Business Overview

Asiasoft Corporation Public Company Limited (the “Company” or “AS”) was formerly called B.M. Media (Thailand) Co., Ltd. The Company was incorporated on 20 September 2001, with the registered capital of 5.0 million baht as a distributor of PC games by co-founders of the Company, Mr. Pramoth Sudjitporn, Mr. Tan Tgow Lim and Mr. Lertchai Kanpai, all of whom have long experience in the entertainment software business.

  • In 2003, the Company began online game service business in Thailand by launching “Ragnarok Online” licensed from Gravity Co., Ltd., South Korea. It was localized into Thai language to serve Thai gamers. This game was an immense success, and put the foundation for the Company to be widely known as one of the leading online game operators in Thailand.
  • In 2004 - 2005, the Company restructured its shareholding within the Company through the purchase of shares from its major shareholders to focus on the Company’s operating structure, to save costs, and to enhance the efficiency of the Company’s management.
  • In 2006, the Company expanded the market with Casual game like “Audition”. As a result, Audition has been quite successful and be the number 1 of the dance and music game in Thailand. In the same year, the Company established Asiasoft Online Pte. Ltd. in Singapore, which is the first step to expand the market to cover Southeast Asia.
  • In 2011, the Company expanded the business from online entertainment business to IT Information and News business by investing in Thaiware Communication Co., Ltd., which runs IT web portal Listed as the number 1 IT web portal by ranking, Thaiware provides download distribution of both local and international software, and also includes an E-Commerce platform service for distributing IT gadgets.
  • In 2012, the Company expanded the market to Malaysia by investing in CIB Development Sdn. Bhd.
  • In 2014, the Company has continuously grown and expanded the market with mobile games, and expanded the business to digital media platform by investing in Thinkplus Digital Co., Ltd. to run a digital marketing agency business that provides a full suite of digital media services to both external customers and the group’s customers. The Company also jointly invested in Miryn Innovation Co., Ltd. to offer digital content and game development services (i.e. online PC games, mobile games and mobile applications). Furthermore, we has continuously expanded the market to cover Southeast Asia by acquiring Level Up! Inc. in Philippines.
  • In 2017, the Company invested in Skynet Systems Co., Ltd., a FinTech Startup that develops stock and security market trading platform application. This is another step to keep improving our business.

The Company’s main business is in online entertainment, as detailed below.

Nature of the Company’s Business

The Company is a leading provider of online entertainment service in Southeast Asia, focusing in online games.

The Company’s launch of “Ragnarok Online” in Thailand in 2007 was an immense success. In 2008, Asiasoft published and operated “MapleStory SEA”, which is one of the most played Massively Multiplayer Online Role-Playing Games in Singapore. This was a major milestone, which made the Company’s reputation as one of the leading online game operators in Southeast Asia.

As of 31 December 2017, The Company operates 36 online game titles in 5 countries : Thailand (15 games), Singapore (6 games), Malaysia (19 games), Philippines (11 games) and Indonesia (11 games). During the past 3 years, the provision of online game services was a major contributor of the Company’s revenue, accounting for 80 - 85% of the Company’s overall profits.

The online services were operated through affiliated companies in each country. Each local subsidiary provides localized support services for gamers in their territories.

Affiliated company’s revenue is generated through the primary business activities of providing online services for online games. This is achieved through the following payment channels :

  • Online game prepaid money card distributed under our Company’s @Cash and Level Up! card. The prepaid card is produced in the form of plastic and electronic card, distributed through domestic dealers and leading retailers covering Southeast Asia.
  • Cash card or prepaid card distributed by domestic mobile service providers, for example, One-2-Call! and true money, available in the form of plastic and electronic card platforms.
  • Payment service channels via debit and credit card which are certified by Visa and MasterCard.
  • Online banking of five domestic banks in Thailand, including Bangkok Bank, Krungsri Bank, Krung Thai Bank, Kasikorn Bank, and Siam Commercial Bank.
  • Payment Service via the Rabbit LINE Pay Wallet.
  • Payment Service via PayPal account.
  • Payment via SMS Domestic Service in each county.

Therefore, with reference to the services mentioned above, they can be used with all online games published under the Company in each country. Under a joint partnership with other online game publishers, users can share common services, including payment and customer service.

Specifically, for mobile games, users can refill money to the games through the refill system of iOS’ App Store and Android’s Google Play.

