Yoma Bank, a Myanmar-based lender, has enhanced its Smart Credit solution to offer unsecured loans to mass-market customers.

The bank has tied up with consumer credit reporting firm Experian on the initiative.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Users can apply for unsecured personal loans with the bank’s mobile app. The applications are said to be completed in minutes.

Yoma Bank chief digital officer Mark Flaming said: “The Smart Credit solution will enable Yoma Bank to acquire new retail banking customers.

“The platform is also agile, allowing the bank to quickly respond to changes in credit targeting or criteria. Moving ahead, we hope that this will also motivate customers to use our mobile banking app regularly.”

The applications will be processed through Experian’s Digital Onboarding platform, while the Experian Decisioning engine will enable the approval decisions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

For approving the applications, Smart Credit will take into account individual banking, savings as well as transaction behaviour.

Experian managing director for Southeast Asia & Emerging Markets Dev Dhiman said: “The Smart Credit solution represents an innovation in a market like Myanmar with limited public data on clients or businesses available, and is the first product of its kind to pioneer access to unsecured loans for consumers in a convenient and automated manner at scale.”

According to Experian, the new offering from Yoma Bank promotes financial inclusion while supporting responsible lending.

Notably, Experian recently invested in German personal finance start-up bonify.