MOL buys majority stake in Turkey’s Game Sultan and PaytoGo
March 14, 2013 by Terence LEE
MOL AccessPortal, the e-payment subsidiary of Malaysia’s MOL Global — which bought Friendster in 2009 — has announced that it has acquired majority stakes in two of Turkey’s online payment companies: Game Sultan and PaytoGo.
Game Sultan offers in-game currencies for offer more than 100 online games from over 25 publishers. It also has an e-wallet system that uses a virtual currency called Gcash which can be purchased via a number of channels, including online, kiosks, retail outlets, and cybercafés in Turkey.
PaytoGo, meanwhile, is one of the top mobile payment options for local online gamers.
MOL’s investments give it a prominent position in Turkey — the 11th market that the company has entered into. Both PaytoGo and Game Sultan are eyeing a MENA region expansion this year, a market that MOL is also interested in.
The teams at PaytoGo and Game Sultan will continue to operate their businesses despite the majority investment.
These are not MOL’s first investments in the e-payment space. Last year, it bought a majority stake in Rixty, a San Francisco based startup that lets consumers buy digital goods without a credit card.
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE