Sabah – Malaysian online payment services provider MOL has announced two major investments in Turkey’s growing e-commerce sector. The Kuala Lumpur-based company acquired stakes from Turkey’s PaytoGo and Game Sultan, both specializing in mobile payments systems.
MOL’s investment in Turkey will bring the company closer to fast growing markets in Europe, the Middle East and North Africa, according to the CEO of MOL, Ganesh Kumar Bangah. “Turkey’s e-commerce market is one of the fastest growing in the world. Establishing a presence in Turkey will help MOL to expand its reach to surrounding countries”, he said.
The mobile payments systems market presents a lucrative market in Turkey as cell phone ownership level has reached 85 percent of the population. A recent report by the Boston Consulting Group puts the growth rate of the country’s internet economy at 19 percent over the next 4 years, reaching USD 35.7 billion by 2017.