Malaysian Fintech Startup to Push Virtual Gaming Currency
Razer announced a strategic investment in Malaysian fintech startup MOL AccessPortal. The deal is part of a wider partnership that will see MOL become the master distributor of zGold, Razer’s virtual currency.
The US-Singaporean company says its wholly owned subsidiary ZV-Midas purchased a 19.9 percent stake in MOL. The disposal of shares that enabled the acquisition, made by two of MOL’s existing shareholders, gives the Malaysian company an implied valuation of US$100 million.
MOL’s MOLPoints virtual currency – already the most widely distributed in Southeast Asia, according to the company – will be renamed zGold-MOLPoints in order to leverage off the Razer brand. In addition to their distribution through Razer’s online network, zGold-MOLPoints will also be available to purchase from over one million online and physical stores across 17 countries, including Australia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Gamers can purchase zGold to top up their ewallet using their credit card, PayPal account, and other payments options.
zGold is part of Razer’s zVault digital wallet platform. Gamers can purchase zGold to top up their ewallet using their credit card, PayPal account, and other payments options. They can then spend their zGold-MOLPoints on gaming titles from distributors such as Facebook Gameroom and PlayStation Store SEA, as well as buying directly from publishers in certain countries.
Razer’s stated objective is to establish zGold as a global virtual currency for the gaming community. Razer CEO and co-founder Min-Liang Tan said in a statement that the partnership with MOL will help his company “give value back to our gamers” by opening up a range of digital content, payment options, and rewards.
Under the terms of their deal, Razer and MOL have also agreed to share certain technology assets in an effort to “boost innovation in the fintech sector.” Razer has added to its technology portfolio significantly in recent months, with acquisitions of audio engineering firm THX and mobile device manufacturer Nextbit. In September last year, Tan announced the launch of a US$30 million venture fund targeting areas such as artificial intelligence, virtual and augmented reality, and robotics.