Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY 8 3 Yoma Group (Myanmar) Extraordinary Endeavors in Turbulent Times In fact, Yoma, on the contrary, has entered into a few businesses with great social impact but that also carry a larger financial risk or a lower financial return than is normally expected. As an example, Yoma is building off-grid solar sites and renewable solar power for areas that would probably not get linked to the national power grid anytime soon. The company is doing this because renewable energy makes a lot of sense, and the people would not be able to get power otherwise. So the project ticks a lot of boxes, but the financial return is uncertain because no one has successfully completed a project like this. In his final thoughts, Pun spoke on the concept of “stakeholder capitalism,” not- ing that the disparity between rich and poor and its impact on the social-political environment is an issue that will dominate discussions in the next decade or so. Pun said, “In Myanmar, while there are those who are wealthier and those who are poorer, it is still an environment where the poor have the ability to rise up. I think a parallel can be drawn between Myanmar today and Hong Kong in the 1960s and 1970s, because we have people that are poor but there still is an environment where the poor have the opportunity to climb the social ladder.” Indeed, with a socially conscious leader at its helm, Yoma is set to make a positive difference for the people of Myanmar in a post-pandemic world, as it has already done for so many by accelerating financial inclusion during the trying times of COVID-19. Endnotes 1 Serge Pun set up Serge Pun & Associates Group in Hong Kong in 1983. In 1992, he set up First Myanmar Investment (FMI), which became the first company to be listed on the Yangon Stock Exchange in 2016. In 2006, Yoma Strategic Holdings was established and listed on the Singapore Stock Exchange. In 2018, Memories Group was set up to bring together a portfolio of travel and tourism businesses and was listed on the Catalist Board of the Singapore exchange. FMI, Yoma Strategic and Memories Group, together with their respective subsidiaries, are collectively referred to as the Yoma Group. 2 “Wave Money and Ant Financial Services Group forms strategic partnership to promote financial inclusion for the unbanked in Myanmar.” Press release, May 2020. https://www.yomastrategic . com/attachment/2020051807032228978584_ en.pdf 3 “Proposed Acquisition of Controlling Interest in Mobile Money Myanmar Limited.” https://www.yomastrategic.com/ attachment/202006241525061734509902_ en.pdf