MySQUAR Limited Mobile Money Soft Launch (9561X)

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RNS Number : 9561X

MySQUAR Limited

16 August 2018

16 August 2018

MySQUAR Limited

("MySQUAR" or the "Company")

Mobile Money Soft Launch

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to announce a soft launch of its cross-border remittance service, the initial offering on its mobile money platform.

Following the beta remittance tests conducted in June 2018 between MySQUAR and its partners, the Singapore to Myanmar remittance corridor became fully operational shortly after. During the pre-launch phase in July 2018, the service was tested for any anomalies and is now ready to go live. Activity will be closely monitored to ensure there are no service issues before moving ahead with a full launch.

MySQUAR's platform will enable money loaded into the digital wallet of MySQUAR's Singapore partner, Uber Remit, to be sent almost instantly to the recipient's digital wallet of MySQUAR's Myanmar partner, OK Dollar ("OK Dollar"), a mobile payment and digital wallet provider in Myanmar. On the Singapore side, money can be sent using a debit card or by online bank transfer. Recipients in Myanmar can withdraw funds at over 8,000 agent outlets nationwide and at certain bank and post office branches. Recipients can also retain the money in their digital wallet to make purchases at over 200,000 merchants or make a transfer to another OK Dollar digital wallet account.

Singapore was selected as the initial corridor to launch as the average annual income of the Myanmar workers is much higher than in other countries. MySQUAR is initially targeting the Myanmar customer segment residing in Singapore that is banked. The Company is currently assessing other "cash in" options (such as utilising agents) and once these are available, MySQUAR will roll out this app to the wider Myanmar community in Singapore, including the unbanked population.

Eric Schaer, CEO of MySQUAR, said: "The existing cross-border remittance options from Singapore to Myanmar are either expensive, ranging from 10-15% of the transfer amount through formal channels, or carry higher risk through cheaper informal channels. We have redefined the Singapore-Myanmar remittance corridor by offering a service that combines convenience and low cost through a licensed and fully compliant channel. The World Bank reported the annual remittances into Myanmar to be around USD 8 billion as at 2015. A full launch of the remittance service is anticipated by the end of September 2018 and we look forward to providing additional mobile money options as we move towards becoming a leading payment solutions provider in Myanmar."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
MySQUAR Limited 
Eric Schaer (Chief Executive)     Tel: [phone] 
 
SP Angel Corporate Finance 
 LLP 
Nominated Adviser & Joint         Tel: [phone] 
 Broker                            0470 
Stuart Gledhill / Soltan Tagiev 
 
Daniel Stewart and Company 
 Plc 
Joint Broker                      Tel: [phone] 
                                   6550 
David Lawman/Jon Levinson/Daphne 
Zhang 
 
Public Relations                   Tel: [phone] 
                                    0758 
Damien McCrystal                   [e-mail] 
 

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August 16, 2018 02:01 ET (06:01 GMT)