Briefing Note - Global Institute For Tomorrow

TMS Academy LEADERS! Module Two
Briefing Note for Participants
18 – 23 October 2015 I Yangon I Myanmar
The Global Institute For Tomorrow (GIFT) is an independent think tank focused on advancing a
deeper understanding of global issues. These include the shift of economic and political influence from
the West to Asia, the dynamic relationship between business and society, the role of the state and the
reshaping of the rules of global capitalism.
*
TMS Academy is the integrated leadership development arm of Temasek Management Services (TMS), a
fully-owned subsidiary of Temasek Holdings. We are dedicated to the mission of developing Asian
business leaders and supporting the building of organisational capabilities to develop senior-level
talent. We offer a wide range of high-impact, practice-oriented open programmes and customised
solutions in partnership with some of the finest institutions and critical insights for executives.
TABLE OF CONTENTS
Contents
Welcome __________________________________________________________________________________________________ 1
Introduction ______________________________________________________________________________________________ 2
A global mind-set for effective leadership ______________________________________________________________ 3
Preparation for Module Two (31 July – 18 Oct) ________________________________________________________ 5
Experiential learning (18 Oct – 23 Oct) _________________________________________________________________ 7
Timeline &Module Two Schedule _____________________________________________________________________ 10
Country background: Myanmar _______________________________________________________________________ 11
Banking and financial services in Myanmar __________________________________________________________ 13
Project partner: Yoma Bank ___________________________________________________________________________ 18
Venue ____________________________________________________________________________________________________ 26
Notes and reminders ___________________________________________________________________________________ 27
Readings ________________________________________________________________________________________________ 28
GIFT Team_______________________________________________________________________________________________ 29
Partners _________________________________________________________________________________________________ 30
Alumni___________________________________________________________________________________________________ 31
Appendix ________________________________________________________________________________________________ 32
WELCOME
Welcome
The challenges facing business today are complex, global and often intractable. This is due to the
increasing speed and scale of change. This has been compounded by the recognition that much of the
perceived wisdom about economics, development and management theories is being shaken to its core
or even crumbling. Thus, the challenge of developing globally effective leaders in a world that is in flux
has become paramount.
This rings particularly true in Asia where change is apparent in virtually all areas of political, social and
economic life. How to navigate through the volatility of change whilst balancing the opportunities and
threats of liberalisation is a key concern for the architects of Asia’s future. Myanmar, where Module Two
of TMS Academy’s Leaders! Programme will be conducted will provide an excellent platform to witness
some of the challenges in one of the region’s least developed yet vitally important countries.
Long-held and unquestioned concepts about economic growth and political systems, mostly modelled
on developments in the West in the post-war period are proving inadequate and even inappropriate in a
world that would be unrecognisable to the progenitors of such ideas. Population, resource consumption,
collective crises of our commons, have all advanced to such a degree that there is a need to rethink the
assumptions at the very foundations of our economic systems, policy-making frameworks and
organisational environments. It is clear that conventional approaches to leadership development and
the embracing of convenient slogans will no longer lead to new ideas for the outcomes we need.
The Global Institute For Tomorrow (GIFT) is delighted to be partnering with TMS Academy for the
design and facilitation of the experiential module of the Leaders! Programme. We hope that this original
approach, which is a break from business as usual, will offer you a platform for questioning, thinking
critically and forging your own understanding of what it will take to succeed in the dynamic global
marketplace of today and tomorrow. You will be introduced to new concepts and exposed to new ways
of thinking about business models that seek to adapt to changing socio- and economic circumstances
and shifting customer needs. I hope you will arrive with an open mind and go away with ideas that
inspire you and tools you can use to navigate a complex world.
Your journey as a participant in this programme will be infused with discovery, self-realisation,
collaboration, debate and insight. Here is an invitation to see the world in a whole new way and I hope
you will make the very best of this opportunity.
Chandran Nair
Founder and CEO
1
INTRODUCTION
Introduction
Since 2005 the Global Institute For Tomorrow (GIFT) has been promoting greater awareness about the
key drivers of change, channelling the management expertise of leaders from large companies to
effectively work across different cultures to meet the challenges of globalisation. Ten years on, GIFT
continues to realise this goal through a combination of research, advisory work and a fresh approach to
executive learning.
GIFT programmes offer participants, from a leadership development viewpoint, a platform for
broadening their understanding of the world and the role of business in society while exposing them to
new business and investment opportunities arising across Asia. Each one unique, relying on a
methodology that is participant-led and an experiential field project which is output-driven, the
programme is highly personal and focused on creating new models for business for the future. The GIFT
programmes also create a rich learning environment for leadership development focusing on the core
learning pillars of knowledge, communication and empathy, enabling you to sharpen your leadership
instincts both during the period of formal study and importantly after you return to your organisation.
Between the end of Module One and the start of Module Two you will be tasked to critically analyse
and examine business models for markets and businesses that are very different from your own daily
“playing field” and to suggest potential solutions a local bank can offer to the challenge of financial
inclusion.
Module Two, the experiential component of the programme, takes place in Yangon, Myanmar. The field
project will immerse you in an unfamiliar environment, testing your skills on a variety of levels beyond
the functional and particularly your ability to collaborate effectively across cultures and backgrounds in
order to drive a successful outcome. Fast-paced, intense, while also eye-opening and fun, the module
serves as a platform for your learning and development, a chance to hone your problem-solving, project
management skills and much more. During Module Two, you will work towards producing a tangible
plan for Yoma Bank, focusing on five key business areas, to support the company in its next stage of
enterprise development and change management. The highlights of the report will be presented at a
final forum in Yangon on Fri 23 October. The audience will consist of senior managers from Yoma Bank,
and from holding companies Yoma Strategic Holdings, FMI/SPA, as well as board members, and key
partners and stakeholders. This will be the culmination of the field project and your chance to present
your valuable recommendations to our partners in an open and interactive session.
As a participant you are asked to think deeply, reflect on your own experience and share opinions freely,
contributing to a constructive and powerful learning environment. Sessions and site visits are facilitated
by GIFT and in partnership withYoma Bank.
2
A GLOBAL MIND-SET FOR EFFECTIVE LEADERSHIP
A global mind-set for effective leadership
On the first day of Module Two, you will be introduced to a couple of the core topics covered by GIFT:
the impacts of globalisation& reshaping capitalism. You will be invited to think critically about
today’s drivers of change, the price of globalisation and its implications for businesses, governments and
society. This exercise aims to provide alternative narratives and stretch your thinking about “big picture”
