Singapore-based Fastacash, a global platform enabling payments across social media platforms, has made a strategic investment in Myanmar-focused mobile payments firm MyPAY.
MyPAY has a strategic partnership with MySQUAR, a major Myanmarese social network with approximately 1.5 million user accounts. In addition to the financial investment, Fastacash will be acting as a technology partner to MyPAY, enabling payments through social media platforms, as well as supporting MyPAY’s go-to-market activities, including market insights and global partnership management.
The investment is Fastacash’s first inroad into Myanmar, a frontier market with a population of 51 million as of 2014 and one of the fastest growth rates in the world.
Through the Fastacash platform, anyone using MyPAY will be able to transfer money and airtime with their social connections. They will also be able to make payments at retail points.
MyPAY will leverage MySQUAR’s user base of approximately 1.5 million user accounts to grow their business operations. Consumers on MySQUAR would also be easily able to transact with their connections on the channel and with merchants.
Fastacash maintains live services in India, Indonesia, Russia, Singapore and Vietnam, offering social payment capabilities for banks by partnering with financial institutions and corporations, payment transfer operators, mobile network operators and social networks.
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Source: Deal Street Asia