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 Limited
Financial services
FoundedMay 1993 (May 1993)
FounderSerge Pun
Key people
Serge Pun
Dean Cleland
(Chief executive officer)
ProductsRetail banking
Corporate banking
Foreign currency accounts
Foreign exchange services
Total assetsMMK 506 billion[1]
Number of employees
> 2300 (2014)[2]

Foundation and first yearsEdit

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 crisisEdit

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 operationsEdit

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]

See alsoEdit


  1. ^ a b c "Myanmar's Financial Sector" (PDF). Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ). February 2015. Retrieved 21 September 2015.
  2. ^ "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.
  3. ^ a b "In dirt-poor Myanmar, smartphones are transforming finance". The Economist. 12 October 2017.
  4. ^ "History". Yoma Bank. Retrieved 21 September 2015.
  5. ^ a b "Yoma Bank Ltd". Serge Pun & Associates. Archived from the original on March 12, 2012. Retrieved 21 September 2015.
  6. ^ a b c Jeremy Mullins and Myo Lwin (15 July 2014). "Profiles: A look at two private banks". Myanmar Times. Retrieved 21 September 2015.{{cite web}}: CS1 maint: uses authors parameter (link)
  7. ^ Elliott Holley (17 March 2015). "Yoma Bank Myanmar revamps core banking system". Banking Technology. Retrieved 21 September 2015.
  8. ^ Turnell, Sean (2009). Fiery dragons: banks, moneylenders and microfinance in Myanmar. NIAS Press. p. 312. ISBN 978-87-7694-040-9.
  9. ^ Simon Montlake (28 August 2013). "Golden Return: Serge Pun Constructs A Real-Estate Empire In Myanmar". Forbes. Retrieved 21 September 2015.
  10. ^ Htin Lin Aung (18 December 2014). "Yoma Bank helps SMEs with loans". Mizzima. Retrieved 21 September 2015.
  11. ^ Paul Vrieze (20 May 2014). "Campaign Group Criticizes World Bank Subsidiary for Funding Hotel, Real Estate in Myanmar". The Irrawaddy. Retrieved 21 September 2015.
  12. ^ Jeremy Mullins and Nyan Lynn Aung (22 September 2014). "Yoma receives IFC loan". Myanmar Times. Retrieved 21 September 2015.{{cite web}}: CS1 maint: uses authors parameter (link)
  13. ^ James Barton (25 November 2014). "Telenor readying mobile money with Yoma in Myanmar". Developing Telecoms. Retrieved 21 September 2015.
  14. ^ Jeremy Mullins and Aye Thida Kyaw (24 November 2014). "'Stay tuned' for mobile banking services from Yoma and Telenor, say CEOs". Myanmar Times. Retrieved 21 September 2015.{{cite web}}: CS1 maint: uses authors parameter (link)
  15. ^ Thiha (1 April 2015). "Yoma Bank Selects Misys for Banking Transformation". Consult-Myanmar. Retrieved 21 September 2015.
  16. ^ Zayar Nyein (30 May 2015). "GIZ selects SME banks in Myanmar". Dealstreetasia. Retrieved 21 September 2015.
  17. ^ "Yoma Bank's JZü Gains Momentum". Myanmar Business Today. Retrieved 2019-02-06.
  18. ^ Yoma Bank. "About us". Yoma Bank. Retrieved 8 October 2020.{{cite web}}: CS1 maint: url-status (link)