topics before deep-diving into the specific issues related to the field project in Myanmar.
Globalisation is most commonly defined as the “acceleration
and intensification of economic interaction among the people,
companies, and governments of different nations.” It is a term
used to describe the changes in societies and the economy that
are the result of increased cross-border trade, investment, and
cultural exchange. Globalisation has spread prosperity and
created interdependency on a scale not witnessed at any time
in history.
“IT HAS BEEN SAID THAT ARGUING
AGAINST GLOBALISATION IS LIKE
ARGUING AGAINST THE LAWS OF
GRAVITY”. KOFI ANNAN
Not everyone, however, is a beneficiary of globalisation.Most
studies on globalisation tend to focus on its impact on
international trade and this as a driver for economic growth.
However, the dramatic changes triggered by globalisation have
forced policymakers to respond to its effects in several other
areas too. Concerns over job losses have led to calls for
protectionism as a way to counter the excesses of globalisation.
Traditions and cultures of various communities that have made
up the mosaic of human society appear to be under threat of
being wiped out by the forces of globalisation. These are matters
which are less tangible but often fraught with intense emotion
and controversy.
The transformation globalisation has had on the world and the challenges it presents also requires us to
put into question traditional economic models and the role of capitalism in creating shared prosperity.
What is different about the 21st century may very well catch off guard people who only look to the
past as a model. Leaders can no longer focus only on domestic trends or those seen through the lens of
Western experience. 20thcentury capitalism has thrived on under-pricing resources and promoting
relentless consumption, aided and abetted by efforts to minimise regulatory interference and reduce
restrictions on the movement of capital. It has created great wealth and improved the lives of millions.
But the rise of capitalism has also brought about a growth in consumerism by the under-pricing of
resources, while increasing inequality and damaging the environment. The exact measure of inequality
within our societies and its causes are now hotly debated among intellectuals, policymakers and leaders
of business and civil society. According to Oxfam the top 1% of the richest now own as much wealth as
the bottom half of the world. As incomes rise and millions of Asians aspire for western standards of
living, the edifice on which the global economy is built is in danger of collapse. This is not to say that
capitalism is inherently bad but on a per capita basis it is simply not possible for 4.5 billion Asians to
3
A GLOBAL MIND-SET FOR EFFECTIVE LEADERSHIP
consume resources at levels similar to that of their average Western counterparts without causing
catastrophic damage to the natural environment.
With the world population tipped to cross nine billion by the
middle of this century, six billion of who will be in Asia, how
1% OF THE RICHEST NOW OWN
long can the world afford to live by an economic architecture
AS MUCH WEALTH AS THE
that places growth through under-pricing the resource base
BOTTOM HALF OF THE WORLD.
above everything else? Asia has the potential to reshape
capitalism and create new alternative economic models. But
to do that, governments must first re-prioritise resources and put pricing of resources at the forefront of
policymaking. They must also ask some hard questions about the nature of prosperity and set realistic
aspirations for their citizens.
Participants are asked to examine the rapid spread of globalisation in Asia and its impacts, and to
consider how capitalism could be reshaped from one that maximises growth by under-pricing resources
and externalising costs to one that maximises collective well-being and sustains prosperity.
4
PREPARATION FOR MODULE TWO (31 JULY – 18 OCT)
Preparation for Module Two (31 July – 18 Oct)
At the end of Module One in Singapore, you will be assigned into one of five teamsas part of the
process to produce the output. Each team will ultimately be responsible for developing a specific area of
the final report for Yoma Bank but teams will have to collaborate with each other every step of the way
and avoid working in silos to get the best possible outcome. Remember that you are working towards
the creation of one output. More details on the approach will be provided during the briefing in
Singapore, the webinar and when we arrive in Yangon.
Each team will:
1.
2.
have a team leaderwho will coordinate with his/her peers on the team’s scope of work and
direction, and help facilitate some logistical arrangements during site visits, and;
includea YomaBank managerwho can provide important insights into the company, country
and industry.
On 13 August, GIFT will facilitate a webinar to introduce the team leaders to their YomaBank team
mate. You will receive an email inviting you to attend the PGiGlobalMeet webinar closer to the date.
Instructions to join the webinar will be included in that email.
In order to prepare you for Module Two and to gain a better understanding of the topics under
consideration, you will be tasked with two assignments (individual and group).
Individual assignment
This short assignment will help shift your attention towards topics covered in Module Two. Answer the
question below in no less than 500 words. Include any references, analysis, and proposed solutions as
appropriate.
As Myanmar embarks on greater economic liberalisation, how can a local bank contribute to the
development of the local economy and domestic financial sector whilst overcoming the challenges
associated with increased competition from foreign banks entering the Burmesemarket.
Group assignment
Each team will be assigned a bank operating in an emerging market and tasked with reviewing its
business model. For your allocated bank, your team must identify the following building blocks and
visualise them in a business model canvas (below and in appendix). The following building blocks form
the basis of the business model canvas:
5
PREPARATION FOR MODULE TWO (31 JULY – 18 OCT)
Customer Segments:
Key Resources:
An organisation serves one or
more customer segments.
Key resources are the assets
required to offer and deliver
the previously described
elements…
Value Propositions:
Revenue Streams:
It seeks to solve customer
problems and satisfy customer
needs with value propositions.
Revenue streams result from
value propositions successfully
offered to customers.
Channels:
Value propositions are
delivered to customers through
communication, distribution
and sales channels.
Key Partnerships:
Some activities are outsourced
and some resources are
acquired outside the
enterprise.
Customer Relationships:
Customer relationships are
established and maintained
with each customer segment.
Banks
1.
2.
3.
4.
5.
Key Activities:
…by performing a number of
key activities
Acleda (Cambodia)
ICICI Bank (India)
Safaricom (Kenya)
Bank Mandiri (Indonesia)
Sacombank (Vietnam)
6
Cost Structure:
The business model elements
result in the cost structure.
EXPERIENTIAL LEARNING (18 OCT – 23 OCT)
Experiential learning (18 Oct – 23 Oct)
For Module Two, participants will travel to Yangon, Myanmar for theexperiential component of the
programme. This module will include project site visits, stakeholder meetings and business planning
sessions. Participants will be expected to gather market intelligence, conduct in-depth analysis and
acquire practical knowledge about the landscape of the banking sector in Myanmar, with the aim of
producing and presenting a “Gap Analysis” to senior management of Yoma Bank (YB).The information
and tools provided in this briefing note are here to guide the process, from the end of Module One until
the completion of Module Two, but they should not constrain your thinking about the proposal.
Project Scope: Developing a gap analysis for Yoma Bank
Yoma Bank is currently building strong foundations, based on its values of governance, service,
technology, people and partnerships, to become one of Myanmar’s leading banks and take advantage of
a rapidly growing market. In order to assist Yoma Bank with its mission, the group will produce a gap
analysis for the bank around the business areas below.
A gap analysis is a process through which a company compares its actual performance to its
expected performance to determine whether it is meeting expectation and using its resources
effectively.
Yoma Bank will present the bank’s current state
(“where is Yoma Bank today?”) and its targetstate
(“where does Yoma Bank want to be?”).
In Myanmar you will be tasked to explore the question
“what steps are needed to get there?” Solutions to
this question should include a practical set of
recommendations and actions that Yoma Bank can
implement in the coming months and years.
Each section should include but is not limited to:





What works and can be scaled;
Gap identification & description;
Factor responsible for gap;
Desired outcomes (qualitative and quantitative);
Remedies, actions and proposals; proposed timeline.
7
EXPERIENTIAL LEARNING (18 OCT – 23 OCT)
Each team will develop a gap analysis for one of the following focus areas:
MARKET POSITIONING & BRANDING





What is YB’s value proposition and competitive advantage? How does it compare to its
competitors and what are other banks currently doing better than YB?
What is YB’s positioning in the market? Include an analysis of perceived strengths and
weaknesses, opportunities and threats.
What is YB’s current branding and marketing strategy and how could it improve to better align
with the reality on the ground. Why?
How can YB’s new brand and identity be integratedwithin the bank and internalised by all
employees?
What other solutions and marketing activities, aligned with YB’s new strategy, should the
company consider to strengthen its brand and positioning in the market?
ORGANISATIONAL STRUCTURE & GOVERNANCE




How is YB’s management currently organised and how does it measure its performance and
regulatory compliance? How could these be improved?
Who are YB’s main stakeholders (mapping) and what measures are needed to ensure their
respective interests are met?
How are various business units, departments and divisions organised and what measures are in
place to encourage internal communication, reporting and cross-departmental collaboration?
How could these be improved?
How can YB’s partnership with IFC and others support the bank’s goals for more transparency
and corporate governance structures?
HUMAN RESOURCES & CHANGE MANAGEMENT





What changes are currently taking place at YB? Why is change necessary and how is it affecting
the company’s culture? How is change currently communicated across the organisation and
understood by employees?
What are the current gaps in skill-sets and training needs of the bank and how can the YB
School of Banking support the bank’s human resource needs?
How can the School of Banking also assist with YB’s efforts for change management?
How can YB’s new Core Banking System (CBS), designed to streamline the bank’s processes and
operations, also support the bank’s organisational and culture change?
What solutions could help YB tackle its various communication challenges, including
technology, language barriers, geography, culture &existing processes?
8
EXPERIENTIAL LEARNING (18 OCT – 23 OCT)
BRANCH OPERATIONS




How can the design, location and customer service and experience at Yangon branches be
improved?
How do branches and the head office currently communicate? How can the new CBS improve
operations, customer experiences and interactions across the branch network?
The new CBS will allow YB to gather significant data from its customers nationwide. How can
this data be used to improve YB’s operations and customer experience? What measures are
required to maximise its use?
What specific measures employed in other banks in Myanmar and elsewhere could improve
branch operations and move YB towards its ultimate goal of becoming a leading bank in
Myanmar’s financial sector?
PRODUCTS AND SERVICES





What are the main needs of its current customersin terms of banking and financial products
and services? How are these being met?
What customer segments is YB currently serving and who does the bank wish to serve in the
future?
Drawing on examples from other banks and countries, what new products and services could be
proposed?
How can YB’s joint venture with Telenor for the provision of mobile banking support the
delivery of new products and services? How could YB better leverage the Telenor JV to serve its
clients and drive profitability?
How can the new CBS improve product development/innovation & delivery in a cost-effective
manner?
After the programme, GIFT will integrate the different sections into a final report for Yoma Bank. All
participants will receive a soft copy of the final report upon completion.
9
TIMELINE &MODULE TWO SCHEDULE
Module
One
Timeline &Module Two Schedule
Fri 31 July
Interim
Thurs 13 Aug
3:30pm
PM
Webinar
Mon 31 Aug
Deadline: Individual assignment
Fri 9 Oct
Deadline: Group assignment
Sun 18 Oct
PM
Arrival in Yangon & check-into Inya Lake Hotel
Welcome dinner at hotel
18:30
19:45
GIFT session: Impacts of Globalisation& Reshaping Capitalism
Break-out session
Lunch
Yoma Bank: Intro & Q&A – Hal Bosher
Core Banking System (CBS): Intro & Q&A – U Kyaw Soe Lin
Team break out: business model presentation of local banks (group
assignment) & Q&A
Preparing for site visits
Dinner
Depart for Shwedagon Pagoda
Tues 20 Oct
All day
Site visits & stakeholder meetings
Wed 21 Oct
AM
PM
Additional site visits
Business planning session
Thurs 22 Oct
All day
Business planning sessions
Fri 23 Oct
9:30
12:00
13:00
14:30
Final Forum at Inya Lake
Lunch
Final reflections
End
8:30
12:30
13:30
Mon 19 Oct
Module Two
Introduction to GIFT & Module Two – Chandran Nair
Introduction to Yoma Bank – Ba Maung Sein
Schedule subject to change
10
COUNTRY BACKGROUND: MYANMAR
Country background: Myanmar
Myanmar, the second largest country in South East Asia, borders China in the North and North East,
Laos in the East, Thailand in the South East, Bangladesh in the West and India in the North West.
Myanmar’s strategic location at the heart of Asia has shaped its history from the Golden Era of kingdoms
and empires in the 12th century to the country’s annexation by the British in 1886. Myanmar, called
Burma under British colonial rule, inherited from the British a system of laws and civil society, but most
of the wealth never trickled down to the local Burmese population. Traditional customs were widely
suppressed and certain ethnic groups were favoured for military and administrative positions.
Resistance and protests against the British started in the 1920s and swelled in 1935 when students
from Rangoon University staged a series of strikes let by a young Aung San, father of current opposition
leader Daw Aung San Suu Kyi.
Burma officially became independent in 1948, beginning a new era of economic development. The
country’s economy grew steadily until a 1962 military coup and its subsequent “Burmese way to
Socialism” wielded absolute power in the face of international condemnation.
Severe economic and political sanctions from the West were triggered by the 1988 street
demonstrations – known as the 8888 uprising – and the resultant crackdown which killed an estimated
10,000 people. In the decade that followed, Burma’s isolation from the West severely crippled its
economy and the country, once the largest exporter of rice in the world, became a net importer.
Sanctions from the West did not prevent Burma from deepening its economic relationships with other
Asian countries, including China, Singapore, India, South Korea and India.
MYANMAR
Capital
Naypyidaw
Population (2014 census)
51.4 million
Urban population1
31% of total
Real GDP growth (2014)
8.3%
GDP (USD, estimate 2014)2
USD 62.802 billion
GDP Per Capita (2013/2014)3
USD 1,113
Life expectancy (years, estimate
2011)
65.2 years
Literacy rate4
93%
Population below poverty line5
26%
Number of ethnic groups
135
Currency (as of 8 July 2015)
1 MMK = 1,130 USD
Data World Bank
International Monetary Fund
3 ibid
4 UNICEF
5 ibid
1
2
11
COUNTRY BACKGROUND: MYANMAR
The 2008 constitutional referendum showed the early signs of political reform and the 2010 general
elections brought a semi-civilian reformist government to power – the military-backed Union Solidarity
and Development Party (USDP). General Thein Sein, appointed Prime Minister by the junta in 2007, was
elected president and engaged in a series of moderate reforms including ceasefires with ethnic fighting
groups, the release of thousands of political prisoners, partial press deregulation and improved relations
with the West. Aung San Suu Kyi’s opposition party – the National League for Democracy (NLD) that had
won the 1990 elections but was never allowed to take power – boycotted the 2010 elections. The
international community responded positively to Myanmar’s campaign and in January 2013, 60% of the
country’s outstanding debt was waived. Despite a
general improvement of relations with the West,
the USA extended sanctions on Myanmar in 2014
for another year, standing firm by their policies
tied closely to Aung San Suu Kyi’s demands for
further reforms.
Significant economic reforms include guidelines
for a revised Foreign Investment Law, which
allows global companies to do business in
Myanmar for the first time in 50 years. In 2013,
Norway’s Telenor and Qatar’s Ooredoo won the
bid to develop Myanmar’s mobile network and
transform the market with improved coverage and reduced cost of usage. By March 2016 it is expected
that mobile penetration will increase from 11% to 80%, meaning that around 35 million people in
Myanmar will subscribe to mobile services for the first time. 6
Myanmar is preparing to hold its national elections in November 2015, which are expected to be both a
political inflection point and an improvement in election administration since 2010. Reforms launched
by the Thein Sein administration have helped transform the political landscape and electoral
environment, allowing for more freedom of press and civil liberties.
Changes are fast-paced but Myanmar remains an emerging economy despite a GDP growth rate of 8.3%
anddespite being one of Southeast Asia’s most resource-rich countries. More than one quarter of the
population still lives in poverty and limited infrastructure continues to be a major impediment to the
provision of basic healthcare, water and sanitation, electrification and education services, especially in
rural areas where nearly 70% of population live. Literacy
rates among 15-24 year olds is high (93%) however school
BY MARCH 2016 IT IS EXPECTED
retention rates are low and education attainment is limited.
THAT MOBILE PENETRATION WILL
The lack of vocational training and skills in manufacturing
INCREASE FROM 11% TO 80%.
and services continue to stifle the economy and hamper
employment opportunities amongst local youths.
Agriculture remains the mainstay of the country’s economy, although there is also a strong reliance on
resource-based extractive industries such as oil and gas, mining and forestry. Revenues from offshore oil
and gas reached USD1.5 billion in 2013-2014 according to government data, although industry experts
estimate actual revenues to be closer to USD4billion.
6
GSMA (date unknown) Snapshot: Maymay in Myanmar – how and why Ooredoois targeting Myanmar women
12
BANKING AND FINANCIAL SERVICES IN MYANMAR
Banking and financial services in Myanmar
Myanmar continues to emerge from years of isolation and its financial sector is still the least
developed of all countries in Southeast Asia. More than 70% of adults do not have formal access to
credit, deposit and other financial services and only 5% of adults have a bank account. 7 However, the
sector is undergoing significant changes; the government has been granting banking licenses since
2012, a stock market is due in late 2015 and the insurance sector, formerly monopolised by the state, is
under liberalisation. Today the banking sector consists of 27 banks with accumulated assets amounting
to around 55% of GDP with state-owned banks dominating
the sector in terms of assets. However the speed of reforms
IN 2003 THE CONTAGION SPREAD TO
and growth of private sector counterparts are creating a
PRIVATE BANKS; MOST SERVICES
more competitive financial landscape.
CEASED, INCLUDING THE PAYMENT
The finance sector suffered a major set-back in 2003 when a
OF EMPLOYEES AND BUSINESS
number of trading companies operating as informal
OPERATIONS.
financial institutions took advantage of a weak interest rate
policy at the time and finally collapsed, leading to a financial and economic crisis. The contagion spread
to private banks; most services ceased, including the payment of employees and business operations,
and banks tried to acquire liquidity by recalling their loans, forcing individuals and companies to sell
their assets to meet their loan obligations. Depositors rushed to withdraw their savings, causing a
shortage of local kyats and driving the black market exchange rate from MMK 1,100 to MMK 850 to the
dollar. Distrust in the financial sector, compounded by allegations of money laundering against Myanmar
banks ultimately ushered in a decade of credit crunch and heavy-handed regulations. Three major banks
were shut down – AWB, Mayflower and Myanmar Universal bank – and the economy essentially became
cash-based.
In 2012, the Central Bank of Myanmar (CBM) quelled a
repeat crisis by emphasising the financial soundness of all
banks and its willingness to guarantee their finances. This
was a stark reminder of the banking sector’s frailty and the
importance of regulatory bodies to ensure stability.
Despite attempts to reform the system, the finance sector
still suffers from public distrust in the banking system,
insufficient human resources and a legacy of fragile legal
frameworks. These challenges and competition will be
strongly exacerbated once foreign banks enter the market
and Myanmar joins the single market of ASEAN Economic
Community (AEC) at the end of 2015.
7Yoma
Bank Strategy report
13
Reliability and consistency of data
Data in Myanmar is scarce, not always
reliable and inconsistent. This holds
especially true for the financial sector. Most
financial institutions do not publish their
annual
reports
or
disclose
data.
Transparency is, however, increasing as
well as efforts towards improving financial
data (…) Legal reforms shall, furthermore,
help to ensure the consistent application of
international financial reporting standards.
Source: GIZ (2015) Financial
overview and Regional Perspective
sector
BANKING AND FINANCIAL SERVICES IN MYANMAR
MAJOR DEVELOPMENTS IN THE MYANMAR BANKING SECTOR (1861-2016)
Source: GIZ (2015) Financial Sector Overview and Regional Perspectives
Myanmar’s state-owned banks include the Myanmar Economic Bank, the Myanmar Foreign Trade Bank,
the Myanmar Investment and Commercial Bank and the Myanmar Agricultural Development Bank,
which together account for over 64% of total assets of the banking sector.
The remaining 36% are served by semi-governmental and private banks, the largest of which are:



