Payment application development service agreement

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

Payment application development service agreement

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 that it has entered into a master services agreement ("MSA") for payment application development with Fastacash Pte Ltd. ("fastacash"), the Singapore-based global social and mobile payment platform.

Under the agreement, MySQUAR will provide payment application development services to fastacash for a period of 24 months subject to early termination provisions.

The terms of the MSA deliver significant benefits to both parties. fastacash will pay MySQUAR development fees. In addition, MySQUAR will gain significant expertise in the payment sector via working closely with fastacash's network of large mobile payment service providers around the world, such as Al Fardan Exchange, XpressMoney, Techcombank and Oxigen.

Commercial terms will be agreed between the parties in relation to each project undertaken under the MSA however based on anticipated workflow the board expects that annual revenue from fastacash under the MSA should exceed USD 300,000. This would put MySQUAR solidly on track to achieve its 2017 calendar year goal of over USD 500,000 in mobile application development revenue.

This combined with other growing sources of revenue provide MYSQUAR with an excellent platform from which to further build revenue during 2017.

From fastacash's point of view, the deal will provide invaluable access to MySQUAR's technical expertise in mobile payment application development and enhance fastacash's capacity to serve a large base of payment service clients. 

Eric Schaer, MySQUAR's CEO, is a director of fastacash.

MySQUAR's CFO, Pham Dang Hung, said: "This is a great opportunity for MySQUAR, both financially and technically. We are delighted that fastacash, an innovator in the social mobile payment sector, has such strong confidence in the ability of MySQUAR in payment application development. We have witnessed first hand the innovative and far-reaching abilities of fastacash; partnering with them more directly to develop a broader network with the clients of their services will be of great benefit to all the parties concerned."

fastacash's General Manager, Mark Carter, said: "This deal provides fastacash with a world class application development capability to service our increasing number of client engagements, not just in South East Asia but globally. As a successful start-up, it is critical that we are agile in the way we scale our business, as new opportunities arise and we seek to expand our global reach; MySQUAR, provides us with this capability."

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