MySQUAR achieves 1.5m users and monetisation

MySQUAR Limited ("MySQUAR" or the "Company")

MySQUAR breaks through 1.5m user accounts and signs first major service agreement.

MySQUAR, the Myanmar-language social media and entertainment platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to announce that it has today entered into a service agreement with MyPAY Limited, ("MyPAY"), a provider of mobile payment transaction services. The agreement with MyPAY is for the integration of MyPAY's mobile payment services as a feature of MyCHAT, MySQUAR's free to use, mobile messaging and social networking application.

Under the 5-year agreement with MyPAY, MySQUAR will receive US$500,000 in software platform integration fees from MyPAY and then an ongoing 50 percent share of net fees collected from MyCHAT users who make transactions through the mobile payment features integrated in MyCHAT.

The service agreement entered into by MySQUAR with MyPAY constitutes a related party transaction under the AIM Rules as Eric Schaer, Chief Executive Officer of MySQUAR, holds an indirect controlling interest in MyPAY. The Directors other than Mr Schaer consider, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the service agreement are fair and reasonable insofar as its shareholders are concerned.

Furthermore, the Company is pleased to announce that total user accounts as at 14 October 2015 surpassed 1,500,000, this represents an increase of approximately 50 percent in total user accounts since 30 June, as announced on 22 July 2015.

Commenting on the service agreement with MyPAY and the User Acquisition Update, CEO Eric Schaer said, "I am very pleased with the Company's development progress in both product offerings and monetization. Partnering with mobile payment service providers is an important strategic development of the Company. The agreement with MyPAY is also a big step toward execution of the monetization plan, whereby the significant fee and revenue share received from MyPAY are expected to add stable cash inflow to the Company. 

The partnership with MyPAY provides robust evidence that MySQUAR has tremendous opportunities to monetize its social platform, MyCHAT. Such opportunities are even greater as the Company continues to steadily grow its user base. Transaction-based monetization such as the mobile payment services will be enlarged alongside with growth of the user base. 

MySQUAR will work closely with MyPAY to make sure the mobile payment services integrated in MyCHAT will be rolled out as soon as possible, in accordance with local laws."

About MyPAY

MyPAY is planning to introduce a mobile money application in Myanmar in accordance with local laws. MyPAY aims to facilitate financial inclusion in a country where approximately 90% of the population is unbanked thereby contributing to improving the lives of the Myanmar people.

The mobile payment services of MyPAY are enabled by the fastacash mobile payment technology. fastacash (www.fastacash.com) is a global enabler of payments (money, airtime, coupons) along with digital content (photos, videos, audio, messages) through social networks and messaging platforms, enabling secure and cost-effective transactions domestically and internationally.

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