Burmese social network MySQUAR Limited (LON:MYSQ) is launching a mobile market-place app, Fastsell.
The app allows sellers to list products online and allows buyers to bid and negotiate prices, with the location of the seller visible to users.
Monetisation is expected to come initially from advertising, with subscription fees for premium accounts, followed by handling fees for transactions.
The agreement with Fastsell’s Vietnamese developers would see MySQUAR earn 60% of revenues made from the roll-out of the app in Myanmar.
“Cooperating with mobile application developers like Fastsell Company Limited will allow MySQUAR to benefit from financial risk-free enlargement of its product portfolio,” said chief executive Eric Schaer.
The Burmese version of the app is set for release for both iOS and Android by the end of November.
MySQUAR has also received a US$1mln convertible loan from Sandabel, a private investment company that looks for early-stage investment opportunities.
The proceeds will be used to fund working capital, for the development of new games and applications, and to repay part of the existing loan from Rising Dragon Singapore.
"We are excited to be making this strategic investment in MySQUAR having been impressed with their highly successful games roll out, take up and aggressive user acquisition,” said Sandabel.