Razer Gold finally receives Major Payment Institution license from MAS
This comes about eight months after Razer received in-principle approval.
By Kenny Yeo -
Razer announced that Razer Gold, its credit platform, has been officially granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
This announcement comes about eight months after Razer said earlier that it had received in-principle approval from the MAS.
With this license, Razer Gold will be able to offer regulated payment services in Singapore, domestic and cross-border money transfers, merchant acquisition, and e-money issuance.
While that all sounds complicated, the most noticeable implication of this announcement is that it allows Razer to go full steam ahead to market and position Razer Gold as the virtual currency of choice for gamers.
Gamers will be able to use Razer Gold to purchase games, in-game content, and Razer hardware. And as they spend Razer Gold, they will be rewarded with Razer Silver that can be used to exchange for more games, in-game credits, and even Razer hardware
Why Razer Gold?
One of the aims of Razer Gold is to create a single wallet for gamers to purchase games and gaming-related content across all platforms. For Razer, this not only strengthens their brand but also allows them to collect fees on transactions, so that it may diversify its business outside of hardware (much like how Apple earns fees on the App Store).