Prudential Myanmar Life Insurance Limited, a wholly-owned business unit of Prudential Corporation Asia, and Yoma Bank, one of the largest private banks in Myanmar, have signed a memorandum of understanding to establish an exclusive partnership to distribute life insurance solutions to customers in Myanmar, helping them meet their growing long-term protection needs.
Under the proposed partnership, it is envisaged that customers of Yoma Bank will have access to Prudential Myanmar’s savings and protection products via the bank’s extensive branch network. With Prudential Myanmar’s significant investments in cutting-edge technology, combined with the nation-wide reach and market expertise of Yoma Bank, the partnership has the potential to create a truly digital, inclusive financial ecosystem through which Prudential Myanmar’s suite of solutions will be distributed.
Established in 1993, Yoma Bank is among the top-five biggest domestic banks in Myanmar with over 80 branches across 43 cities. It is also one of the most progressive banks in terms of technology investments and a pioneer in mobile and digital banking. Last year, it became Myanmar’s first commercial lender to have a foreign shareholder after International Finance Corporation, a member of the World Bank Group, acquired a stake in the bank.
In November 2019, Prudential was granted a licence from the Ministry of Planning and Finance of Myanmar to operate a wholly-owned life insurance business in the country. Prudential Myanmar will be offering simple and easy-to-understand protection and long-term savings products that will help customers meet their financial goals. The company will adopt a multi-channel and digital-enabled strategy with the aim to distribute its solutions to customers conveniently and seamlessly.
Prudential Myanmar and Yoma Bank have a shared focus to raise the awareness of life insurance among the people of Myanmar and ensure it is accessible to all. Demand for life insurance products in Myanmar is expected to grow strongly in the coming years, supported by a sizeable population of around 53 million and a fast-growing middle class, which is expected to account for 19 million people by 2030.
Mr. Dean Cleland, CEO of Yoma Bank,said, “This event marks another step in Yoma Bank’s continued efforts to develop relevant financial services to people of Myanmar. We look forward to building on our distribution strength and harnessing the expertise of a global life insurer with demonstrated capabilities in bancassurance distribution partnerships to broaden the depth and breadth of our offerings and services to our customers.”
Mr. Asit Rath, CEO of Prudential Myanmar, said, “We look forward to working with Yoma Bank as our strategic partner in Myanmar. Yoma Bank is one of the most innovative and digitally-oriented banks in the country. We are confident that our proposed partnership will allow us to reach more people in this growing market and help them achieve their financial aspirations and life goals. Prudential Myanmar is now one step closer in our mission to provide life insurance to everyone, everywhere at a click. We look forward to a successful and symbiotic partnership.”