First Bank in Myanmar To Launch A Convenient Online Account Application Process

Aug 31, 2018
Yangon, Myanmar – August 31, 2018 – One year ago, Yoma Bank launched SMART, a convenient digital banking product with multiple benefits for its customers. Yoma Bank was the first bank in Myanmar to launch a bank account opening application via an easy online application process. Applicants can conveniently submit the SMART account application form online at applysmart.yomabank.com and initiate the application process prior coming to any Yoma Bank branches to complete the process. After one full year of a successful introduction of SMART and over 120,000 customers later, additional new features like SMART Payroll and SMART Salary Advance are being added to elevate the customers’ SMART experience. Yoma Bank is one of Myanmar’s largest banks with over 3,000 staff members and 75 branches nationwide.

“Smart is Yoma Bank’s first digital channel and it allows us to offer services to customers, who do not have immediate access to a Yoma Bank branch. With access through an MPU network of 3,000 ATMs and 30,000 Wave Money agents, we are offering unparalleled access to our customers.” Mr. Hal Bosher, the Advisor to the Chairman and CEO of Yoma Bank said. “Additionally, we offer remote onboarding, Wave Money integration, and zero ATM or POS fees. We are confident that Smart will be very competitive and will set the standard in the Myanmar marketplace,” Bosher added.

With SMART, there are no costs for the MPU Debit Card and no maintenance fees. Those who apply SMART online can stop by at any Yoma Bank branch locations to pick up their personalized SMART MPU Debit Card after two working days. Also, SMART owners have access to the over 3,000 MPU branded ATMs in Myanmar, where they can withdraw cash without any additional transaction fee, saving money and offering convenience to its customers. Not only that, the SMART MPU Debit Card can also be used at any MPU branded POS locations as well as online for free of charge.

Moreover, SMART allows its customers to manage their money at a time and place of their convenience – banking services are accessible 24/7 through online and Yoma Bank mobile banking application. Sending money between a SMART to another SMART account is also free. One of the most popular benefits amongst SMART users is the 4% mobile top-up discount when topping up their mobile phones with Myanmar’s top mobile phone operators such as Telenor, Ooredoo, and MPT. SMART users furthermore have access to all the features of Wave Money account linkage with access to over 30,000 Wave Shops throughout Myanmar.

Now, SMART is adding new innovative features for its users. Mr. Mark Flaming, Chief Digital Advisor of Yoma Bank stated “At Yoma Bank, we work hard to design services that work for our customers. We are excited to launch SMART Payroll with salary advance for employees. And we are piloting our new Smart Credit product that will provide personal credit for all Yoma Bank customers. “

The recently added SMART Payroll service lessen employers’ internal payroll processes by simply having Yoma Bank manage their monthly employees’ payrolls. Yoma Bank will ensure their employees’ salaries are paid timely every month and directly into their SMART accounts. Employers can therefore lessen the burden of cash flow and dealing with time-consuming monthly payroll processes. SMART Payroll also offers great benefits for the employees. On top of having access to the full benefits of SMART, employees benefit from having the option to receive a salary advancement of up to 20% of their basic monthly salary from Yoma Bank conveniently and instantly via the Yoma Bank Mobile Application App.

For more information on SMART, please visit www.yomabank.com/smart