Yoma Bank Procurement Process
Yoma Bank practices and follows strict criteria in selecting vendors to carry out a proper due diligence of our partners and ensuring the best services for our customers. The supplier/vendor selection process deploys an enormous amount of organization financial resources and plays crucial role for the success of an organization. The main objective of supplier/vendor selection process is to reduce purchase risk, maximize overall value to the bank and develop long-term relationships between supplier/vendor and the bank.
A. Mandatory Criteria
1) Registered company / License to work in Myanmar
2) Compliance with applicable law and regulations in Myanmar (AML Policy, Sanction List, CBM restrictions) including trade restrictions with the supplier
B. General Criteria
1) Good past performance with Yoma Bank or related parties (Price, Quality & Punctuality)
2) Good Reputation/Image of business or business owner. (Good profile)
3) Sound liquidity and/or going concern status of the supplier (ability to operate the business within next 12 months without possibility of being bankrupt) (answer "NO", if the supplier is NPL loan customer of Yoma Bank)
4) Value for Money (VFM): Good quality with competitive price
5) Quality assurance: Accountability on goods/services provided (Products/Service Warranty Availability)
6) Value-added service / After-sale service provided
7) Credit purchase availability (Credit terms: 30 days - 60 days)
8) Lead time in line with job requirement of Yoma Bank (Delivery period)
Yoma Bank embraces its suppliers and vendors, viewing them as partners in helping to grow the business. The bank chooses registered company/license to work in Myanmar, compliance with applicable law and regulations in Myanmar (AML Policy, Sanction List, CBM restrictions) including trade restrictions with the supplier.
Yoma Bank and the affiliates or any third party acting on their behalf or for their benefit, are required to adhere to this Business Integrity Policy and comply with the applicable laws, irrespective of the jurisdiction they operate in and the laws applicable to such jurisdiction. Non-compliance may result in disciplinary action being taken which may lead to termination of employment, and/or to the termination of a third-party contract.
The choice of a supplier/vendors has significant impact on the cost and quality of the services/product/system/goods. Yoma Bank aims to adopt an appropriate, effective, professional procurement approach guiding by procurement department.
Yoma Bank’s procurement department is governing the bank wide procurement process by using following process.