Razer gets in-principle approval from MAS to operate Razer Gold as a Major Payment Institution

Despite the death of Razer Pay, Razer still hasn’t given up on its digital currency goals, with Razer Gold receiving in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution.

Once it has its Major Payment Institution licence, Razer Gold will be able to offer regulated payment services, including account issuance, facilitating both domestic and cross-border money transfers, merchant acquisition, and providing e-money issuance services.

Razer Gold is Razer’s unified virtual credit system that allows gamers to purchase games, Razer hardware, and in-game content from various developers like Blizzard, Nintendo, and Discord. As you spend Razer Gold, you’ll also earn Razer Silver that you can change for rewards and freebies. There are currently over 50,000 games and entertainment titles accepting Razer Gold.

Razer isn’t the only gaming company with digital currency dreams, with Sony announcing Soneium a few months ago. But it is important to note that unlike Soneium, which is built on blockchain technology and thus is considered a cryptocurrency, Razer Gold is considered “virtual credit” (although it can be bought with cryptocurrency).

But that’s not to say everything has been smooth sailing for Razer Gold. It was just last year that it was hit by a ransomware attack targeting Razer Gold.

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