Kanbwza Bank (KBZ) with 150+ branches nationwide, 11,000+ employees and MMK 4,145
billion in assets (2014). The bank has one third of the nation’s banking customer base as its
clients and belongs to the business conglomerate KBZ Group, which owns two airlines and jade
and gem mining concessions. KBZ is one of the earlier recipients of the insurance license.
Ayeyarwady Bank, founded in 2010, is owned by business tycoon U Zaw Zaw (known as Max
Zaw Zaw), whose conglomerate has interests in timber, gems, rubber, construction and hotel
industries. The bank has total assets worth MMK 1,200 billion and ~70 branches nationwide.
Co-operative Bank (CB), established in 1992 under the Ministry of Cooperatives, is one of
Myanmar’s first banks. In contradiction with its name, CB’s governance structure is not based
on cooperative principles and the Ministry does not hold any shares. CB has ~5,000 employees
and total assets worth MMK 1,180 billion.
Other non-state commercial banks include Myawaddy Bank, Myanmar Apex Bank, Yoma Bank, United
Amara Bank, Asia Green Development Bank, and the Small and Medium Industrial Development Bank.
14
BANKING AND FINANCIAL SERVICES IN MYANMAR
For the first time in 50 years, the CBM is granting
preliminary approval to nine foreign banks to operate in
Myanmar: Australia and New Zealand Banking Group Ltd
(ANZ), United Overseas Bank (UOB), Malayan Banking
Berhad (MayBank), Overseas-Chinese Banking Corporation
(OCBC), Bangkok Bank, Industrial and Commercial Bank of
China (ICBC), Mizuho Bank, Sumitomo Mitsui Banking
Corporation (SMBC), and Bank of Tokyo-Mitsubishi UFJ
(BTMU).
At the same time, Myanmar’s “pervasive and sophisticated”
informal financial sector8 – money lenders, pawnshops
and hundis (payment brokers) – continues to be active
given its proximity, flexible operating hours, and negotiable
borrowing terms. It operates through a network of
relationships, reaching out to most rural areas, with a high
degree of trust but minimal formality. Interest rates for
informal lending depend on the type of collateral placed
and typically vary between 3-8% per month. Repayment
periods vary between 3-6 months but can usually be extended.
THE INFORMAL SECTOR OPERATES
THROUGH A NETWORK OF
RELATIONSHIPS (…) WITH A HIGH
DEGREE OF TRUST BUT MINIMAL
FORMALITY.
INFRASTRUCTURE & SERVICES
Several centralised institutions form a supporting network for banks in Myanmar; the Myanmar Banks
Association (MBA), the Myanmar Institute of Banking (MIB), Yangon University of Economics (YUE) and
the Myanmar Payment Union (MPU). The MPU was formed to reform the country’s payment system.
Local credit cards had been introduced in the 1990s but their use was halted during the 2003 banking
crisis. In 2012, the MPU, comprised of 19 members (state and private banks) became a national payment
brand and started its operations; all MPU cardholders can have access to any ATM of all member banks
and can make payments at any Point of Sales (POS) of
Hundi payment system
all member banks. ATM operations (cash dispensing,
balance enquiry, account transfer and miniAlthough the awareness of bank remittances has
increased in Myanmar, the informalhundi
statements) are available but still not widely used.
systemremains popular. First developed in India,
Since 2012, MasterCard and Visa have been working
hundi is frequently used by migrant workers to
with 8-9 local banks via 500-800 ATMs and POS.
circumvent the formal banking system when
Global money transfer services are in high demand.
Next to the local hundi system, the most active
providers include Western Union, Xpress Money and
MoneyGram. Western Union has linked up with 9 local
banks, including Yoma Bank. According to the
International Organisation for Migration (IOM),
official remittance flows into Myanmar amounts to an
estimated USD566 million in 2012, although it is
8
Making Access to Financial Services (MAP)
15
remitting money back to Myanmar. Clients pay a
broker in the country they are based and an
agent in Myanmar makes a payment to the
recipient. This has the advantage of being simple,
low cost, convenient and flexible. A bank account
is not required.
Banks wishing to tap into the remittance market,
which is currently dominated by the hundi
system, are offering mobile banking services as a
potential substitute for people in rural areas.
BANKING AND FINANCIAL SERVICES IN MYANMAR
assumed that a majority of flows are unregistered. The advent of internet and mobile banking, alongside
improvements and upgrades of banks’ IT systems, are expected to bring a large part of remittances back
into the formal sector.
Banks are restricted in the kinds of products and services they can offer and banks compete primarily
based on service provision and physical presence in the market. Available financial products include:
loans & overdrafts; savings & deposits; hire purchase & leasing; debit cards & international pre-paid
cards; domestic and international remittance; foreign banking; and mobile & internet banking.
Mobile Banking
The current economy is predominantly cash-based however the banking sector, including the CBM, has
acknowledged the role of mobile banking to promote financial inclusion and lower banks’ costs for operations
and network expansion. The CBM allowed local banks to engage in mobile banking in 2013, and five local
banks have since introduced these services (CB, FPB, MWD, Innwa and AYWD). Per transaction amounts are
limited to MMK 500,000 (~USD 500) and no more than three transactions can be made per day. The use of
mobile devices can minimise costs and increase a bank’s outreach, but at the same time, technology bears its
own risks: security concerns; network constraints; the need for operating guidance in every branch/POS and
less direct interactions with clients, which in the long-term can compromise customer service.
Telecommunication companies Ooredoo (Qatar) and Telenor (Norway) launched their networks in 2014 and
both have aggressive campaigns to meet the government’s target of 75-80% mobile penetration by 2016. As of
Sept 2014, subscriber penetration stood at 25%, reflecting a large potential for expansion.
Telenor Myanmar is establishing a Joint Venture (MFS) with Yoma Bank to offer mobile banking services to its
6 million subscribers nationwide. The decision was made based on Yoma Bank’s established reputation and
experience in money transfer services. The JV is expected to launch in October 2015 and will offer services
through 5-6,000 POS (equipped to handle mobile banking) in the first 6 months.
Other local players in the mobile banking sector include myKyat, an independent and “telco-agnostic” mobile
money provider and Myanmar Mobile Money, the first live mobile money platform and linked to Innwa bank.
A number of case studies and examples of successful mobile banking models are widely available. For example
Kenya’s M-Pesa allows users to exchange cash for “e-float” on their phones, to send e-float to other mobile
devices and to exchange e-float back into cash. This virtual money is secured by deposits held at three
commercial banks. Interest earned on deposits is donated to a charity, allowing Safaricom (Kenya’s largest
telco provider) to avoid being regulated as a bank. M-Kesho, an interest-bearing savings account linked to MPesa has just been introduced. Procedures are easy and recipients do not need to be registered with the
scheme.
Extract from GIZ (2015) Financial sector overview and Regional Perspective
REGULATORY FRAMEWORK
A number of far-reaching reforms are underway and the authorities have started to revise various
requirements for the financial sector to “modernise infrastructural and institutional frameworks,
liberalise the foreign exchange market, relax administrative controls, allow more competition and
innovations, and improve fiscal and foreign exchange management capacities.” 9 All these reforms are
broadly aligned with international standards and practices and changing the way banks operate. The
greatest challenge is expected to be the capacity of institutions to implement these laws and regulations
9
GIZ (2015) Financial Sector Overview and Regional Perspectives
16
BANKING AND FINANCIAL SERVICES IN MYANMAR
and ensure that they are followed by all banks, state and private.The Central Bank of Myanmar is the
regulator and supervisor of the banking sector.
A new Central Bank of Myanmar Law (July 2013) is expected to establish the CBM as an autonomous
body independent of the Ministry of Finance and responsible for the implementation of the country’s
monetary policy and exchange rate policy. Official reserves, previously maintained by state banks are
gradually being transferred to the CBM.
The Financial Institutions of Myanmar Law is expected to lay out the conditions under which banks
operate, develop and innovate, including licensing requirements for private banks, corporate
governance arrangements, and the conditions for foreign investor participation in banking in Myanmar.
ONGOING CHALLENGES
Given the pace and nature of the regulatory reform process,
Myanmar is facing a number of challenges, the most
significant being a continuation of sound regulatory
reforms, the development of human resources and the
gaining of public trust.10 Regulation must ensure that the
risks that come with liberalisation can be managed by the
local banks and adequately supervised by the CBM,
addressing issues as varied as bank management,
corporate governance, data and transparency and risk
management.
Rebuilding people’s trust in the banking system is a challenge that will take time but can be supported
by improved corporate governance and transparency at bank-level and a strong CBM to ensure market
stability. Signs of cautious behaviour and mistrust in the banking sector include rising property prices
and stockpiling of gold, as well as an increase in demand deposits (a deposit of money that can be
withdrawn without prior notice, such as a current account) rather than term deposits (money can only
be withdrawn after the term has ended). At the same
time, there are early signs of growing trust: “in 2011, for
REBUILDING PEOPLE’S TRUST IN THE
every kyat in the bank, there was one kyat outside bank.
BANKING SYSTEM IS A CHALLENGE THAT
In 2014, there were two kyats in bank for every kyat
WILL TAKE TIME BUT CAN BE
outside of it.”11
SUPPORTED BY IMPROVED CORPORATE
GOVERNANCE AND TRANSPARENCY.
Finally, as the banking sector grows, so does the demand
on human resources. The current workforce of 50,000+
employees (local banks and CBM combined) is expected to double within the next four years, calling for
additional trainings in specialist functions that go beyond the general and theoretical approaches and
entry-level curricula currently available. More and more local banks are hiring repatriates or foreigners
with regional work experience to fill key positions which, if mismanaged, can lead to tensions,
miscommunication and misalignment of objectives amongst the staff. How this is managed throughout
the bank, from head office to branches, is critical to the success of a company’s allocation of resources,
performance and employee engagement.
10
11
GIZ (2015) Myanmar’s Financial Sector: A Challenging Environment for Banks
ibid
17
/PROJECT PARTNER: YOMA BANK
Project partner: Yoma Bank
Founded in 1993 by Serge Pun, Yoma Bank is one of Myanmar’s largest private banks with 2,000
employees and over 50 branches nationwide. Yoma Bank was the first in Myanmar to use a
computerised account system and pioneered wireless banking communications. By 2003, Yoma Bank
was a financial leader in the provision of secure and efficient banking services around the country.
The 2003 financial crisis in Myanmar led to the closure of many private banks and Yoma Bank’s
activities were severely limited. The bank sustained itself on domestic remittances, which, to date,
remain the most reliable in Myanmar and continue to generate a large portion of company revenue.
In 2012, Yoma Bank was granted its full banking licence and has since invested and implemented a
number of reforms and investments to transform itself from a domestic remittance company into a
full-fledged bank operating by international banking standards. Since 2013, Yoma Bank has actively
been rebuilding its management team and many “repatriates”, i.e. Burmese nationals educated overseas
and with work experience from multinational companies, are returning to Myanmar to contribute to the
country’s opening and growth. The bank is majority-owned and controlled by Yoma Bank Chairman
Serge Pun. 30% is owned by the public company First Myanmar Investment (FMI) also founded by Mr
Pun. As of August 2014, Yoma Bank had 55 branches, employed 2,221 employees and had total assets
worth MMK 506 billion.
CURRENT ORGANISATIONAL STRUCTURE
Board of Directors
Mr Serge Pun, Executive Chairman
U Myat Thin Aung
U Kyi Aye
Special Advisor
Mr Hal Bosher, CEO
Daw Aye Aye Soe
Executive Director
Business Division
DawKhin Mu
MuMyint
Operations
Division
U Kyaw Soe Lin
DawZarchi Tin
Executive Director
Compliance
Division
DawOmmar Sein
Audit Division
U Bo Lay
Credit Risk
Division
DawThanThan Win
Administration
Daw Nang Lao Kham
Human Resources
Daw Mi Mi Thet
Talent Development
DawWahWah Than
Learning Development
U Sai / Bryan Seng
18
Finance &
Treasury Division
Mr. Jose Rivera
/PROJECT PARTNER: YOMA BANK
Yoma Bank is undergoing a significant transformation, especially at operational level, to build a culture
of service rather than one which is merely “reactive and order-taking”.
A NEW CORE BANKING SYSTEM (CBS)
The Asian Banker Research Report (2006) defines a CBS as a “highly efficient customer accounting and
transaction processing engine, for high volumes of back-office transactions and customer-level
accounting and reporting of the deposit and loan products processed in the bank” 12, i.e. the core
processing power of a bank.
Currently, Yoma Bank’s processing power is operated by an Integrated Baking System (IBS) that was
built in-house in the late 1990s and updated in 2012 to a Centralised Core Banking (CCB) platform.
Unfortunately the CCB can only support the centralization of high purchase13 modules and multiple
currency transaction. A more complex and sophisticated CBS is required to streamline operations and
connect branches amongst themselves and with head office in real-time.
Yoma Bank has selected Misys, a financial software company, to complete the front-to-back
transformation of the bank’s new CBS. This platform is expected to:




Upgrade branches’ functionality, including the processing of large transaction volumes in a fast
in efficient manner, streamline end-of-day operations, expedite loan applications, etc.;
Centralise relevant information from all branches (including customer data for customised
products and services);
Expand the number and type of financial products and services (including online and mobile
banking, various deposit/lending modules, ATM cards and credit cards, etc.)
Significantly improve customer service.
Yoma Bank is currently conducting trainings and developing functional and technical specifications for
the CBS in view of going live in Dec 2015 in three branches. New offerings are expected to be rolled out
in 2016 and 2017.
Asian Bank Research Report (2006) Roadmap to successful core banking system replacement
High purchase is a method of buying goods in installments over time. In the leasing business, high purchase is similar to the
“rent-to-own” arrangements. The buyer is leasing the goods and does not obtain ownership until the full amount of the contract is
paid.
12
13
19
/PROJECT PARTNER: YOMA BANK
PRODUCTS, SERVICES & KEY PARTNERSHIPS
A major objective of Yoma Bank is to gather sufficient
customer data to expand the current portfolio of products
and servicesand attract more customers. Currently close to
90% of Yoma Bank’s customers are small and medium
enterprises (SMEs), defined based on a loan size below
MMK 1 billion (USD 1 million). Corporate clients have loan
amounts above this threshold.
Yoma Bank’s lending policy is based on Character (track
record and quality of relationship with Yoma Bank, plus
knowledge to run a business); Contribution (borrowers
must have equity in the business as well experience and capacity to manage finances); Capacity & Cash
flow lending (demonstrate repayment capacity for the proposal and all other banking commitments);
Collateral cover (appropriate loan to value ratio for business risk); and Conditions (interest rate,
principal, instalments).
Yoma Bank’s product offering is adequate for most SMEs but relatively limited by most banking
standards. Its main products includes loans, remittances, trade and performance guarantees, payment
orders, gift cheques, certifying cheques, safety lockers and deposits (fixed, current and savings
accounts). International payment services to complement its domestic remittance services will soon be
available.
Yoma Bank’s recent strategic partnerships are major steps in the bank’s overhaul:




The mobile banking services to be offered by Yoma Bank’sjoint venture with Telenor (MFS)
have the potential to place a Yoma Bank account and mobile money in the hands of Telenor’s 6
million subscribers. The gains could be considerable, but significant challenges must be
resolved before they launch in October 2015, not least issues related to cash management
(collecting cash from 6,000 POS over the country on a daily/weekly basis), network stability
and safety, and people’s persistent reluctance to move away from physical banknotes to virtual
money.
Yoma Bank’s strategic alliance with FMI Air, an airline operated and owned by sister company
First Myanmar Investment (FMI), could potentially offer ticketing services to customers.
The International Finance Corporation’s (IFC) financial support to Yoma Bank, a USD5
million convertible loan, will support the bank’s growth strategy and expand financing to SMEs.
IFC is also advising on the bank’s risk management and corporate governance to support Yoma
Bank’s objectives of operating by international standards. The loan will increase to USD30
million in the future in the form of equity, senior debt and trade guarantees.
Yoma Bank is Western Union’s ninth agent in Myanmar, linking its customers to over 500,000
locations in close to 200 countries and territories.
20
/PROJECT PARTNER: YOMA BANK
BRANCH EXPANSION
Yoma Bank plans to open a minimum of 19 new branches (including 4-5 mini branches) by April 2016.
Criteria for new sites include location, brand exposure, frontage, accessibility and floor space. Location
is obviously a key factor; although banks in Myanmar are expanding their networks, branches are still
limited, especially in rural areas, and customers will opt for whatever bank has branches in their vicinity.
The communication between YomaBank’s head office and branch
offices is hierarchical, one directional, and limited by poor or nonexistent internet connectivity at the branches due to concerns over
cost and/or viruses. Current communication is handled via phone
calls, on-site visits by 8 to 12 regional managers and an internal
email system that does not handle Burmese script well and is
accessible only by branch managers and operational staff. Issues are
discussed at regular branch managers’ conferences, but informal
back channel communication and social media such as Facebook
play a big role in conflict management, problem solving and to voice
concerns/complaints.Improvements include a newsletter, the provision of smart phones and email
addresses to branch managers and the establishment of an email address employees can use to ask
questions anonymously to executives.
YOMA BANK ORGANISATIONAL CHART
Branch manager
Associate branch manager
(Business Development)
Associate branch manager
(Operations)
Associate branch manager
(Cash)
Centre table manager
Encashment
Manager
Customer
accounts
Manager
Internal
accounts
Manager
Senior
officer
Senior
officer
Senior
officer
Senior
officer
Officer
Officer
Officer
Officer
Drawing
Manager
Admin
Manager
Senior
officer
Senior
officer
Senior
officer
Receiving
officer
Payment
officer
Officer
Senior clerk
Senior
Clerk
Senior
Clerk
Senior
Clerk
Senior
Clerk
Senior
Clerk
Clerk
Clerk
Clerk
Clerk
Clerk
Driver & General; worker
Bank guard & Night watch
21
Junior clerk
/PROJECT PARTNER: YOMA BANK
BRAND AND MARKETING
Yoma Bank just completed the launch of its new brand, positioning itself as “the Responsible Bank” on
the premises of corporate governance and global best practice. Future marketing plans include: building
in-house marketing capabilities (research, branding, media
relations, social media, analytics); build on successful
YOMA BANK AIMS TO BECOME THE
stories and case studies; define a marketing budget; and
“PORT OF CALL” FOR
internalise the bank’s branding for consistent messaging
MULTINATIONALS AND SMES
and communication. Yoma Bank not only aims to become a
SEARCHING FOR FINANCIAL
trustworthy bank for Myanmar, but also become the “port of
INSTITUTIONS THAT CAN OFFER
call” for multinationals and SMEs searching for financial
CAPACITY AND CREDIBILITY.
institutions that can offer both capacity and credibility.
Yoma Bank is consciously looking to develop products and services designed around customer needs in
a way that serves customers today and anticipates needs in 2-3 years’ time.
22
/PROJECT PARTNER: YOMA BANK
YOMA BANK SCHOOL OF BANKING
Yoma Bank’s School of Banking, in operation for several years, is now being overhauled to cater to the
growing training needs of its growing workforce. Current trainings offer traditional on-boarding
programmes for new branches, i.e. code of conduct, basic accounting, Yoma Bank’s values, etc. A
certificate for Professional Banking level 1 is available for potential managers who have been employed
for more than two years. A “mini-MBA” with a focus on retail banking will also be available in Sept 2015
for recent MBA graduates from Myanmar.
However a large part of the School’s mandate will
be to support management’s efforts to transform
the bank by moving away from delivering basic
skill-based trainings to becoming a full-fledged
performance-based andtalent development facility.
This mission is designed to prime more middle
managers and hone employees’ skills in sales and
services. The School will also be used as a means to
bring different managers together to improve
communication between and within branches and
between branches and head office, to guide
employees on Yoma Bank’s path for change
management and to ensure that Yoma Bank’s
strategy, positioning and road map for
implementation are aligned and consistently
communicated.
YOMA BANK’S SCHOOL OF BANKING AIMS
TO BECOME A FULL-FLEDGED
PERFORMANCE-BASED AND TALENT
DEVELOPMENT FACILITY.
In an effort to transform itself from a domestic remittance company into a full-fledged bank, Yoma
Bankalso plans to use the School of Banking as vehicle to communicate its vision and strategies to
employees, institutionalise new approaches and articulate the connections between new behaviours
and corporate success.
Since 2012, Yoma Bank has deployed a great deal of resources and investments – from technology and
corporate governance to human resources and partnerships – to build the foundations of a modern bank
operating by international standards. How these resources are leveraged to engage all 2,000 employees
in the transformation of Yoma Bank will ultimately determine the bank’s future success.Your ideas and
perspectives will provide Yoma Bank with a tangible roadmap to maximise the bank’spotentialand
convert its strategy into concrete business outcomes.
23
/PROJECT PARTNER: YOMA BANK
Given the importance of change management in Yoma Bank’s overall strategy, the following theories and
approaches can help guide your discussions and the formulation of your recommendations to Yoma
Bank.
Change Management –with contributions from Graham Barkus, Head of Organisation Development at
Swire Properties and Cathay Pacific Airways
Organisational change, regardless of the size of a company, can be both disturbing and a driver for
sustained success, especially if an organisational culture has been existing for a long time. At the same
time, change is inevitable in a rapidly changing world and in an altering political, economic and social
environment. How this change is monitored, anticipated and internalised and how resistance is dealt
with are a concern for all companies and their management teams.
A significant body of literature, models and prescriptive approaches is available on how to change
culture in organisations and you are encouraged to carry out your own research. Below is a short
sample of some of the theories on change management to help guide your discussions:
Meeting the challenge – change in organisational contexts depends on the following:





Awareness – do people understand what change is required and why?
Desire – do they want to change?
Knowledge – do they know what needs to be done?
Ability – can they do it?
Reinforcement – is the change required reflected in areas like attraction, recognition, reward
of staff? Are staff ‘allowed’ to continue as before, without changing any aspect of what they do,
how they do it, and how the various parts of the organisation relate to each other?
Change irrespective of what causes it, how it is undertaken and what combination of techniques is
used, is about:1




Creating the momentum for change – making the case, visioning, empowering and voicing
activities, etc.
Analysis of the change context – who wins/loses; social, cultural, legal and policy issues; data
collection and analysis, etc.
Facilitation of change – building change coalitions and harnessing champions, process
consultation, decision-making methods, consensus building, etc.
Communication about change – public meetings, information dissemination, etc.
To summarise, a three-staged principle-based process will help ensure adequate structure to maintain
energy and focus in the process, with enough flexibility to respond to the realities of the specific
circumstances of the organisation.
24
/PROJECT PARTNER: YOMA BANK
Change Management (continued)
A CASE for change:




Clarify – what change is required, why, what will it look like once you’re ‘there’;
Amplify – repeat the message but more importantly use success stories from within the
organisation to illustrate the message;
Simplify – continually look for ways to reduce complexity – without over-simplifying. Look for
actions rather than descriptions of actions;
Exemplify – lead by example as often as possible, call out peers who do not do so.
Attend to Some Key Drivers and Human Factors (CARE):




Contribution – ensure everyone knows how their role connects to the new outcomes, or if it no
longer does, what the possibilities and options are for them;
Appreciation – not everything about the old model is bad, not everything new is part of the new
model. Appreciate good qualities in both, create options for people to play to strengths;
Relationships – long-standing patterns may need to change – coaching support might help;
Emotions – people are human beings – there will be anger, upset, delight, joy, despair etc. Work
with it rather than try to pretend it’s not there. Suppressed emotions just emerge elsewhere.
Align Grassroots Aspects of the Organisational Culture (COPE):




Communicate – constantly, both in what is said and what is done. When the message is starting to
sound tired and dated, it is probably just starting to get through;
Operationalise – as soon as something new is working, operationalise it into a new, consistent
‘way of working’;
Persist – any sign of back-tracking towards a return to the old way of doing things will show up as
lack of commitment or sincerity about the new direction;
Experiment – the process of change itself will require learning ‘as you go’. Legitimise
experimentation, set the context (purpose) for it, and allow discovery to occur.
25
VENUE
Venue
YANGON, MYANMAR (SUN 18/10 – FRI 23/10)
Inya Lake Hotel
37 Kaba Aye Pagoda Road
Yangon, Myanmar
Tel: (95) 1 9662866
Website: http://www.inyalakehotel.com/
26
NOTES AND REMINDERS
Notes and reminders
•
Most nationalitiescan apply for a tourist visa online but please check your visa eligibility in advance.
Visit http://evisa.moip.gov.mm/
•
Bring copies of your travel documents.
•
SOS International in Yangon is located on the premises of the Inya Lake Hotel
Dusit Inya Lake Resort
37 Kaba Aye Pagoda Road, Yangon
Tel: +95 1 657 922
24-hour hotline (closest assistance center in Singapore): +65 6338 7800
•
Weather in Yangon in October will be warm and may still be rainy (approaching the end of the rainy
season). Bring a small umbrella, raincoat and sunscreen.
•
Pack comfortable clothing. Waterproof closed-toe shoes are advised for site visits. Long trousers
and sweaters are advised for indoor sessions. Avoid wearing shorts. Pack at least one businessformal outfit for day one for the final presentation.
•
Exercise discretion when taking photos. Ask permission before taking someone’s picture. For more
Do & Don’ts in Myanmar, see the brochure “Dos & Don’ts for Tourists” published by the Ministry of
Hotel and Tourism.
•
For any questions related to Module Two (methodology, project and/or logistics), please feel free to
contact Helena at GIFT ([email protected]; +852 3571 8133)
•
Basic phrases
Hello
min ga la ba
How are you?
Addressing men : k'amyà ne-kaùn-yéh-là?
Addressing women: shin ne-kaùn-yéh-là?
Pleased to meet you
twé-yá-da wùn-tha-ba-deh
Sorry
wùn-nèh-ba-deh
Thank you
cè-zù tin-ba-deh
Response to “thank you”
ya-ba-deh
27
READINGS
Readings
MYANMAR – BOOKS
Thant Myint-U (2012), Where China Meets India: Burma and the New Crossroads of Asia
Thant Myint-U (2006), The River of Lost Footsteps: A Personal History of Burma
BANKING AND FINANCIAL SERVICES
GIZ (2015) Myanmar’s Financial Sector: A Challenging Environment for Banks
KPMG (2013) The Banking and Financial Services Sector in Myanmar
CASE STUDIES





