Sustainability Reports 2021
Sustainability Reports 2018
Sustainability Reports 2020
Sustainability Reports 2019
Re-appointed to the Board of Yoma Strategic on 29 January 2021, Ms. Wong Su Yen is a Non-Executive Independent Director of Yoma Strategic and the Chairman of the Remuneration Committee, and a member of the Audit and Risk Management Committee of Yoma Strategic.
Ms. Wong Su Yen brings over 30 years of experience in driving business strategy, strategic talent development, organisational transformation, operations re-design and risk management. She is an Independent Director at CSE Global Ltd, First Resources Ltd, and Pegasus Asia. She also serves on the board of Kemin Industries. She is a Fellow and Chairperson of the Governing Council of Singapore Institute of Directors.
Ms. Wong holds a Bachelor of Arts (summa cum laude) in Music and Computer Science from Linfield College and Master of Business Administration from the University of North Carolina at Chapel Hill.
Appointed to the Board of Yoma Strategic on 29 January 2021, Professor Annie Koh is a Non-Executive Independent Director of Yoma Strategic.
Professor Annie Koh is Professor Emeritus of Finance (Practice) at Lee Kong Chian School of Business, Singapore Management University (SMU). She is a renowned conference speaker, panel moderator and commentator. She chairs the Asian Bond Fund 2 supervisory committee for the Monetary Authority of Singapore and is a committee member of Singapore’s Customs Advisory Council. She has recently been appointed board member of Singapore Food Agency with effect from April 1st 2023.
Professor Koh is currently Chairman of Prime US REIT and an independent director of AMTD IDEA Group, Prudential Assurance Company Singapore Pte Ltd and EtonHouse Community Fund (Charity), She previously served on GovTech, Singapore’s CPF, HMI, K1 Ventures boards, and was a member of the World Economic Forum Global Future Council from 2019 – 2022, and the HR Industry Transformation Advisory Panel from 2018 – March 2023. Professor Koh also advises privately owned enterprises such as Flexxon Pte Ltd., PBA Group and TOP International, and startups such as Dedoco, Hyperscal Solutions Pte Ltd, Pyxis Maritime Pte Ltd, RABC Holdings Pte Ltd and non-profits such as Blockchain Association of Singapore and Cyber Youth Singapore. She has been an investment committee member of iGlobe Partners since July 2010, advisor to CUBE3 Ventures since October 2021, and Asia Food Sustainability Fund since February 2022. Previously held leadership positions at SMU include Vice President for Business Development; V3 Group Professor of Family Entrepreneurship; Academic Director of Business Families Institute and International Trading Institute; Associate Dean, Lee Kong Chian School of Business; and Dean, Office of Executive and Professional Education.
Professor Koh received her Ph.D. degree in International Finance as a Fulbright scholar from Stern School of Business, New York University in 1988. Her research interests are in Family Office and Family Business, Investor Behaviour, Alternative Investments and Enterprise Risk Management. She co-authored Financial Management: Theory and Practice, 2nd edition (2021), and Financing Internationalisation – Growth Strategies for Successful Companies (2004), co-editor of Asian Family Business: Succession, Governance and Innovation (2020), and author of a number of Asian family business cases and survey reports. In recognition of her contribution to education and the public sector, she was awarded the bronze and silver Singapore Public Administration medal in 2010 and 2016 respectively, and the Adult Education Prism Award in 2017.
Appointed to the Board of Yoma Strategic on 20 April 2023, Mr. Alberto is the alternate director to Mr. Jaime Alfonso, a Non-Independent Non-Executive Director of Yoma Strategic.
He is the Chief Financial Officer, Chief Risk Officer, and Chief Sustainability Officer of Ayala Corporation. Mr. Alberto has over two decades of extensive experience as a senior executive in Finance, Business Development, Treasury Operations, Joint Ventures, Mergers and Acquisitions, as well as Investment Banking and Investor Relations.
Prior to joining Ayala Corporation, Mr. Alberto served as Chief Commercial Officer and Chief Financial
Officer of Globe Telecom, a business unit of Ayala Corporation. Before he joined Globe Telecom, he held
positions such as Vice President and Head of the Consumer Sector of JP Morgan, Hong Kong, and Senior
Vice President and CFO of San Miguel Corporation.
His other directorships include First Myanmar Investment Public Company Limited (Myanmar), Integrated
Micro-Electronic, Inc. (Philippines), ENEX Energy Corporation (Philippines) and Manila Water Company,
Mr. Alberto obtained his degree in BS Industrial Management Engineering from De La Salle University
Manila in 1978, and is a member of the Financial Executives Institute of the Philippines
Mr. Cyrus Pun was appointed to the Board of Yoma Strategic as an Alternate Director to Mr. Serge Pun on 1 January 2022.
