In partnering Mastercard, Yoma Bank will expand its digital offerings and accelerate the advancement of Myanmar digital economy

Yoma Bank and Mastercard, on June 18, signed an MoU that will enable the bank to substantially expand its digital offerings and accelerate the advancement of Myanmar’s digital economy. 

The E-commerce industry, still at the nascent stage, is booming amid the pandemic as users turned to online shops and delivery services while staying at home and following the social distancing orders. However, the payment method is still not there despite dozens of private banks in the country. 

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.

“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,” said Dean Cleland, CEO of Yoma Bank. 

Currently, the e-commerce sector is still less than 0.01 percent of Myanmar’s GDP while in the developed markets, the likes of the US, e-commerce sector represent approximately 2 percent of the country’s GDP. If the e-commerce sector grows to 0.1 percent, the market will worth $68 million.

There are three different groups of mobile money providers, each with their own advantages: telecom owned mobile money such as My Tel’s MyTel Pay, and Telenor’s Wave Money; bank-owned money such as KBZ Bank’s KBZ Pay, AGD Bank’s OnePay, CB Bank’s CB Pay and MOB Bank’s Ongo Pay; and independent mobile money like Ok Dollar.

(Myanmar Business Today: https://mmbiztoday.com/yoma-and-mastercard-partner-to-enhance-e-commerce/ )

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