MOL enters Turkey with stake in Game Sultan and PaytoGo
By Digital News Asia March 13, 2013
- MOL AccessPortal moves into Turkey with 70% stake in Game Sultan and PaytoGo
- Move part of strategy to gain foothold in Europe, the Middle East and North Africa markets
E-PAYMENT service provider MOL AccessPortal Sdn. Bhd. (MOL), a subsidiary of MOL Global Pte. Ltd., has announced a majority investment in Turkey’s E-pin market leader, Game Sultan and leading mobile payment company, PaytoGo.
The investment in Game Sultan and PaytoGo, with MOL now holding a 70% stake in both companies, provides the company with a leading position in Turkey and a recognised doorway in to Europe, the Middle East and North Africa (MENA) regions.
“Turkey is one of the fastest growing e-commerce markets in the world. We have observed the growing trend of game developers putting in more efforts to localise their products. In addition, the country is an attractive market for mobile payments with over 61 million mobile phone users and mobile phone ownership reaching a penetration level of 85 per cent," said Ganesh Kumar Bangah (above pic, center), group chief executive officer at MOL Global.
Game Sultan and PaytoGo currently have offices in Istanbul, Turkey with plans to move into MENA in 2013. Including Turkey, MOL now has a presence in 11 countries and is well positioned to provide a greater range of services to consumers.
“The opportunities for growth in the Europe and MENA region are great and MOL is determined to harness this with Onur and his team at Game Sultan and PaytoGo,” said Ganesh.
Commenting on the development, Onur Ergüney, general manager of Game Sultan and PaytoGo said MOL’s investment will bring about technological advancements and strengthen the business and brands in the market.
“We will be able to truly scale our business and expand our current offerings. Global publishers require a global solution, we give publishers the platform they require,” he added.
With this investment, the existing Game Sultan and PaytoGo executive team and staff will continue to manage and grow the business.
Established in 2006, Game Sultan offers in-game currencies for over 100 online games from more than 25 global publisher partners. The company operates an e-wallet system using a branded virtual currency, G-Cash, which can be purchased via a wide variety of channels including kiosks, retail outlets, cybercafés and online in Turkey.
PaytoGo initiated its mobile payment services in 2011 and is touted as one of the top alternative payment system providers in Turkey today. It claims to be the preferred mobile payment option for local online gamers.