC loan
|author1=Jeremy Mullins |author2=Nyan Lynn Aung
| date=22 September 2014
| publisher=Myanmar Times
| access-date=21 September 2015
}}
In November 2014, Yoma Bank and the telecommunications firm Telenor Myanmar announced their cooperation to provide mobile banking to Myanmar.
{{cite web
| url=http://www.developingtelecoms.com/tech/end-user-services/mobile-financial-services/5589-telenor-readying-mobile-money-with-yoma-in-myanmar.html
| title=Telenor readying mobile money with Yoma in Myanmar
| author=James Barton
| date=25 November 2014
| publisher=Developing Telecoms
| access-date=21 September 2015
}}
The aim of the cooperation is to provide the non-banked access to financial services.
{{cite web
| url=http://www.mmtimes.com/index.php/business/12338-stay-tuned-for-mobile-banking-services-from-yoma-and-telenor-say-ceos.html
| title='Stay tuned' for mobile banking services from Yoma and Telenor, say CEOs
|author1=Jeremy Mullins |author2=Aye Thida Kyaw
| date=24 November 2014
| publisher=Myanmar Times
| access-date=21 September 2015
}}
For the transformation of their core banking system, Yoma Bank decided in March 2015, to utilize "FusionBanking Essence" software from the British provider Misys.
{{cite web
| url=http://consult-myanmar.com/2015/04/01/yoma-bank-selects-misys-for-banking-transformation/
| title=Yoma Bank Selects Misys for Banking Transformation
| author=Thiha
| date=1 April 2015
| publisher=Consult-Myanmar
| access-date=21 September 2015
}}
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.
{{cite web
| url=http://www.dealstreetasia.com/stories/giz-selects-sme-banks-in-myanmar-7168/
| title=GIZ selects SME banks in Myanmar
| author=Zayar Nyein
| date=30 May 2015
| publisher=Dealstreetasia
| access-date=21 September 2015
}}
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.{{Cite web|url=https://www.mmbiztoday.com/articles/yoma-bank-s-jz-gains-momentum|title=Yoma Bank's JZü Gains Momentum|website=Myanmar Business Today|language=en|access-date=2019-02-06}}
As of 2023, Yoma Bank has over 3,100 employees in its operations with over 81 branches nationwide.
{{cite web|author=Yoma Bank|title=About us|url=https://www.yomabank.com/en/who-we-are/about-us/yoma-bank|access-date=8 October 2020|publisher=Yoma Bank}}