Local payment service provider ocash has received a majority investment from Southeast Asian internet giant MOL Global, which will use ocash as a foray into Australia and New Zealand.
Based in Sydney, ocash is a payment service provider that specialises in online game credits for Australia and New Zealand.
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Its flagship product, ocash points, is a virtual credit utilised by online game enthusiasts to purchase game credits from various game publishers.
The company recently acquired OnlineGamez Australia, an online game credit distributor formed in December 2006. Now a division of ocash, it focuses on the sales and distribution of online game credits.
MOL Global, which is one of the largest internet companies in Southeast Asia, has announced the launch of MOL in Australia and New Zealand through a majority investment in ocash.
MOL is one of the largest online payment service providers worldwide, with more than 600,000 physical and online payment channels.
MOL partners with more than 150 online game publishers and social networks worldwide including Facebook, Zynga and Electronic Arts.
This investment is designed to strengthen MOL’s positioning as the leading platform for online games and payments in the Asia Pacific, and will further extend MOL’s reach for its partners.
The financial terms of the deal with ocash are unknown. However, ocash founder Budi Handoko says the company identifies itself “in line with the vision of MOL”.
“The synergy between both organisations will allow our businesses to reach new heights,” Handoko says.
“At the same time, our growing player community will be able to gain new secured channels to purchase various popular digital products such as Facebook Credits.”
“[It will also] be introduced to MOL’s huge portal of international and Asian games.”
Handoko, who is regarded as an expert in the online game industry, will join MOL Australia’s management team as chief executive officer.
According to Craig White, president of MOL Global, the investment in ocash represents a “significant step” for MOL as it seeks to strengthen its business strategy across the Asia Pacific.
“According to PricewaterhouseCoopers’ research in 2011, the online game industry in Australia alone is expected to grow to one billion in 2014,” White said in a statement.
“We see this as an opportunity that we and our partner merchants can tap into.”
White said the company’s growth in the region – with the establishment of MOL Australia and the investment in ocash – will provide a “premium payment ecosystem” that is highly efficient in terms of convenience, security and cost.
“With the support of ocash’s experienced team, we are able to offer more valued-added services and products to our customers in Australia and New Zealand,” he said.
“This alliance will also provide more business opportunities for our region’s game developers and publishers as they will be able to extend their reach via MOL to consumers outside [Asia].”