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Wave Money focuses on 4G finance opportunities

Wave Money CEO Brad Jones (pictured) explained 5G will be a long-term play for the mobile financial sector, tipping the technology to open new services which enhance core mobile money services rather than radically alter their make-up. The company, a joint venture between Telenor and Yoma Bank operating in Myanmar, isn’t looking at 5G “that […]

Growth potential seen in microfinance sector

With a quarter of the Myanmar population living under the poverty line and as much as 87 percent hailing from rural areas, according to the World Bank, the microfinance sector has good potential to grow in Myanmar. However, providers can be more efficient in their funding if there is better financial data on borrowers. Microfinancing […]

Microfinance growth expected to drive higher financial inclusion

Efforts are being made to raise the rate of financial inclusion in the Myanmar. Under the Myanmar Financial Inclusion Roadmap for 2019 to 2023, authorities are working with the UN Capital Development Fund (UNCDF) to raise the percentage of the population covered by the financial sector to 60 percent from 48pc currently, said Willian Naing, […]

Yoma Bank names new chief executive

Myanmar’s fourth largest private lender is set to appoint National Australia Bank (NAB) manager Dean Cleland as its new chief executive. Current CEO Hal Bosher would become an adviser to the bank’s Board of Directors and Mr Cleland would take the helm in September. Mr Cleland spent 30 years with the Australia and New Zealand […]

FMI posts record profits for FY 2019

YANGON—First Myanmar Investment Public Company Limited (FMI) posted revenues of 297.7 billion kyats (US$196.3 million) for fiscal year 2019, a 36-percent increase over last year, the company’s chief operating officer announced at a press conference over the weekend. FMI—a part of the Yoma Group of companies—attributed the growth to strong performances from its Yoma Bank […]

Kargo cuts out middleman to simplify goods transport

Kargo, a Yangon-based start-up founded by Australian Alexander Wicks in September 2016, is out to simplify a fragmented transport and logistics market and an opaque pricing structure for transporting goods in Myanmar. The company, which aims to directly link transport and logistics firms with customers, received US$800,000 in pre-Series A funding from Singapore-based Cocoon Capital […]

FMI sees strong growth in finance, invests in real estate, tourism

Despite a drop in earnings in FY2019, Yangon Stock Exchange-listed First Myanmar Investment Public Company Ltd (FMI), said it continues to see potential for long term growth in finance, healthcare, real estate and tourism, the main sectors in which its businesses are involved. While earnings dropped by almost 42 percent to K14.4 billion for the […]

IFC takes stake in Yoma Bank in first for Myanmar

Yoma Bank has become Myanmar’s first commercial lender with a foreign stakeholder following a decision by the International Finance Corporation (IFC) to convert a US$5 million loan into a five percent equity shareholding. The IFC, the investment arm of the World Bank Group, provided the convertible loan package to Yoma Bank in 2014 to help […]

Burmese trucking logistics company Kargo receives over US$130K from Yoma Bank

Burmese online truck shipment service Kargo has announced that it has inked an SME financing agreement with Yoma Bank, Myanmar’s commercial bank. The partnership will see Kargo receive an initial loan of approximately US$130,000. Through the bank’s Unsecured SME Financing, Kargo plans to facilitate same-day payments to its truck drivers, boost its ability to grow […]

As banking opens up, Yoma Bank finds niche in SME loans and mortgages

With the Central Bank of Myanmar (CBM) having issues a slew of directives liberalising the Myanmar banking and financial sector over the past 24 months, chief executive Hal G Bosher is beginning to see positive opportunities for Yoma Bank in the years ahead. “The CBM has been implementing reforms to bolster confidence in the industry […]