Mr. Pun started his career working in the export industry in China and worked for Hutchison Port Holdings’ South China Commercial Division. Mr. Pun joined SPA in 2007 to develop a mixed-used real estate project in Dalian, China.
Mr. Pun currently serves as the Chief Executive Officer of Memories Group Limited. Prior to Mr. Pun’s appointment as an Executive Director and the Chief Executive Officer of Memories Group Limited, he was an Executive Director of Yoma Strategic and headed the Group’s Real Estate business from 2012 to 2018. During this time, he led the Group’s real estate activities, including some of Myanmar’s largest and most prominent projects, and was responsible for bringing in international partners and investors for these developments. His last initiative at Yoma Strategic was to launch the Group’s expansion into the affordable housing segment.
Mr. Pun holds a Bachelor’s Degree in Economics from the London School of Economics.
Appointed to the Board of Yoma Strategic on 10 November 2022. Mr. Jaime Alfonso is the Head of Business Development and Digital Ventures Group of Ayala Corporation. He is a Board of Director of ACEN Corporation, Globe Telecom, Mynt (Gcash), Ayala Land Logistics, and First Myanmar Investment Public Company Limited, among others.
He is a member of the Investment Committee of Kickstart Ventures Inc., the corporate venture vehicle of Ayala Group and 917Ventures, Globe Telecom’s corporate incubation vehicle.
Prior to this, he was previously the Head of Fixed-Mobile Convergence (Product Management) and Head of Business Development (Prepaid Division) of Globe Telecom.
He graduated from Harvard University, Cambridge, Massachusetts, USA with a Primary Concentration in Government in 2013, and his Masters of Business Administration from Columbia Business School in New York in 2019.
Re-appointed to the Board of Yoma Strategic on 24 July 2019, Dato Timothy Ong is a Non-Executive Independent Director of Yoma Strategic and a member of the Audit and Risk Management Committee, and the Nominating and Governance Committee of Yoma Strategic.
Dato Timothy Ong is a leading Brunei businessman who served as the Acting Chairman of the Brunei Economic Development Board (BEDB) from 2005 to 2010.
Dato Ong is a member of a number of leading boards including Baiduri Bank and National Insurance of Brunei; PHINMA Inc and PHINMA Education in Philippines.
Dato Ong has represented Brunei in regional councils including as a council member and Chair of the APEC Business Advisory Council.
He is a recipient of the Most Honourable Order of Seri Paduka Mahkota Brunei (DPMB) conferred by his Majesty, the Sultan of Brunei and the Grand Cross of the Order of Bernardo O’Higgins conferred by the President of Chile.
Mr. Kenneth See Chin Yeh was appointed as Group General Counsel in July 2022 to lead the Group’s legal and compliance functions. He first joined the Group in September 2014 before leaving in April 2020 to join global law firm Baker McKenzie‘s Myanmar practice as its resident partner, where he advised on M&A, general corporate law and Myanmar related regulatory and compliance matters. Mr. See also spent some time in Baker McKenzie’s Singapore office where he worked on various cross-border transactions in emerging markets.
Mr. See graduated from the University of Manchester, UK with a Bachelor of Laws in 2004. He attained a barrister-at-law qualification from Lincoln’s Inn and was admitted to practise as an advocate & solicitor in West Malaysia and Singapore. Mr. See recently obtained an executive Master of Laws (Financial Law & Regulation) with Distinction from the London School of Economics and Political Science, UK.
Mr. Paolo Borromeo is the President and CEO of Ayala Healthcare Holdings Inc. (AC Health) and Managing Director at Ayala Corporation. He is the Chairman of Healthway Philippines, the Qualimed Hospital Group, IE Medica and MedEthix, and the Vice Chairman of the Generika Group of Companies.
Mr. Paolo is a member of the Ayala Group Management Committee. He sits on the board of AC Ventures Holding Corp., AC Industrial Technology Holdings Inc., Ayala International Holdings Limited, and AG Holdings. He is also a director at Yoma Strategic Holdings, the Singapore-listed holding company of the Yoma Group of Myanmar.
Prior to joining Ayala, he was a Principal at strategy consulting firm Booz & Company, based in San
Francisco, California. He obtained his Bachelor of Science degree in Management Engineering from the
Ateneo de Manila University and his Master’s in Business Administration with honors from the Wharton
School at the University of Pennsylvania.
