Fastacash Invests in MyPay, Announces Payments Via Social Network in Myanmarby Fintech News Singapore October 30, 2015
Fastacash, a Singaporean fintech startup focused on mobile payments, has invested in MyPAY to tap into the Burmese market.
MyPAY, which is developing a mobile payment system, has partnered with MySQUAR, a social network in Myanmar, to enable 1.5 million users to pay their friends and contacts and make payments at retail points.
In addition to the funding, Fastacash will provide MyPAY with the technology to allow payments via MySQUAR and support the company’s go-to-market activities, including market insights and global partnership management.
“With Fastacash’s technology, we are able to leverage social networks such as MySQUAR,” Nicolas Nguyen, CEO of MyPay, said in a statement.
“Together with Fastacash, MyPAY is going to introduce a mobile money app, compliant with Myanmar law, to make payments easier for consumers and merchants in Myanmar […] We are empowering a connected market where ninety percent of people are unbanked and underserved by traditional financial institutions.”
Fastacash, which serves a number of markets including India, Indonesia, Russia, Singapore and Vietnam, is betting a strong partnership strategy to fuel its global expansion.
Fastacash’s partners include DBS Bank in Singapore, Axis Bank in India, Oxigen Wallet in India, Techcombank in Vietnam, Doku in Indonesia, MOBI.Dengi in Russia, and Visa Europe.
“In MyPAY we have found a strong local partner,” Vince Tallent, Chairman and CEO of Fastacash said.
“Together we will make social payments a reality – for the very first time – in one of the last large untapped markets. Building a presence in Myanmar is aligned with our strategy to be a global leader in social payments, given Myanmar’s prominence as a large domestic market and receive market for global remittances.”