Yoma Bank and MasterCard on June 18 announced a partnership that will enable the bank to substantially expand its digital offerings and accelerate the advancement of Myanmar’s digital economy.
COVID-19 has impacted everyone and all economies adversely. 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.