MySQUAR Limited (LON:MYSQ) has soft-launched its cross-border transfer (remittance) service, the first offering on its mobile money platform.
The Myanmar-focused group and its partners conducted a series of successful remittance tests earlier this summer along the Singapore-to-Myanmar corridor.
In the intervening weeks, MySQUAR has worked to iron out any anomalies and the service is now ready to go live. Activity will be closely monitored to ensure there are no service issues before moving ahead with a full launch.
It is targeting the Singapore-Myanmar corridor first as the former has a large population of students and workers from Myanmar who frequently send money home. By using MySQUAR’s service, they will now be able to do so quickly, securely and more cheaply.
Users can either keep the funds in their digital wallets and spend them at over 200,000 shops or withdraw the funds from one of the 8,000 agent outlets at certain banks and post office branches.
A full launch of the remittance service is expected by the end of next month (September) while MySQUAR is also working on additional offerings for its mobile money platform.
The company has previously said the mobile payments side of its business has the potential to generate “substantial” revenues further down the line.
“The existing cross-border remittance options from Singapore to Myanmar are either expensive, ranging from 10-15% of the transfer amount through formal channels, or carry higher risk through cheaper informal channels,” said chief executive Eric Schaer.
“We have redefined the Singapore-Myanmar remittance corridor by offering a service that combines convenience and low cost through a licensed and fully compliant channel.”