Successful Remittance Integration

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.

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