Myanmar mobile payment firm MyPAY to acquire Singapore’s fastacash

Myanmar mobile payments firm MyPay Ltd is acquiring Singapore’s fastacash, a social and mobile payment platform to remit money, Fastacash general manager and chief commercial officer Mark Carter told DEALSTREETASIA.

While he declined to disclose any financial details regarding the deal, he said, the acquisition will be completed in the next 60-90 days.

“MyPAY and fastacash will continue to service existing clients and develop new business associated with mobile and social payments together with mobile financial services,” Carter added in an interaction with DEALSTREETASIA.

Both the companies specialise in using social media to facilitate money transfers. Back in 2015, fastacash had, in fact, invested in MyPay when it forayed into Myanmar to tap the financial services sector in the emerging market.

Myanmar is flush with payments firms such as Singapore-based 2C2P, Thai CP Group’s TrueMoney, MyanPay, Telenor and Yoma Bank’s WaveMoney, Ok Dollar and EasyPay who are jostling for market shares offering similar services.

“The acquisition will ensure that MyPAY is well positioned for significant growth and able to offer a full range of mobile, social payments services in Myanmar but also further afield given fastacash’s existing client network in Asia, India, Middle East and Europe,” Carter said.

Carter has been appointed CEO of MyPAY and will lead the business following the acquisition. The changes in the fastacash management team have been approved by its board and shareholders.

In October 2015, AIM-listed MySQUAR, a Myanmar language social media and entertainment platform, had entered into a service agreement with MyPay Limited which lets the latter integrate its services to MySQUAR’s mobile messaging app MyCHAT.

Schaer, chief executive officer of MySQUAR, holds an indirect interest in MyPAY.

“Through this acquisition, MyPAY’s mobile payments and mobile financial services capability is enhanced by fastacash’s social payments platform, thus providing mobile and social payments capability on a global basis,” Carter  added.

By the last quarter of 2016, both companies had started work towards the launch of MyPAY which will allow users to purchase top-ups in the games on top of other digital goods for MySQUAR. This  will allow them to “capture a lot of the margin on digital goods,” said Nicolas Nguyen, Myanmar country manager for Rising Dragon, a large investor in MySQUAR.

Rising Dragon and its associated companies have Myanmar investments in the mining, oil and gas sectors, according to their website.

In a previous interview, Schaer had told DEALSTREETASIA, “MySQUAR already has hundreds of thousand Burmese users overseas who will be keen to use the payment services of MyPay to send money into Myanmar, and the numbers will keep growing.”

There are an estimated four million Myanmar nationals living in Thailand and 200,000 in Singapore. Schaer is confident that the company had a strong customer base.

Also Read:

Myanmar: MySQUAR launches games, looks into a broader payment services

Myanmar’s MySQUAR raises $2.6m in London listing

Myanmar: Ascend-backed TrueMoney launches money transfer from Thailand

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.