Mysquar Regulatory News (MYSQ)

24 May 2016

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

Global mobile wallet provider Cellum adds to MySQUAR capability

MySQUAR, the Myanmar-language social media and entertainment platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to note the announcement from multinational mobile wallet provider Cellum (www.cellum.com) that it has expanded its Asian presence to Myanmar via an agreement with the Company's mobile payment partner MyPAY.

In October 2015, MySQUAR entered into a service agreement with MyPay, a provider of mobile payment transaction services, to integrate MyPay's mobile payment services as a feature of MyChat, MySQUAR's free to use, mobile messaging and social networking application. The 5-year agreement involves a payment to MySQUAR of US$750,000 in software platform integration fees and then an ongoing 50 percent share of net fees collected from MyChat users who make transactions through the mobile payment features integrated in MyChat.

Cellum's mobile commerce systems currently manage nearly 2 million secure mobile transactions per month. The Company regards it as a complementary service to that provided by fastacash (www.fastacash.com), a mobile payment technology enabler of payments through social networks and messaging platforms, which took a strategic investment in MyPAY in 2015.

Eric Schaer, CEO of MySQUAR, said: "With over 65 per cent. mobile phone penetration but only 5 per cent of the population holding bank accounts, Myanmar is now attracting the most innovative services in the world in the field of mobile commerce. MySQUAR is uniquely positioned to make use of such services."

Cellum has issued to following press release about the agreement:

http://www.mobilepaymentstoday.com/press-releases/cellum-and-mypay-empower-mobile-commerce-in-myanmar/

-Ends-

For further information: