OCTOBER my course of internship at Yoma Bank


School of Business &
 (Diploma in

Bte Sazali (S10138608B)

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Content Page





challenge facing the banking profession in Myanmar
2.1 Central Bank of Myanmar’s (CBM) weak regulation system
2.2 Impact and
implications of CBM’s weak regulation system


issue related to Yoma Bank


reflections and career development plan
4.1 Reflection of internship experience at Yoma Bank
4.2 Personal development plan (and career path)















The purpose of this final report is to
summarise my experience, learning points and observations from my internship in
Yoma Bank. This report will first touch on how Central Bank of Myanmar’s (CBM)
weak regulation system affects the banking profession in Myanmar, justification
as to why CBM’s unsound system is the key challenge and the impact and
implications the system brings.

I will then review how the employee
benefit offered by Yoma Bank (YB) is one issue which caught my attention. I
will also recommend what YB could do to improve their employee benefit packages
in order to retain employees and stay competitive especially since foreign
companies are venturing in Myanmar. The recommendations will take into account
the benefits and measurable costs.

Next, I will focus on my personal
reflection on my learning experience during my course of internship at Yoma
Bank by mainly reflecting how the tasks assigned to me have helped me attained
new knowledge and also enabling me to apply theories and knowledge that I
gained from school, into real working life setting. Throughout my experience
interning at Yoma Bank, one specific NP Core Values that I have observed
happening more than frequent would be “Respect”. The locals take this value
seriously and even made it their way of life.

Lastly, I will conclude the report
with a summary of the entire report, covering the main points – CBM’s unsound
system as a key challenge for the banking profession in Myanmar, YB’s employee
benefits as one issue identified and my personal reflection on my internship
experience and what my future goals are and my plans to achieve them, followed
by closing statements for each point.

challenge facing the banking profession in Myanmar

2.1  CBM’s weak regulatory system

In my opinion, the key challenge
facing the banking profession in Myanmar is CBM’s unsound system. Myanmar only
started opening its doors for economic liberalization beginning 2011, following
the election of the new government. The Central Bank of Myanmar Law was enacted
on 2nd July 1990 but CBM was forced to become independent, prior to
the formation of the new government in 2011, to lay down policies independently
so as to control price stability in the domestic market and to preserve the
value of the Myanmar currency, externally and internally. The law enacting CBM
contains more than 100 sections empowering CBM to supervise and monitor banks
and financial institutions. After 50 years of being under military rule, coming
out as independent would be a challenge for CBM. According to a consultant from
Asia Green Development Bank, the independence of CBM is the most important
factor in the nation’s finance sector. Whether a nation’s finance sector is
mature or not, depends entirely on how independent the central bank is.

With the weak regulatory system, CBM
needs to go through a strong regulatory reform process. After all the years
living behind closed doors and finally coming out, CBM lacks behind in technology
and human resources. Developing its data infrastructure is one way to aid its
weakness in technology. Even with its weak infrastructure, CBM intends to
transform the country into a digitally empowered society. The people of Myanmar
have always been accustomed to dealing every transaction with cash, hence, Myanmar’s
transition into a more cashless and digital society could take some time. According
to an online press posted by Grab – Southeast Asia’s leading ride-hailing platform
(2017), with less than ten percent of the Burmese population have a bank account
and an even lower percentage embracing the debit and credit card, Myanmar dominates
a cash-based environment as cash has always been the default mode of payment for
the people to pay for any goods or services, including transportation.
 Myanmar has become one of the world’s fastest
growing markets for mobile phone users – from less than ten percent penetration
at the end of 2013 to about 74 percent by the middle of 2016. Of the 74 percent
in 2016, 80 percent are smartphone users. Myanmar’s rapid embrace of the smartphones
acts as a catalyst for FinTech, but it brings pressure on banks and the authorities
as due to the provision of access and the demand which drives the change, banks
and authorities need to advance faster to bring FinTech services to the public.

Banks’ practice of checking on clients and transactions to ensure they are not dealing
with known criminals and money laundering activities is the grey area of FinTechs
as they are less capable of carrying out such activities and possibly, less worried
of those activities as the transaction levels are generally small. However, CBM
will need to reconsider all such threats and take them seriously in a promising
desire to become a more dynamic financial system.

Secondly, CBM lacks competitive human
resources. Most of the locals study and/or live abroad

2.2  Impact & implications of CBM’s weak

There would
need to be proper preparation for the depreciation of Myanmar currency (kyats)
against the US dollar. As the market is still emerging, Hence, CBM needs to set
proper and prudent regulations and undertake necessary reforms boldly and

issue related to the company

3.1 Employee benefits

reflection & career development plan

4.1  Reflection of internship experience at
Yoma Bank

My internship
at YB has been a productive and enriching experience. Initially, I was
receptive towards doing my intern in the banking sector because I had minimal
banking knowledge. However, knowing that Myanmar is an emerging country had me
thinking that this could not be more perfect as I was able to grow alongside a
developing market. As an intern with little banking knowledge, I was hoping to
gain more than just the basics. My colleagues were always more than happy to
guide me or help me when I need clarifications.

I was not
involved in any hands-on engagements but I was able to learn a lot of technical
knowledge just by doing the tasks assigned to me. By the end of my internship
period, I drafted ten different application manuals (some applications are
combined into one manual) and out of the ten, only one needed more work done by
someone else other than myself. On an average, I needed at least five working
days to complete a simple manual and at least twice as long for a more complex
manual. This includes editing and beautifying the manual so it is easy for the
readers to follow. By the time I got done with each manual, I was able to do
the work without referring to the manual because in order for me to draft out
those manuals, I had to first understand each steps taken.

Hence, while
drafting each manual, I never fail to have questions to clarify. I have always
been afraid to ask questions in classes in front of so many people sometimes,
but being in a working environment, I was able to overcome this fear. Asking
questions can feel a little scary and makes me feel intimidated, yet
questioning helps me to learn more than I would already know. I would also see
other staffs learning certain procedures from each other. One thing I can vouch
is that the locals practice the act of respect and treats it as a basic
etiquette in their culture. Whenever they need to call someone out for help or even
casual talks, they would address the person “Ma” (most commonly used for
females) or “Ko” (most commonly used for males). It is somehow similar to how
we address “Mr.” and “Ms”. They used these terms even at workplace as the
Burmese language is highly age-oriented and the terms of address reflects
relatively the age, seniority and respect.

Personal development plan (and career path)


Total word count in report (excluding
content page, acknowledgement, appendices & references): 3,500 words



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(2014, Apr 29). Getting to Know the
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Central Bank
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Global New
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Grab. (2017, Jun
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Janssen, P. (2016,
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Thiha. (2016,
Nov 29). Myanmar Banks ‘Facing Five Key
Challenges’. Retrieved on 18 Jan 2018, from https://consult-myanmar.com/2016/11/29/myanmar-banks-facing-five-key-challenges/