Focus on Burma pays off for MySQUAR

Focusing on an emerging internet and mobile market was paying dividends in the form of big customer growth for AIM-listed MySQUAR on Tuesday.

The software firm, which develops a Burmese language social media and entertainment platform, said the total number of users of its products was in excess of 2m on 31 December 2015.

That represented growth of more than 150% over its total users on 31 May 2015, which were 774,636 according to the company's AIM admission document.

"As 2015 developed it became clear that we were meeting our targets well ahead of expectations, and this latest update on user acquisition robustly maintains that trend", said MySQUAR CEO Eric Schaer.

Schaer said the company was targeting 1.5m users by the end of 2015 at the time of their AIM listing in July of that year, a target that was surpassed by more than 30%.

"(The growth) builds considerably upon the strength of our commercial proposition and follows soon after our move into mobile payment provision with MyPAY, which has already contributed implementation revenue, and the cross-promotion partnership with the telecommunications provider Ooredoo", Schaer explained.

"In 2016, we anticipate more aggressive development of multiple monetisation platforms in the areas of advertising, payment services, digital products and games and look forward to updating investors on our progress", he added.

Internet and connectivity, particularly through mobile devices, has exploded in popularity in Burma since the military junta's pervasive web censorship was significantly reduced from September 2011.