Mr. Serge Pun took over as the Head of Yoma Land during the current financial year. He is supported by two teams designated to manage the Pun Hlaing Estate and StarCity developments. Each team comprises mainly local employees who head functions such as Projects, Sales, Marketing, Finance and Human Resources respectively. The teams report directly to Mr. Serge Pun who is responsible for overseeing and driving the growth strategies of Yoma Land.
Ms. Thin Thandar Shwe was appointed as the Head of Group Human Resources in October 2021. She has been with the Yoma Group for the past 18 years serving in multiple roles across the Group. Ms. Thandar spent 7 years with Yoma Bank and 6 years with Yoma Strategic’s finance team in Singapore before relocating to Yangon in June 2017 to join Group Human Resources. She most recently served as the HR Director of Compensation and Benefits.
Ms. Thandar graduated with a Bachelor of Arts Degree from the University of Yangon and has further studied at ACCA (the Association of Chartered Certified Accountants) Singapore.
As Group Treasurer, Ms. Jane Chia has direct oversight over the Group’s cashflow management and funding operations. She manages the Group’s relationships with its key financial institutions and executes fundraising activities with local and international banks. Ms. Chia joined the Group in October 2015 and served as the Head of Finance of KFC Myanmar for more than 2 years.
Prior to joining the Group, Jane held several management roles overseeing the financial reporting, treasury, and internal audit functions at various SGXlisted and private companies in the retail, construction, trading and mining industries.
Ms. Chia holds a Bachelor of Accountancy Degree from Nanyang Technological University, Singapore.
Mr. Michael Toh joined the Group in April 2019 and was subsequently promoted to Head of Risk Management and Assurance in 2021 to oversee the risk management and compliance functions within the Group. He has also been responsible for finance transformation and performance management in the CFO’s office over the past two years.
Prior to joining the Group, Mr. Toh was an independent consultant for Interplex Precision Technology, served as Head of Finance at Puma Energy (Myanmar) and was responsible for overseeing various regional finance functions at Schlumberger in multiple jurisdictions such as Indonesia, Australia, Indonesia, Vietnam, the USA and Thailand.
Mr. Toh graduated from the University of Adelaide with a Bachelor of Commerce Degree and has been a Certified Public Accountant (Australia) since 1998.
Appointed to the Board of Yoma Strategic on 24 July 2018, Mr. George Thia is a Non-Executive Independent Director of Yoma Strategic and the Chairman of the Audit and Risk Management Committee, and a member of the Remuneration Committee of Yoma Strategic.
Mr. George Thia has more than 35 years’ experience in merchant banking and financial services, being actively involved in many corporate finance transactions in Singapore and the surrounding region. He is a Chartered Accountant (Singapore) and practiced as an accountant with Cooper Brothers & Co. (now known as PricewaterhouseCoopers).
Mr. Thia is currently a Business Consultant for Mergers & Acquisitions at GAAB Private Limited and Asianic Private Limited and an advisor to a private equity fund focusing on healthcare, eldercare and education. He is also a board member of a non-profit organisation, the National Cancer Centre. He is an Independent Non-Executive Chairman of CH Offshore Limited, a company in the business of offshore supplies and services listed on SGX.
Mr. Thia was formerly a Managing Director at Morgan Grenfell, Merrill Lynch International, Sun Hung Kai Securities and Lum Chang Securities. He was also an Executive Director and Partner of Kay Hian (now UOB Kay Hian Securities). Mr.Thia was the Executive Chairman of two publicly listed companies and had served as an Independent Director and the Chairman of Audit Committees of several listed companies in Singapore, Malaysia and Indonesia. He was a consultant to the SGX on the training of regulation officers and rendered advice on the development and launch of the alternative board, SGX Catalist. Mr. Thia practiced business consultancy in association with law firms Rodyk & Davidson (Singapore) from 2003 to 2005 and Kelvin Chia & Partners (Myanmar) from 2012 to 2013.
Mr. Thia is a Life Member of the Institute of Singapore Chartered Accountants, a Retired Member of the Association of Chartered Certified Accountants (UK), Master of Gerontology from Singapore University of Social Science (formerly known as UniSIM).
Appointed to the Board of Yoma Strategic on 2 August 2021, Mr Cezar Peralta Consing is a Non-Independent Non-Executive Director of Yoma Strategic.
From 2013 – 2021, Mr. Consing was President & Chief Executive Officer of Bank of the Philippine Islands (BPI), the Philippines’ oldest bank and its second largest by market capitalization. He served as chairman and board director of BPI’s thrift bank, investment bank, UK-based bank, microfinance bank, property and casualty insurance joint venture and leasing and rental joint venture; and board director of its asset management company and its life insurance joint venture. Mr. Consing was chairman of BPI’s management committee and its credit committee. He has served on BPI’s Board of Directors for 20 years; from 1995 – 2000 as a representative of J.P. Morgan & Co., from 2004 – 2007 and from 2010 – 2013 as an independent director, from 2013 – 2021 as the executive director of the bank, and from 2021 – present as a representative of Ayala Corporation. He has served on BPI’s Executive Committee of the Board since 2013. Mr. Consing first worked for BPI, in corporate planning and corporate banking, from 1981 – 1985.
Mr. Consing served as President of Bancnet, Inc., a banking industry consortium company that runs the ATM switch, Instapay and Pesonet, from 2017 – 2021. He served as Chairman and President of the Bankers Association of the Philippines from 2019 – 2021. He is currently Chairman of the Philippine Dealing System Holdings Corporation and its three operating subsidiaries, positions that he has held since 2019.
While running BPI from 2013 – 2021, Mr. Consing was also a Senior Managing Director of Ayala Corporation, the Philippines’ oldest business house, one of its largest listed companies, and the bank’s controlling shareholder. He joined Ayala Corporation’s Board of Directors in December 2020. Mr. Consing has, since April 2021, also represented Ayala Corporation on the Board of Directors of Globe Telecom, the Philippines’ second largest telecommunications company by market capitalization.
Prior to rejoining BPI in 2013, Mr. Consing was, from 2004, a Partner at The Rohatyn Group, an international investment firm that focuses on the emerging markets. He headed its Hong Kong office and its private investing business in Asia, and was a board director of its real estate, and energy and infrastructure private equity investing subsidiaries.
From 1985 – 2004, Mr. Consing worked for J.P. Morgan & Co., based in Hong Kong and Singapore. He rose to co-head or head the firm’s investment banking business in Asia Pacific from 1997 – 2004, the last five years as President of J.P. Morgan Securities (Asia Pacific) Ltd. As a senior Managing Director of J.P. Morgan & Co., Mr. Consing was a member of the firm’s global investment banking management committee, its Asia Pacific management committee, and its global Managing Director selection committee.
Outside his association with the Ayala Group, Mr. Consing has served as an independent board director of four publicly-listed companies: Jollibee Foods Corporation (2010 – present), CIMB Group Holdings (2006 – 2013), First Gen Corporation (2005 – 2013), and National Reinsurance Corporation (2014 – 2019), where he also served a Chairman (2018 – 2019). He currently serves on the boards of three private companies: Sqreem Technologies, FILGIFTS.com and Endeavor Philippines. He has also served on the board of the Hong Kong based Asian Youth Orchestra. He is a board director of the US-Philippines Society and the Philippine-American Educational Foundation, and a trustee of the College of St. Benilde and the Manila Golf Club Foundation. Mr. Consing has been a member of the Trilateral Commission, the global discussion group, since 2014.
Mr. Consing received an A.B. Economics degree (Accelerated Program), Magna Cum Laude, from De La Salle University, Manila, in 1979. He obtained an M.A. in Applied Economics from the University of Michigan, Ann Arbor, in 1980.
Mr. Serge Pun is a Myanmar national and the Chairman of Serge Pun & Associates (Myanmar) Limited (“SPA”). In 1983, Mr. Pun founded Serge Pun & Associates Limited in Hong Kong SAR and eventually returned to the country of his birth to establish SPA in 1991.
In 1992, Mr. Pun established First Myanmar Investment Company Limited (“FMI”) as one of the earliest public companies (unlisted) in Myanmar. In 2006, he led Yoma Strategic to a successful listing on the mainboard of the Singapore Stock Exchange, and in 2016, FMI became the first company to list on the Yangon Stock Exchange.
Mr. Pun is a member of the World Economic Forum’s ASEAN Regional Strategy Group and ASEAN Regional Business Council. He is a standing member of the Chinese People’s Political Consultative Conference of Dalian and a member of the Asia Business Council. He is the Chair of the International Advisory Board of Singapore Management University for Myanmar, the Vice-Chairman and CEO of New Yangon Development Company (“NYDC”) and served as an Honorary Business Representative for Myanmar of International Enterprise Singapore from 2004 till 2006. Mr. Pun is a frequent speaker in international forums on Myanmar and ASEAN.
Re-appointed to the Board of Yoma Strategic on 26 July 2017, Mr. Pun is the Executive Chairman of Yoma Strategic.
Step-in Step-up and Melvyn Pun, CEO Yoma Strategic Holdings Ltd, visited the Head Monk of our neighbouring villages. To highlight the importance of protecting against coronavirus, Yoma Group donated thousands of hand sewn reusable masks and bars of soap. Masks are being sewn by our interns and partner NGO’s which is not only providing further skills & work, but much needed protection against possible droplets spreading when sneezing or coughing.
Mr. Melvyn Pun was appointed as Chief Executive Officer and Executive Director in July 2015. He was re-appointed to the Board of Yoma Strategic on 24 July 2019 and is a member of the Nominating and Governance Committee of Yoma Strategic.
Mr. Pun was the Alternate Director to Mr. Serge Pun at Yoma Strategic and the Chief Executive Officer of SPA, an affiliate of the Group, between 2012 and 2015. Since 2015, Mr. Pun spearheaded the move to diversify the Group’s businesses along its core businesses whilst also building streams of recurring revenues and profits. He has been extensively involved in developing the Group’s relationships with key partners, including Mitsubishi Corporation, IFC, ADB, Yum! Brands, New Holland, JCB, Dulwich College International, Telenor and Pernod Ricard, amongst others.
Prior to joining SPA, Mr. Pun spent 12 years at Goldman Sachs in Hong Kong SAR, where he was Managing Director, Head of Asia Ex-Japan Corporate Solutions Group. He has extensive financial and corporate experience in various corporate markets across Asia such as Greater China, Southeast Asia, and Korea where he provided corporations and non-profit organisations with financial services that included fund raising, investments and risk management. Beyond Yoma Strategic, Mr. Pun is also an executive committee member of the Myanmar Institute of Directors and Non-Executive Director of Yoma Bank Limited.
Mr. Pun holds a Bachelor of Arts, Masters of Engineering and Masters of Arts from University of Cambridge.
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Full article – Yoma Micro Power celebrated the inauguration of its 250th solar-hybrid power plant at Thit Seint Gyi village in Wetlett township, Sagaing Division in March 2020.
Spread across an area of 175,000 square kilometres in Sagaing and Magway Regions, Mandalay Division and Naypytaw Union Territory, the solar-hybrid plants are powering 250 off-grid telecom towers as well as 25 villages and 25,000 people who had previously relied on diesel power, offsetting 5,000 tons of greenhouse gas emissions annually.
“With about 60 percent of Myanmar’s people having no access to the grid, the lack of a reliable supply of electricity is one of the biggest bottlenecks for economic development in the country. By quickly rolling out these solar-hybrid plants, it gives us the opportunity to play a prominent role in bridging Myanmar’s rural electrification gap and spur sustainable and inclusive economic growth,” said Melvyn Pun, CEO, Yoma Strategic.
Yoma Micro Power plans to rollout more than 2,000 solar-hybrid power plants by 2023.
Full article – Yoma Group donated two ventilators, three patient monitors, 500 Personal Protective Equipment sets and 10,000 masks to the Ministry of Health and Sports in response to Covid-19. Covid-19 poses a serious risk to Myanmar, but we are committed to our communities to support their needs where we can. Working together we can get through these challenging times.
Full article – Pun Hlaing Estate celebrated Community CleanUp Day at Pun Hlaing Estate on 2nd May 2020. Yoma Group employees and Pun Hlaing Estate residents participated the event and cleaned the estate area together towards a common goal to make the estate a more beautiful place.
Full article – StarCity celebrated the world’s Environment Day 2020, with the soft opening of the River Park and Volunteer tree planting day for the residents on 20th June 2020. Environmental sustainability has always been one of the top priorities for StarCity. The Management has consistently put in efforts to start planting tons of trees within the estate and at the River Park this year. The Staff Members and Residents come together to help plant some of Myanmar popular trees such as the Frangipani, Mongrove Trumpet, Chinese Roses, Hibiscus and for good measure tons of Good Luck Plants.
The Group strongly opposes bribery and all other kinds of corruption. To reinforce its Code of Conduct, the Group conducts training for all employees covering its policies on Anti-Bribery and Anti-Corruption, Conflicts of Interest and Whistle Blowing. These policies extend to the Group’s business dealings with third party service providers and vendors.
The Group prohibits any form of discrimination or preference made on the basis of race, colour, sex, religion or political opinion which has the effect of impairing equal opportunity or treatment. As a committed nation builder, the Group believes that it is important to lead by example so as to ensure that internationally recognised best practices are established early on in the rapid development of Myanmar.
