banking

Yoma Bank sets the pace as Myanmar’s banking sector opens up

YANGON — Myanmar’s Yoma Bank, a mainstay lender in the Southeast Asian country, is setting the pace in attracting foreign investment after authorities lifted a ban on foreign financial institutions holding shares in local banks.

In April, the bank announced that it will receive about 131 billion kyat ($94 million) from Greenwood Capital, an affiliate of GIC, and Norfund — the Norwegian Investment Fund for Developing Countries.

The two funds became the second and third foreign shareholders in Yoma after World Bank Group member International Finance Corporation, which switched its convertible loan into equity in May 2019.

Dean Cleland, Yoma

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Japan’s SMFG and SBI to partner in digital banking

TOKYO — Sumitomo Mitsui Financial Group and SBI Holdings are set to enter into a comprehensive partnership, Nikkei has learned, in a move aimed at taking a lead in financial technology.

Through the deal, Sumitomo Mitsui, the nation’s second largest bank, will acquire a stake in the mobile only brokerage unit of SBI, the nation’s top online broker. SMFG will also put money into a 100 billion-yen ($930 million) fund SBI will set up to invest in financial technology companies.

The deal will combine the nationwide branch network of SMFG with SBI’s dominant presence in online trading. It is expected

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Indonesia’s top lender expects coronavirus to boost digital banking

JAKARTA — The coronavirus outbreak could serve as a catalyst for Indonesia become a cashless society and embrace digital banking, a director at Indonesia’s biggest bank by assets said, as people stay indoors for to avoid infection.

Though no official lockdowns are in place in the archipelago and banks remain open as they are deemed essential services, digital banking services are seeing a rise in demand, according to Indra Utoyo, director of digital, information technology and operation at Bank Rakyat Indonesia.

This is an “opportunity to support more transactions as efficiently as possible, and this is [done through] digital. This

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A beginner’s guide to online banking from home

The coronavirus pandemic has left many people unable to visit bank branches and access crucial financial services.

Elderly and vulnerable people have been told to remain inside as much as possible, but these groups risk being cut off from their money as the crisis deepens. 

Most banks have cut opening hours and some have closed branches in towns where they have more than one outlet.

Older people are among the least likely to bank online and many will be forced to sign up to digital services for the first time. Telegraph Money rounds up the basics for those looking to

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