MySQUAR monetising Burma's smartphone market

MySQUAR’s goal of monetising the burgeoning Burma smartphone market continued apace in the second half of 2015, with the company showing progress in its half yearly report on Wednesday.

The AIM-traded company, focused on the development and commercialisation of Myanmar-language mobile applications, reported $350,000 revenue for the six month period from implementation of the MyPAY payment solution.

However, its operating expenses for the period totalled $1.63m, including $289,964 in share-based payments.

The period included MySQUAR’s listing on AIM, in 1 July, which included gross fundraising of £1.67m. It also joined in a cross-promotion partnership with mobile network Ooredoo Myanmar, owned by Qatar Telecom.

At the end of the period, MySQUAR boasted two million user accounts, with 600,000 monthly active users.

Since the end of December, the company said it continued to integrate MyPAY’s payment services, with the two companies agreeing to increase the software platform integration fee to $750,000 from $500,000. The outstanding $400,000 balance had since been received.