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MySQUAR set to launch mobile money platform this year after signing two key agreements

MySQUAR is looking to fill a hole in Myanmar where most people don’t have a bank account but do have access to a smartphone
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MySQUAR is looking to fill a hole in Myanmar where most people don’t have a bank account but do have access to a smartphone

Myanmar-language mobile apps developer MySQUAR Limited (LON:MYSQ) is on track to launch a mobile money platform later this year after signing a couple of key agreements.

MySQUAR has inked two separate deals: one with Uber Remit which will allow users to send money securely between Singapore and Myanmar; and another with OK Dollar – a digital wallet which lets users make payments online and cash out.

The AIM-listed firm expects to launch its platform by the end of September.

Myanmar-Singapore corridor first

Only about one-in-five people in Myanmar has a bank account, with a far greater number owning a smartphone, which should lead to rapid adoption of digital wallets, MySQUAR said.

The company is targeting the Singapore-Myanmar corridor first as the former has a large population of students and workers from Myanmar who frequently send money back home.

“The agreements with Uber Remit and OK Dollar are another solid step in our journey to become a leading payment solutions provider in Myanmar,” said chief executive Eric Schaer.

WATCH: MySQUAR to launch mobile money platform after signing key agreements

“Upon successful implementation of the Singapore-Myanmar remittance corridor, we will likely seek to expand into other markets with a large Myanmar diaspora and open new remittance corridors with expected target markets such as the Middle East, Thailand and Malaysia into Myanmar.”

MySQUAR already has a deal in place with MyPay Limited which currently provides mobile payment services.

That contract is due to run out in 2020 and MySQUAR said it was in discussions regarding this agreement and will make further announcements in due course.

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