MySQUAR Limited Successful Remittance Integration (3295S)

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RNS Number : 3295S

MySQUAR Limited

25 June 2018

25 June 2018

MySQUAR Limited

("MySQUAR" or the "Company")

Successful Remittance Integration

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 significant milestone towards the launch of a cross border remittance service.

Last week beta remittance tests were conducted and successfully completed between MySQUAR and its partners along the Singapore to Myanmar remittance corridor.

Our remittance service, when launched, will enable customers to deposit funds with licensed agents in Singapore and recipients in Myanmar to either withdraw funds at over 8,000 agent outlets nationwide or retain the funds in a digital wallet to make purchases at merchants that accept the digital wallet as a payment option.

MySQUAR expects a soft launch of the remittance service in July 2018 and will initiate marketing in both Myanmar and Singapore in conjunction with its partners.

Eric Schaer, CEO of MySQUAR, said: "We are excited to have finalised the technical integrations and look forward to bringing the convenience of real time cross-border remittances to a mobile wallet for the people of Myanmar. This is the first step towards becoming a leading payment solutions provider in Myanmar. With the Singapore-Myanmar corridor complete, we will focus on expansion into other markets with a large Myanmar diaspora which include the Middle East, Thailand and Malaysia.

The timing of this successful test is particularly significant following our acquisition of MyPay Myanmar Limited last week which allows us to retain far more of the revenues from payments transactions."

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                Tel: [phone] 
 Executive) 
 
SP Angel Corporate 
 Finance LLP 
Nominated Adviser &               Tel: +44 (0) 203 
 Joint Broker                      470 0470 
Stuart Gledhill / Soltan 
 Tagiev 
 
Daniel Stewart and 
 Company Plc 
Joint Broker                      Tel: +44 (0) 207 
                                   776 6550 
David Lawman/Jon Levinson/Daphne 
Zhang 
 
Public Relations                  Tel: +44 (0) 781 
                                   677 0758 
Damien McCrystal                  [e-mail] 
 

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June 25, 2018 02:01 ET (06:01 GMT)