Gaming company Razer aims to take over Southeast Asian virtual gaming credits and e-payment platform MOL Global at a valuation of US$100 million.
Razer already holds a nearly 35 per cent stake in the platform.
Razer co-founder/chief Tan Min-Liang says the acquisition will enable Razer to take over one of Southeast Asia’s largest e-payment networks, deepen its presence in the “under-served” region, and create one of the world’s largest virtual-credit platforms for gamers.
In August, Tan took up Singapore Prime Minister Lee Hsien Loong’s Twitter challenge for an e-payment proposal to turn the state into a cashless society. The following month, Razer proposed to develop and deploy an e-payment system, RazerPay, for which it would commit S$10 million in seed funding.
Tan this week said the system would also enable cashless capabilities in Southeast Asia as well, reports The Business Times. It would be complementary and accretive to Razer’s gaming business.
Razer, which is dual-headquartered in Singapore and San Francisco and listed on the Hong Kong Stock Exchange, says it will pay about US$61 million to acquire 65.1 per cent of MOL’s issued share capital.
The acquisition will be by way of a statutory merger, upon which MOL will become a wholly owned subsidiary of Razer.