Yoma Bank Partners with Mastercard to Connect Myanmar’s Consumers and SMEs to the Global Digital Economy
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The partnership will also enable Yoma Bank to accelerate Myanmar’s cashless agenda by providing digital-first solutions for every customer segment. *
Myanmar/Yangon – June 18, 2020 – Yoma Bank and Mastercard today announced a partnership that will enable the bank to substantially expand its digital offerings and accelerate the advancement of Myanmar’s digital economy. Through this partnership, Yoma Bank will offer best-in-class digital payment solutions and exceptional consumer value propositions to a wide range of customer segments in today’s rapidly digitizing world.
As part of this long-term collaboration, Yoma Bank will offer a suite of innovative and relevant payment products, increasing the choice and flexibility for all consumers and business owners in Myanmar. Mastercard will bring to the partnership its deep global expertise in developing digital-first solutions, ensuring ecosystem security, and leveraging end-to-end data analytics — thus allowing Yoma Bank to successfully grow the ecosystem for cashless payments which in turn will drive the digital economy.
As a leading global payments technology company, Mastercard is optimistic about the immense potential digital transformation is bringing to Myanmar’s economy and firmly believes that the digital economy should work for everyone, everywhere—a sentiment that is echoed by Yoma Bank and the Myanmar Government, who have been actively encouraging the development and use of innovative payments products and platforms to drive inclusive and sustainable socio-economic development.
“SMEs are the backbone of Myanmar’s economy, accounting for over 90 percent of all businesses in the country. Digitizing the SME sector will help businesses across the country advance their payment capabilities and cycle off inefficiencies in their day-to-day business operations, while gaining access to new international markets and e-commerce opportunities. The partnership will also support Yoma Bank’s core strength of being the ideal bank for businesses in Myanmar by creating a seamless payments ecosystem for businesses of all sizes and from every industry to engage in. We are thrilled to be working with the renowned payments technology company Mastercard in our digital journey and to fulfil our goal of supporting our customers’ needs through advanced digital payments options,” said Dean Cleland, CEO of Yoma Bank.
COVID-19 has impacted everyone and all economies adversely. Considering this, digitization of payments will be essential to building a strong foundation for a lasting recovery that reaches all citizens through greater financial inclusion. Mastercard and Yoma Bank are committed to the country’s digital journey to build a better and more digitally inclusive Myanmar for its people.
“Mastercard is delighted to partner Yoma Bank on its journey towards a cashless Myanmar and to launch market leading solutions that will position Yoma as a payments innovator as well as a gateway to the world’s digital economy. Mastercard has been working closely with various industry players and government stakeholders in Myanmar towards a new digital economy that will be accessible to all,” said Aileen Chew, Country Manager, Thailand and Myanmar, Mastercard.
*All products and services to be provided through this partnership will be subject to regulatory approval from the Central Bank of Myanmar (CBM).