24th May 2016 12:01
LONDON (Alliance News) - MySQUAR Ltd, which designs, develops and commercialises Myanmar-focused mobile applications, on Tuesday said it was "pleased" to note an announcement that multinational mobile wallet provider Cellum has expanded its Asian presence to Myanmar through an agreement with MySQUAR 's mobile payment partner MyPAY.
In October 2015, MySQUAR entered into a service agreement with MyPay to integrate MyPay's mobile payment services as a feature of MyChat, MySQUAR's free to use, mobile messaging and social networking application.
The five-year agreement involves a payment to MySQUAR of USD750,000 in software platform integration fees and then an ongoing 50% share of net fees collected from MyChat users who make transactions through the mobile payment features integrated in MyChat.
Cellum's mobile commerce systems currently manage nearly 2 million secure mobile transactions per month.
"With over 65% mobile phone penetration but only 5% of the population holding bank accounts, Myanmar is now attracting the most innovative services in the world in the field of mobile commerce. MySQUAR is uniquely positioned to make use of such services," Eric Schaer, chief executive officer of MySQUAR, said in a statement.
Shares in MySQUAR were untraded Tuesday, having closed at 6.62 pence Monday.
By Samuel Agini; [email protected]; @samuelagini
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