Myanmar-focused MySQUAR (LON:MYSQ) has confirmed it is working on a placing to raise funds to set up a mobile payments platform.
A mobile payments platform within Myanmar would involve the creation of digital wallet services, a mobile payment application for processing peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
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Additional funds would also allow it to consider potential acquisitions and strategic investments.
The mobile games app and social media group said with operational break-even being achieved at the end of June, the money is not for ongoing operations.
Cash holdings at the end of June were in excess of US$700,000, an amount it was comfortable with, MySQUAR added.
Previously, the company had reported daily revenues averaged US$8,500 at the end of June, 21% higher than the start of the month and almost 55% higher than May’s daily average of US$5,500.
MySQUAR runs the MyChat platform and has telephony options such as Voice over Internet Protocols (VoIP) service. CallHome.