MySQUAR Limited Mobile Money Soft Launch (9561X)
16 August 2018 - 8:01AM
UK Regulatory
TIDMMYSQ
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: +65 6725 6388
SP Angel Corporate Finance
LLP
Nominated Adviser & Joint Tel: +44 (0) 203 470
Broker 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 damien@mccrystal.info
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END
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