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New Mobile Financial Service Comes to Myanmar Through MySquar

English, Myanmar, Startup

MySquar recently announced reaching 1.5m registered users and on their service agreement with MyPay. MySquar is an AIM listed company whose early and major investor, Rising Dragon, also lead the series B investment round for Fastcash, the technology provider of MyPay. Fastacash.com recently announced their investment in MyPay although details of the deal are not published.

MySquar mentioned in their previous filing of 31st May 2015 that there were 392,400 monthly active users (MAU) out of the total 774,636 registered users. They have managed to double their total registered users to 1.5 million in these past 5 months. We believe the users may not be of Yangon but of other region. Startup95 is based in Yangon and after surveying around, we couldn’t find a single active user. There is a possibility that their Burmese users are in other cities and towns of Myanmar.

MySquar will be receiving 0.5m USD for integration fees and will be receiving 50% of the revenue through its’ user base. This puts it at $0.33/user for access. With their previous MAU statistic of 50% of registered users, this puts the cost of access closer $0.66/active user.

While both companies involved have yet to give details on what would be the nature of the financial services they would be providing, their technology provider Fastcash’s products appears to be peer to peer (P2P) and persons to merchant payments via mobile.

Other Players

The industry insiders mentioned there are already over a dozen mobile financial service companies in the market below are the list of some of them.

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