Yoma Land has developed City Loft, a product offering of quality affordable housing that caters to the underserved the middle-income market, in-line with its wider mission to build better communities for the future of Myanmar. The first project City Loft @ StarCity is expected to include commercial, communal and recreational areas and is designed to facilitate modern living standards that allow an inclusive community to thrive. Yoma Central, an integrated mixed-use development currently under construction in downtown Yangon, has adopted IFC EDGE (Excellence in Design for Greater Efficiencies) as a sustainability standard for green design and construction principles. For example, the project plans to install low-emissivity glazing windows to reduce solar heat gain and will utilise natural daylight and ventilation to minimise energy consumption. The Group has generated approximately 0.57TJ of renewable energy from solar panels which were installed at Star City and The Campus. This is equivalent to the monthly electricity consumption of approximately 920 households in Myanmar.
The Group fully supports and practices the International Labour Organisation’s Eight l Core Conventions and the IFC’s Labour and Working Conditions Standards. The Group prohibits child labour at all of its business operations and projects, and there were no cases of child labour reported in 18M-Sept2020.
As of September 2020, Yoma Micro Power has constructed and commenced operations at 318 off-grid solar micro power plants. Approximately 812 households in 11 villages in off-grid areas now have access to electricity. Yoma Micro Power plans to scale up to 750 solar micro power plants in financial year ending 30 September 2021 and to more than 2,000 by the end of 2023.
Approximately 41% of the Group’s workforce is female. In addition, Yoma Strategic has a 22% female representation on its Board of Directors as at November 2020. Training programs on building and maintaining a respectful workplace were rolled out in 12M-Mar2019. As at 30 September 2020, more than 80% of the Group’s managers underwent such training which covered topics that included anti-harassment, maternity planning and career development.
Various Yoma Group companies are partners of M2030. M2030 is a movement launched by the Asia Pacific Leaders Malaria Alliance (APLMA) to eliminate malaria in Asia by 2030. The existing M2030 partners include Pun Hlaing Siloam Hospitals, Wave Money, Volkswagen, New Holland, JCB, KFC, Auntie Anne’s, YKKO, Little Sheep Hotpot and Yoma Micro Power.
Yoma Heavy Equipment is committed to facilitate the mechanisation of Myanmar’s agricultural industry with the aim of helping farmers improve crop profitability and save time, energy and labour. Since 2012, the Group has sold approximately 4,200 tractors via its self-managed locations, over 300 independent business associates and 30 independent parts distributors and continues to support a dedicated maintenance team to better serve rural communities throughout the country. Yoma Heavy Equipment also sponsored Myanmar’s first cassava conference and workshop to educate farmers about the crop’s potential, which was attended by the Ministry of Agriculture, the Department of Agricultural Research (DAR), the Department of Agriculture (DOA), local farmers and other stakeholders.
The Group’s businesses provide approximately 5,238 jobs to locals in Myanmar. All of its employees are paid at least the statutory minimum wage. Aside from direct employment, the Group also supports local businesses, job creation and financial inclusion in communities throughout Myanmar. For instance, Wave Money, a mobile based financial services provider that facilitates secure and real-time payment transactions, runs a network of more than 68,000 agents in both urban and rural communities across 299 townships. It caters to approximately 70% unbanked population of Myanmar, many of whom are micro and small businesses as well as migrant workers who have relocated to urban centres in search of employment but periodically remit their salaries to support their families in rural areas. Wave Money has also become a trusted partner for many government departments and non-profit organisations in disbursing COVID-19 relief funds.
Yoma Strategic is committed to nurturing its employees and values the partnerships with its customers, local communities, suppliers, business partners, investors and other stakeholder groups. The Group has in place various channels and platforms to communicate with stakeholders to better understand their needs.
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Mr. Michael Rudenmark was appointed as the Head of Automotive in March 2013 and is responsible for growing the Group’s Automotive division, including exploring and evaluating opportunities to secure new automotive brands for the Group.
Mr. Rudenmark has lived in Yangon for more than 20 years and has extensive experience in the Myanmar automotive market as the Founder and Managing Director of German Car Industries, an automobile sales and after-sales company since April 1996.
Mr. Gerhard Hartzenberg joined the Group in January 2015 and is responsible for expanding the Group’s Heavy Equipment business. Over the past five years, Yoma Heavy Equipment has enhanced its portfolio of brands to include New Holland, Case, JCB and FPT and built a rental business operating out of 16 locations throughout Myanmar.
Prior to joining the Group, he managed various automotive and leasing businesses in South Africa, including Imperial Group, Super Group Industrial Products, John Deere and General Motors. He has extensive experience in sales and marketing, operations, network development, training and brand establishment.
