MySQUAR Limited Successful Remittance Integration (3295S)
25 June 2018 - 4:01PM
UK Regulatory
TIDMMYSQ
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: +65 6725 6388
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 damien@mccrystal.info
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END
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