Acleda (Cambodia)
ICICI Bank (India)
Safaricom (Kenya)
Bank Mandiri (Indonesia)
Sacombank (Vietnam)
CHANGE MANAGEMENT
HBR’s 10 Must Reads on Change Management (2011) Harvard Business Review Press
John P. Kotter (2007) Leading Change: Why Transformation Efforts Fail
BUSINESS MODELLING
Osterwalder A. and Pigneur Y. (2010) Business Model Generation
28
GIFT TEAM
GIFT Team
CHANDRAN NAIR
Chandranis the founder and CEO of the Global Institute For Tomorrow (GIFT). He is
the author of the bestseller– Consumptionomics: Asia's Role in Reshaping Capitalism
and Saving the Planet. His photo book project The Other Hundred aims to provide a
counterpoint to the mainstream media consensus about some of today's most
important issues.Chandran frequently speaks at major global gatherings such as the
World Economic Forum in Davos and APEC where his thought leadership is sought
for its fresh insights and intellectual honesty. He was the Chairman of Environmental
Resources Management (ERM) in the Asia Pacific until 2004 and established it as the
leading environmental consultancy. For more than a decade he has championed the
cause of sustainable development.
ERIC STRYSON
Eric is the Managing Director at GIFT and has facilitated 30 leadership programmes
since 2008. Eric leads a dynamic team of staffers in Hong Kong and is responsible
for the expansion of the GLP programme into new formats and content areas. He
coaches executive participants in the classroom and on the field. Prior to joining
GIFT, Eric spent several years managing multi-stakeholder partnerships between
global brands and civil society groups across a range of social and environmental
issues in the United States and China. He studies the impact of business on society
and is a consummate marketer.
KARIM RUSHDY
Karim joined GIFT in 2010 shortly after participating in one of the company’s
leadership programmes and has since managed and co-facilitated over a dozen
programmes. As Head of Programmes, he is responsible for expanding the Global
Leaders Programme into new project areas and regions. Prior to joining GIFT Karim
spent a decade in mainland China as a partner in a successful food and beverage
business. He has an MBA from the Cheung Kong Graduate School of Business in
Beijing and is a proficient Mandarin speaker.
HELENA LIM
Helena is a Programme Manager at GIFT. She develops and manages GIFT’s Global
Leaders Programmes throughout Asia and is responsible for ensuring a healthy
pipeline of field projects. She also oversees the 800+ GIFT alumni network. Prior to
GIFT, Helena worked on public policy issues related to migration and intercultural
dialogue in Europe and Southeast Asia. She obtained her BA and MA from the
University of East Anglia (UK) in Development and International Relations, and is
fluent in English, French and Spanish.
29
PARTNERS
Partners
HAL BOSHER
Hal Bosher joined Yoma Bank in 2013 as CEO. Prior to joining Yoma Bank, Hal spent
10 years with the World Bank Group at both the International Finance Corporation
(IFC) and the Multilateral Investment Guarantee Agency (MIGA). Most recently, Hal
was MIGA's Regional Representative for Northern Asia based in Hong Kong. While at
MIGA, he founded the Agency's private equity business supporting the development
of frontier market funds. Prior experience include Price Waterhouse Coopers (PwC),
McKinsey & Co., and INSEAD Business School. Hal has extensive experience in
banking operations and SME finance.
A Canadian national, Hal holds a BA in economics and political science from McGill
University in Montreal; an MA in International Finance and Southeast Asian Studies
from the John Hopkins School of Advanced International Studies (SAIS) in
Washington, DC; and an MBA from IESE Business School in Spain.
DAW ZARCHI TIN
Daw Zarchi Tin is an Executive Director at Yoma Bank and a member of the Bank’s
Executive Committee. She is responsible for managing the day-to-day operations of
the Bank. Zarchi has over 10 years’ experience in the international banking and
central bank’s operations, after having worked at BNP Paribas Bank and the Central
Bank of Canada.
Zarchi is a Myanmar national and has lived and studied in France, Belgium, the UK,
the USA, Canada, Indonesia and Hong Kong. She holds an MBA in Finance from
Canada and a BA in Economics from Belgium. She has also obtained the Financial
Risk Manager (FRM) designation from the Global Association of Risk Professionals
(GARP). Her expertise includes international banking, risk management, banking
operations and strategic planning.
U KYAW SOE LIN
U Kyaw Soe Lin is the founder of Yoma Bank’s IT department and is currently serving
as the Chief Operations Officer. As an IT professional with more than 16 years of
experience in customised software application development, Kyaw has accumulated
in-depth knowledge of IT technologies and extensive experience in local and
international banking operations, hospital management systems, and many other
commercial sectors. His vast experience and expertise cover operations,
programming, database management, telecommunications, networking and project
management. The highlight of Kyaw’s IT career is the pioneering achievement of his
team developing the “YomaIntegrated Banking System”, Myanmar’s first automated
banking software, in 2000.
Born and raised in Yangon, Kyawgraduated with B.Sc. (Hons.) in Physics from Yangon
University. He also holds a Master of Information Science from the University of
Computer Studies, Yangon.
30
ALUMNI/
Alumni
Sector
90%
5%
4%
1%
Private
Civil
Academia
Public
1000+
alumni
Nationalities by region
Work Experience
Employment Industry
43%
27%
9%
8%
7%
3%
2%
1%
1%
East Asia
SouthEast Asia
South Asia
Europe
North America
Oceania
Africa
Middle East
South America
29%
23%
21%
12%
8%
4%
3%
0%
15-19 years
20-24 years
10-14 years
5-9 years
25-29 years
0-4 years
30-34 years
35-39 years
37%
15%
13%
8%
7%
6%
6%
4%
2%
2%
1%
Banking & Financial Services
Basic Materials
Transportation & Logistics
Non-governmental and Civil Society Organisations
Retail and Consumer Products
Consulting
Technology
Other
Education
Utilities
Government
31
39% Female
61% Male
66 nationalities
APPENDIX
Appendix
Business Model Canvas
32
APPENDIX
Yoma Bank Branches in/around Yangon
33
APPENDIX
Global Institute For Tomorrow (GIFT)
Suite 1111 Cityplaza One
1111 King’s Road
TaikooShing, Hong Kong
Tel+852 3751 8103
Fax+852 3585 3910
www.global-inst.com
34