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Malaysia's MOL is first Asian firm to acquire a North American e-payments platform

AvantiKumar | Oct. 29, 2012
By taking a majority stake in alternative payment platform provider Rixty, Inc., MOL AccessPortal expands into North and South America.

MOL takes majority stake in Rixty modified

Photo - (from left) Tan U-Ming, director of MOL Global; Don Ferguson, Rixty's vice president of Engineering; Ganesh Kumar Bangah, CEO of MOL; Ted Sorom, CEO of Rixty; Stephen Jacques, counselor of Commercial Affairs, U.S. Embassy of Kuala Lumpur.

 

Malaysia-based e-payment provider and subsidiary of MOL Group, MOL AccessPortal, has expanded into North and South America by taking a majority stake in Silicon Valley-based alternative payment platform firm Rixty, Inc. (Rixty), which makes it the first Asian e-payment service provider to acquire a North American e-payments platform, it said.

MOL Global group chief executive officer Ganesh Kumar Bangah said the investment allows MOL to expand into these two huge markets while allowing MOL to tap into the best talent in Silicon Valley. "This investment takes us one step ahead to be global leaders in the US$19.2 billion worldwide virtual goods market. We look forward to working together with Ted and the Rixty team to capitalise on this tremendous opportunity."

Bangah said Rixty has offices in the United States and Brazil, and intends to expand into Canada and Mexico by the first quarter of next year. Including Rixty, MOL now operates in 10 countries and plans to further expand into another two countries by the end of the year.

He said with global Internet bandwidth improving, an increasing number of games are serving a global audience from a centralised North American base of operations. "This strategic partnership will allow MOL to service global game publishers and provide a one-stop solution for them to monetise their global user base."

"As a leading e-payment provider in Asia, MOL is the perfect partner to complement Rixty's payment infrastructure across North and South America," said Rixty chief executive officer, Ted Sorom. "Global publishers require a global solution. Together we give publishers the comprehensive worldwide payment platform they require."

Both chief executives of MOL and Rixty agree on the importance of the Brazilian market to online game publishers and are committed to further grow their presence in Latin America enabling global game publishers to monetise this important market. Brazil's online games market is currently worth US$265 million and is estimated to almost double in size over the next few years.

Founded in 2007, Rixty allows users to spend cash and coins for online games, virtual goods and digital content via kiosks and prepaid cards at retail stores. The alternative payment platform allows consumers without credit cards or bank accounts to create spending accounts for online entertainment simply by taking their cash and coins to more than 75,000 locations across the United States and 66,000 locations in Brazil.

 

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