MySQUAR says Singapore money transfer tests go well

MySQUAR Limited, the Myanmar-language mobile apps developer, has made a giant stride toward launching its cross-border money transfer (remittance) service.

Last week beta remittance tests were conducted and successfully completed between MySQUAR and its partners along the Singapore to Myanmar remittance corridor.

The money transfer service is expected to undergo a “soft launch” next month and will enable customers to deposit funds with licensed agents in Singapore while recipients in Myanmar will be able to either withdraw funds at more than 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.

“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,” said Eric Schaer, the chief executive officer of MySQUAR.
“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,” he added.

Meanwhile, the company has been trying, unsuccessfully, to ascertain the identities of the owners of depositary interests representing around 14.45% of the issued share capital of MySQUAR.

The company has issued direction notices to the mysterious registered holders of the depositary interests, restricting them from voting at any general meeting of the company.

Shares in MySQUAR were up 4.7% at 1.12p in early deals.

Source: proactiveinvestors

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