Mr. Hartzenberg is a member of the John Deere International Marketing Council and the Toyota Wings Club. He has also received several awards, including three Chairman’s awards from Toyota/Hino and General Motors between 1990 and 2005.
Mr. Kyaw Kyaw Naing was appointed as the Chief Executive Officer of YKKO in February 2019. Prior to joining the Group, he spent more than 17 years at YKKO and held various positions, including Procurement Director, HR Director, Operations Director and Managing Director since 2010. Mr. Naing has comprehensive experience across all of YKKO’s business from sales to operations, staff development, supply chain management and brand development.
Mr. Naing has been an active member of the Myanmar Restaurants Association (MRA), an industry organization supporting the development of all restaurants in Myanmar since 2012 and he was reappointed as Chairman of the MRA Yangon Region in 2018.
Mr. Naing has built his success in entrepreneurship from a young age and has helped to expand several medium-sized retail businesses over the years.
Mr. Yue Wai Khin joined the Group in December 2014 to oversee the daily operations, recruiting and training and supply chain management functions of KFC Myanmar. Prior to joining the Group, he spent more than 25 years in the F&B industry at KFC/Pizza Hut Malaysia with extensive experience in sales and operations, staff development and training and brand development.
Mr. Yue was previously the Deputy General Manager for the Pizza Hut Dine-In segment, overseeing 115 restaurants. He was also the Deputy General Manager of Field Human Resource at KFC and the Head of Field Human Resource at Pizza Hut. Mr. Yue has received several awards for both Operations Excellence and Training and Development from Yum! Brands and is certified as a Yum! Master Trainer in Malaysia.
Mr. Tim Nash joined the Group in February 2020 as the General Manager of KFC Myanmar. Prior to joining the Group, he spent more than 17 years with KFC across operations, supply chain and marketing and was most recently the Manager of Operations for KFC Greater Asia based in Singapore where he supported the fast expansion of KFC Myanmar from 2016 to 2019. Mr. Nash began his KFC career in Australia and is a member of KFC’s Global Emerging Leaders alumni.
Mr. Nash has been recognised as the Australian National Retail Association’s Young Retailer of the Year (Runner-Up) and the Australian Institute of Management’s Young Manager of the Year (Top 5) for his proven track record of applying a people first mindset to step change the customer experience that results in both short- and long-term improvements.
Mr. Nash holds a Postgraduate in Retail Management from the University of Wollongong and Mark Rison’s Mini-MBA in Brand Management.
Mr. Brad Jones was the founding Chief Executive Officer of Wave Money and has been with the company since February 2015. He has grown Wave Money into one of the leading fintech companies in Myanmar, serving millions of customers across a network of over 68,000 agents.
Previously, Mr. Jones headed mobile money and innovation for Visa in Asia Pacific, North Africa and the Middle East. He has also been an emerging payments consultant to the World Bank Group and has worked in a variety of markets, including the Philippines, Indonesia, Bangladesh and China.
Prior to Visa, Mr. Jones was the founding Managing Director of Wing Cambodia, the first bank-led mobile money company in Asia. Mr. Jones has worked in the financial services industry for 18 years and is a well-known executive in digital payments and mobile money.
Mr. Allan Davidson joined the Group in November 2013. Prior to joining the Group, he spent more than 25 years in the vehicle leasing and rental industry in Australia, Papua New Guinea, New Zealand and Thailand.
Mr. Davidson headed up a joint venture that started the Budget Rent A Car franchise in Thailand. During his eight years there, he grew the business into a market leader with more than 1,450 vehicles across 25 locations while enduring the effects of the 1997 Asian financial crisis. He is a Member of the Military Division of the Order of Australia (AM).
Mr. Ben Koo was appointed as the Head of Yoma Financial Services in August 2019 and has been with the Group since October 2018.
Mr. Koo has 20 years of experience in working at top-tier financial institutions, including Goldman Sachs, Macquarie, Deloitte and Arthur Andersen.
Prior to joining the Group, Mr. Koo was based in Singapore and was responsible for overseeing investment coverage in Asia as the Co-Head of Pan Asia Financial Institutions Investment Research and the Co-Head of ASEAN Investment Research at Goldman Sachs. Prior to that role, he was the Head of Australia and New Zealand Financial Institutions Investment Research for Goldman Sachs based in Sydney.
Mr. Koo also served as a Non-Executive Director of the Anglican Church Endowment Fund in Sydney where he helped to oversee risk management, asset allocation and corporate governance changes following the 1997 Asian Financial Crisis. Mr. Koo graduated from the Australian National University with a Bachelor of Commerce and Economics Degree in 1994. He was also a member of the Chartered Accountants Australia and New Zealand from 2001 to 2017.
