Yoma Bank was founded in May 1993 by entrepreneur Serge Pun of the First Myanmar Investment Company (FMI). After receiving a full commercial banking license, Yoma Bank opened its first branch in August 1993. Since 1996, Yoma Bank expanded and has become one of the largest private banks in Myanmar. In 1999 Yoma became Myanmar's first bank with a computerized accounting system and started using wireless communication to connect to all of its branches via satellite. In 2001 Yoma Bank operated 41 branches in 24 cities.