Gaming company Razer has invested nearly $20 million into Malaysia-based online payment firm MOL Global.
According to TechCrunch, this move is part of Razer’s push to establish its virtual currency for gamers in Southeast Asia. The deal boosts the value of MOL Global to around the $100 million mark.
Razer introduced its ‘zVault’ digital wallet and ‘zGold’ rewards program for its gamers in March — part of a long-term effort to keeps gamers’ money inside the Razer ecosystem. It will also further its reach among gamers in Southeast Asia, where Razer predicts overall gaming spend will reach $2.2 billion in 2017.
MOL Global’s MOLPoints will be rebranded to Gold-MOLPoints in an effort to tie it into Razer’s brand, with incentives given to MOL users who top-up their account. The combined networks will allow users to buy its points at over a million online and retail stores across Southeast Asia, New Zealand and Australia, and will be redeemable through MOL partners, including Sony’s PlayStation Store in Southeast Asia, Facebook games and publishers like Nexon.
Razer CEO Min-Liang Tan told TechCrunch that the deal makes zGold “one of the biggest virtual credit systems in the world and biggest in Southeast Asia.”