Mr. Stephen Purvis was appointed as the Head of Yoma Land in January 2019. He has been with the Group since 2013 in various roles. Prior to this appointment, he was the Project Director and subsequently the General Manager for Yoma Central since 2015. He also spearheaded the master planning of StarCity from 2013 to 2014. Mr. Purvis has more than 30 years of experience in the real estate market, including the development of substantial mixed use city centre projects in a variety of markets.
Prior to joining the Group, Mr. Purvis was a director at Coral Capital Group Ltd., a Cuba-focused country fund, where he oversaw long-term equity real estate projects, including the design, funding, construction and operation of a portfolio of hotels under the Hotel Saratoga brand. Notably, he master-planned the new container port and economic zone of Mariel with partner Dubai Ports World and was also the project manager for high profile clients such as the Prince of Wales Foundation.
Mr. Purvis is a chartered member of the Royal Institute of British Architects and holds a Bachelor of Arts (Honours) Degree in Architecture from Newcastle University, England and a Bachelor in Architecture from Westminster University, England.
Ms. Joycelyn Siow joined as Group Finance Manager in June 2008 and was subsequently promoted to Group Financial Controller in May 2013. Prior to joining the Group, Ms. Siow had 10 years of audit experience in international audit firms where she was involved in audit services for public listed companies, multinational corporations and small- and medium-sized enterprises. Besides audit work, Ms. Siow was also involved in special assignments such as internal audit, the preparation of accountants’ report for Initial Public Offerings and Reverse Takeovers and due diligence reviews.
Ms. Siow graduated from Singapore Polytechnic with a Diploma in Banking and Financial Services and later went to pursue her ACCA qualification.
Ms. Loo Hwee Fang was appointed as Group General Counsel in April 2013. Prior to that, she was with Lee & Lee for 13 years and was a Partner in their Corporate Department since 2006. Her main area of legal practice was in corporate finance, capital markets and fund management and her scope of work included advising on fund raising, mergers and acquisitions, stock exchange procedures, compliance and corporate governance issues. Ms. Loo is listed in The Legal 500’s GC Powerlist for South-East Asia in 2017 and 2019. She was also previously included in The Legal 500’s GC Powerlist for Asia Pacific in 2014.
Ms. Loo graduated from the University of Sheffield, England, with an L.L.B (Honours) Degree in 1996. She is also a Barrister in-law, having been called to the English Bar at Gray’s Inn, England and Wales in 1997, and was admitted to the Singapore Bar in 1998.
Mr. JR Ching joined the Group in May 2013 and was appointed as Chief Financial Officer in May 2015 to oversee the Group’s financial functions and strategic business development.
Prior to this role, he served as the Group’s Head of Business Development where he was responsible for developing the Group’s businesses and new business areas, overseeing acquisition and investment opportunities and reviewing the Group’s overall business strategy.
Mr. Ching graduated as a Morehead Scholar from the University of North Carolina at Chapel Hill with a Bachelor of Arts Degree in International Studies with the Highest Distinction. He then spent over a decade at Goldman Sachs in the Fixed Income, Currency & Commodities, Capital Markets and Investment Banking Divisions in London and Hong Kong, where he was most recently the Head of Structured Finance for the Asia-Pacific ex-Japan region. Mr. Ching has extensive financial and corporate experience in a wide range of business sectors and has executed investing, financing and risk management transactions across Asia, the Middle East, Europe and North America.
Re-appointed to the Board of Yoma Strategic on 24 July 2018, Mr. Adrian Chan is the Lead Independent Director of Yoma Strategic and the Chairman of the Nominating and Governance Committee, and a member of the Remuneration Committee of Yoma Strategic.
Mr. Chan is the Head of the Corporate Department and a Senior Partner at the law firm, Lee & Lee. He is a board member of the Accounting and Corporate Regulatory Authority of Singapore and serves on the Legal Service Commission. He is a council member of the Law Society of Singapore, a member of the Singapore Management University’s Enterprise Board and Vice-Chairman of the Singapore Institute of Directors.
Mr. Chan currently serves as the Chairman of the Corporate Law Advisory Panel at ACRA and has been appointed by the SGX to its Catalist Advisory Panel. His other directorships include AEM Holdings Ltd., Ascendas Funds Management (S) Limited (manager of Ascendas REIT), First REIT Management Limited (f.k.a. Bowsprit Capital Corporation Limited), Hong Fok Corporation Limited and Best World International Limited.
Mr. Chan holds a Bachelor of Laws (Honours) from National University of Singapore.