
MOL (Money Online)
a leading e-payment enabler for online goods and services in emerging and developed markets.
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MOL (Money Online), formally known as MOL Global, Inc. and operating through its subsidiary MOL AccessPortal, established itself as a pivotal e-payment enabler for online goods and services, particularly within Southeast Asia. The company was founded in 2000 by Ganesh Kumar Bangah, who, at the age of 20, embarked on this venture with two co-founders and backing from Malaysian billionaire Tan Sri Vincent Tan. Ganesh, who has been dubbed "Malaysia's Bill Gates," dropped out of university to focus on the business, recognizing the immense potential in the burgeoning internet landscape. His journey saw him become the youngest CEO of a Malaysian public listed company when MOL was first listed on the Malaysian Stock Exchange in 2003.
The firm's core business centered on a vast physical and online payment network, bridging the gap for cash-based consumers in emerging markets to participate in the digital economy. The flagship product, MOLPoints, was a micropayment system of virtual credits that allowed users to purchase online game credits and digital content from a wide array of publishers, including major players like Sony PlayStation Store SEA and Facebook Gameroom. This was crucial in regions with low credit card penetration. The company also developed MOLPay, an online payment gateway for e-commerce merchants, and MOLReloads, a distribution network for prepaid mobile airtime. Its business model revolved around creating an extensive distribution network, which included over 970,000 locations across 11 countries at its peak, such as 7-Eleven stores and cybercafés, where consumers could purchase MOLPoints.
Significant milestones in MOL's history include the acquisition of the social network Friendster in 2009, a move that saw a Southeast Asian firm acquire a major US internet company. The company also expanded aggressively through acquisitions and partnerships in markets like the US, Brazil, Turkey, and Vietnam. In 2014, MOL Global was listed on the NASDAQ, becoming Southeast Asia's first internet company to do so. However, the company faced challenges post-IPO, leading to its delisting in 2016. In 2017, gaming hardware and lifestyle brand Razer made a strategic investment in MOL and appointed it as the master distributor for its zGold virtual currency. This partnership eventually led to Razer acquiring the remainder of MOL Global in 2018 for approximately $61 million, after which MOL became a wholly-owned subsidiary and its virtual credits were merged with Razer's to create one of the largest virtual credit platforms for gamers.
Keywords: e-payment enabler, virtual credits, online gaming payment, micropayment system, Southeast Asia fintech, MOLPoints, MOLPay, Ganesh Kumar Bangah, digital content monetization, payment gateway, Razer zGold, online payment solutions, emerging markets e-commerce, Friendster acquisition, NASDAQ listing, cash-based economy solutions, virtual currency, mobile payments, digital wallet, payment processing