In 2015, the Company launched PlayMall, a new online game refill channel. PlayMall is a prepaid wallet system providing convenient services for our users to top up or refill cash to the games. PlayMall supports more currencies inclusive of USD, THB, MYR, SGD, VND, PHP, and IDR. With enhanced features, users can readily access the Company’s online services.

The Company has established customer service function, consisting of 11.00 a.m. - 08.00 p.m. for call center and a 24-hour email service to answer any technical questions relating to the game play or payment procedures regarding the Company’s products.

As of 31 December 2017, the Company was granted the rights to service 36 online games in 5 countries.

Online game Type of Game a Type of revenue model b
1. MapleStory MMORPG Item Sale
2. Yulgang MMORPG Item Sale
3. Cabal II MMORPG Item Sale
4. Perfect World MMORPG Item Sale
5. Granado Espada MMORPG Item Sale
6. Cabal MMORPG Item Sale
7. TLBB MMORPG Item Sale
8. Dragon Nest MMORPG Item Sale
9. Tales Runner MMORPG Item Sale
10. Elsword MMORPG Item Sale
11. Zone4 MMORPG Item Sale
12. Moxiang MMORPG Item Sale
13. Luna Online MMORPG Item Sale
14. RAN Online MMORPG Item Sale
15. Rising Force Online MMORPG Item Sale
16. Wulin Online MMORPG Item Sale
17. Audition Casual Item Sale
18. Super Dancer Online Xtreme Casual Item Sale
19. Tales Runner Casual Item Sale
20. Mission Against Terror 2 FPS Item Sale
21. Special Force 2 FPS Item Sale
22. Special Force FPS Item Sale
23. Dragonica Mobile Mobile Item Sale
24. Dragon Encounter Mobile Item Sale
25. The Heroes Mobile Item Sale
26. Destiny of Thrones Mobile Item Sale
27. Genki Heroes Mobile Item Sale
28. Disney Catch Catch Mobile Item Sale
29. Fantasy Squad Mobile Item Sale
30. Disney Magic Kingdom Mobile Item Sale
31. Super Slug Mobile Item Sale
32. War of Heroes Mobile Item Sale
33. Puzzle Guardians Mobile Item Sale
34. Dice Legend Mobile Item Sale
35. Toykart Mobile Item Sale
36. Kung Fu All-Star Mobile Item Sale
Total 36 Games


a1 Massively Multiplayer Online Role-Playing Game (“MMORPG”) : Role-playing games where a very large number of players interact with one another within a virtual game world online. The storyline in MMORPGs is mostly about action adventures where one has to defend oneself or be part of a battle between warring countries, along with the following general characteristics :
  • Gamers can take up to one or more roles in the game, using the Multi Character Control System : MCC). Each character varies in their strengths and weaknesses.
  • Gamers can train to level up their game characters and collect various items such as weapons or points to increase the statistics of their characters and differentiate their game characters from other players’ characters by customizing, exchanging and selling their in-game items.
  • There is no end-game in an MMORPG and there is no definite win or lose in the game.
  • Most gamers are loyal to the game, partly due to the nature of the game which requires a considerable amount of commitment (both psychologically and financially) to improve the game characters and to level up.
a2 Casual Game : An online game which has simple gameplay and visual, and it is often associated with cute, colourful cartoon characters. A Casual Game is relatively easy to play as compared to most of the other game genres. Gamers do not need a large amount of time or skills to play and can usually finish each session of the game within a short period of time.
a3 First-Person Shooter : An action-oriented online game where players are pitted against each other to achieve certain objectives (e.g. : Death Match, Capture Point and Capture The Flag). The genre’s name derives from the game presentation where the game simulates a scenario from a first-person’s perspective.
a4 Web-based Game : An online game where player can enjoy on their web browsers without downloading any program and/or software.
a5 MOBA Game : Sub-genre of games under the Real-Time Strategy category. The gameplay is characterized by strategic combat between two small teams of players, each trying to destroy the opponent’s base.
a6 Mobile Game : A game that can be played on various portable devices, such as smart devices, feature phones, tablets, etc. These Mobile games should not be too complex and should not consume much playing time.
b Airtime Sale is a revenue model which charges gamers according to playing time; Item sale is a revenue model which profits through the sale of in-game items and hybrid sale is a combination of the aforementioned revenue models

Affiliated companies also gain profitability through @Cafe membership services, which derives from domestic internet cafe service memberships. The type of membership is divided into 2 categories, Annual Membership enables benefits for all games and Normal Membership grants benefits for specific online games. @Cafe members will be able to gain special channel service bonus to the game like IP Bonus for all their users who play our game at internet cafe. In addition, members are entitled to receive more benefits such as, cafe’s decorations and game’s item codes to use for hosting events.

An online game is a computer game that is hosted on the internet where gamers can play with, compete and interact with other gamers simultaneously through the game’s servers system whereby the main game’s program and gamers’ information are stored. Online game operators provide services to gamers who install the games, either on PC platform or smartphone with the game client, and have registered their details under a game operator’s database or game portal. Online games do not include games which operate solely on LAN system.

The online game business is the main source of the Company’s income, accounting for 80 - 85% of the Company’s total income in 2014. The Company operates its business on a comprehensive basis to enable the best and most efficient way in operating online game services to gamers in each country, from acquiring game licenses, marketing and establishing game information centers to payment channels. Another important task is to prepare the technology and system for the provision of services, including the server system, computer equipment and software, client program as well as creating websites for online games. Each company in each country has its own separate server system.

As of 31 December 2017, the Company provides online game services in total of 36 games in 5 countries, as follows :

Service countries Number (games) Online games for which services are provided as of 31 December 2017
Thailand 15 Yulgang, Granado Espada, Dragon Nest, Elsword, Cabal II, Audition, Tales Runner, Luna Online, RAN Online, Dragon Encounter, Destiny of Thrones, The Heroes, Fantasy Squad, War of Heroes, Toykart
Singapore 6 MapleStory, Audition, Special Force 2, Special Force, Dragonica Mobile, Dragon Encounter
Malaysia 19 TLBB, Super Dancer Online Xtreme, Mission Against Terror 2, Moxiang, Zone4, Special Force, Special Force 2, Wulin Online, Dragonica Mobile, Dragon Encounter, Disney Catch Catch, Puzzle Guardians, Super Slug, Disney Magic Kingdom, Destiny of Thrones, Kung Fu All-Star, Genki Heroes, Mahjong Kaki 3P, 168 Slot
Philippine 11 Perfect World, Cabal, Special Force, Special Force 2, Audition, Dragon Encounter, Destiny of Thrones, Luna Online, War of Heroes, Dice Legend, Rising Force Online
Indonesia 11 Special Force, Zone4, Dragonica Mobile, Dragon Encounter, Disney Catch Catch, Puzzle Guardians, Disney Magic Kingdom, Super Slug, Destiny of Thrones, Toykart, War of Heroes

Note : Some games were served in more than one country.

The Company also operates related businesses to support the online game services. For instance, “”, a game portal website which allows gamers to connect to the games. Moreover, it is a venue for gamers to browse and download for any of the Company’s’ published games, while serving as a virtual community center for gamers to interact with one another, to read about game related news and updates, as well as to share the opinions.

The Company also invested in related business “” for source of technology regarding about IT. Thaiware also a center for downloading software, both domestic and overseas, including freeware, and the community sharing related news for IT sector.

The Company also established a new company Playcybergames Co., Ltd. for online game service in Thailand with paid-up capital of 20 million baht. The Company holds 100% of the registered capital.

In 2013, the Company invested in ordinary shares of Thinkplus Digital Co., Ltd. in proportion of 60% of Thinkplus’ registered and paid-up capital of 5 million baht. Thinkplus provides the service of digital marketing agency and media selling house to the Company’s business in Thailand. Company considered that Thinkplus has the potential to carry on providing the service of digital marketing agency via internet and media selling. The Company believes that investment in Thinkplus will support the core business of the Company in the future.

In early 2014, the Company invested in ordinary shares of Level Up! Inc., acquiring full shares of Level Up!, an online game publishing company in the Philippines. The Company registered and paid-up capital of 103 million baht, considering that Level Up! has the potential to expand the Company’s online game business in Philippines with its strong foothold in the local game industry. Level Up! will support the online gaming service that is the core business of the Company in the future, and will become an additional overseas source of income to the Company.

In terms of revenue, the Company currently charges gamers by Item Sale. This method usually allows gamers to play the game for free in order to sell in-game items such as weapons, clothes and accessories to gamers who will decide whether or not to buy the items using real cash. The sales of these in-game items are vital to the Company’s income. However, the price of these virtual items will vary depending on each country in which services are provided, the latest marketing strategies, and the type and number of in-game items available for sale. Such virtual items are often charged at a lower price when offered in packages.

At present, revenue model of online game services around the world has gradually changed from Airtime Sale to Item Sale. The reason is that once gamers play games for free first, there is higher possibility that they will be drawn into the game and be more inclined to make in-game purchases, and thus increase the opportunity of earning greater income for the Company.

Distribution and Distribution Channels

Marketing activities

The Company has been operating under the trade name “Asiasoft” from the beginning of its operation in 2001. The name has become widely known among gamers throughout the region as the leader in the online game market, signifying a good level of quality in the games the Company publishes and the Company’s ability to retain its customer base as well as the trust in the Company’s server system for the game services.

Marketing activities are an important strategy for effective communication with customers regarding the services and online games offered by the Company. The objective of these efforts means to create awareness among potential customers of online games, bringing the promoted game across as an inexpensive and convenient means of daily entertainment. In addition to the launch of new games, the Company’s marketing activities also aim at strengthening the Company’s market position, organizational image and social responsibility. The Company also regularly conducts market surveys in order to understand needs and behaviours of gamers, which are the basis for effective marketing strategies. In addition, the Company conducts marketing activities in conjunction with distributors and Internet cafes to give gamers’ the best understanding about online games, services, and pricing strategies of the Company.


With the services provided for online games under the Company and the distribution of prepaid top up service like @Cash and other partnership in various platforms to spend and refill cash into games, we believe that an efficient distribution channel is the fastest way to achieve the target. Domestic users in Thailand can refill cash into games via @Cash prepaid card, One-2-Call! and true money cash card, credit and debit cards, online banking, and Rabbit LINE Pay. Descriptions are as follows :


  • @Cash prepaid card is the primary card used to refill cash to our online games. Users will gain a Serial Number and Security Code from the physical card itself, which can be used to directly verify and purchase an item in game or refill to PlayMall. Moreover, cash from @Cash can be used for other supported games in partnership with the Company.

  • One-2-Call! : The Company partnered with Advanced Info Services Public Company Limited. Similar to our @Cash prepaid card, One-2-Call! cash card enhances user convenience by providing alternative to refill cash into the games. Users can purchase One-2-Call! cash card from various convenience stores.

  • true money : The Company partnered with True Money Co., Ltd. The service provider of true money cash card is the most well-known prepaid card which can refill for almost all domestic games in Thailand. Similar to @Cash prepaid card, users can purchase true money cash card from any convenience stores, then refill cash into the games.

  • Debit and Credit Card : The Company added a refill channel, allowing user to refill through online banking service, using debit and credit card from domestic banking institutions certificated by Visa and MasterCard.

  • Internet Banking : The Company’s new refill service channel allows users to refill cash into the games by directly deducting amount balance via online banking service through five bank institutions, namely Bangkok Bank, Krungsri Bank, Krung Thai Bank, Kasikorn Bank, and Siam Commercial Bank.

  • Rabbit LINE Pay : The Company is in partnership with Line Corporation, Ltd., the service provider of LINE, an instant communication mobile application. They have a massive domestic user base. Users can transfer cash from Rabbit LINE Pay Wallet to PlayMall before refilling cash into the game.


  • Online Credit Card : The sale of electronic @Cash cards through “” or “” where payment is made through credit cards.
  • MOL e-Pin : Gamers can purchase electronic @Cash prepaid cards through MOLPoints at the authorized shops or makes an online payment at “” or through authorized shops with E-Pay symbol.
  • @Cash on Mobile : The sale of electronic @Cash through mobile phone in Malaysia where gamers make the payment through Maxis Network systems.


  • Self-Service Automated Machine : @Cash digital pin can be purchased via AXS Station and S.A.M. machine, a multi-application transactional terminal with a debit and credit card payment facilities, running on a high-speed ADSL broadband network 24 hours a day. The machine are installed at high-traffic locations, such as MRT stations and shopping malls.
  • Mobile Service : @Cash digital pin can be purchased through any Singtel (GXCredits).
  • Online Payment : @Cash digital pin can be purchased from online websites, such as MOL AccessPortal and OffGamers.
  • Direct Top-up : Players can directly purchase and top-up @Cash into their accounts using PayPal, Visa (credit card), MasterCard (credit card) and eNETS (debit card)
  • Physical Prepaid Card : @Cash prepaid cards are available at 7-Eleven and NTUC Cheers (24-hour convenience store), neighborhood gaming retails shop, and cybercafes.
  • @Global Game : Allows players in Southeast Asia to play in the same server, encouraging cross-countries friendly competition among gamers by holding SEA Online Games Tournaments. Players are also able to purchase @Cash in Southeast Asia through all of Asiasoft’s wide range payment systems.


  • GudangVoucher : Online payment system that allows users to top up to pay for services such as phone credits, software licenses, bills and gaming credits as a distribution channel.
  • Indomog : Game payment network built around cybercafes with promotional avenues on website. Payment can be made using vouchers, Visa (credit card), MasterCard (credit card) and bank transfers.
  • Mimopay : Integrated with telco companies such as Telkomsel, XL Axiata and Three Hutchison to allow users to pay by airtime vouchers. Users can pay through MIMO wallet and Mandiri e-cash that can be topped up using e-banking and ATMs. Mimopay also works with 7-Eleven to sell game vouchers.


  • Sale via POS : Prepaid card and electronic @Cash can be purchased at many convenience stores, such as Ministop (prepaid card), 7-Eleven (prepaid card and electronic @Cash) and Cebuana Lhuillier (electronic @Cash).
  • Sale via Debit Card : ePLUS sells electronic @Cash, and users can pay with debit card.
  • Sale via Customized Platform : ALL SERVE distributes prepaid cards and Electronic @Cash, using ALL SERVE’s billing system.
  • Sale on Web Platform : GAMEX sells Smart/Sun postpaid and prepaid load which can be converted to electronic @Cash. GAMER, similarly, sells Globe prepaid load which can be converted to electronic @Cash. Load Central, LoadXtreme, Offgamers and PONDO simply distribute electronic @Cash.
  1. Diversification of investment to countries with high growth potential

    At present, the Company is distributing online games in 5 Southeast Asian countries, Thailand, Singapore, Malaysia, Indonesia, Philippines, and Indochina (Myanmar, and Cambodia) to reduce risks from operating only in Thailand or one particular country. The Company deploys regional management strategies which help to reduce operating costs from purchasing licenses fees of games in packages, computers and related equipment. The Company also shares resources, i.e. human resource, knowledge, technology, and work experiences which are key of success for the Company to penetrate each market.

  2. Increasing the number of online games and continuously updating version for existing games

    As of 31 December 2017, the Company provides online game services in total of 36 games in 5 countries. The Company cooperates with game developers and game publishers to improve the features and contents of the Company’s online games to be consistently updated. In addition, the Company plans to provide services for new games in each country to satisfy customers’ needs in terms of design, graphics, and technology, for example, providing localized in-game contents.

  3. Continuously strengthening its market position and concentrate on CRM

    The Company uses 4 main strategies to strengthen its market position, and to gain a competitive edge over its competitors :

    • Offering top online games which are well-known and popular in foreign markets : The Company believes that online games that are well-known and popular in foreign markets have outstanding features both in terms of design and contents, which would increase the chance for the Company’s success in marketing such games to customers in each target country.
    • Offering and presenting top grossing well-known games in the past : The Company is aware of the popularity of the online games in the past, and the huge fan base that is waiting for the game to return to service. The game’s core competency is its’ story and integration that matches with new gamers’ lifestyle and new marketing trends for in game services, adapting to the changes of consumers’ behaviors, in order to develop the strategy to increase the opportunity to gain extended profitability and domestically expand each country respectively.
    • Marketing activities towards target customers : The Company has a strong database of gamers and it uses marketing efforts to attract its current user base to its new games, as well as continually expanding the Company’s customer base. Such marketing activities include the promotion during the launch of new games, creating noise for the game via in-game competition and special seasonal activities as well as out-of-game activities such as meetings and parties among gamers etc.
    • Increase the distribution and payment channels to cover more areas in the country : The Company has focused more on new and various channels to reach the customers as much as possible. In order to gain a competitive advantage, we maintain the current users and increase new users through our portal. We continuously improve electronic payment channels that will result in operation cost efficiency in the future. With the payment channels, it can also be used as a media and marketing channel to create events such as distribution of posters and other media material directly to customers.
  4. Marketing activities to promote the sale of in-game items

    Most of online games service operated by the Company take on the business model of free-to-play games, and thus the Company focuses on efforts to encourage gamers to purchase in-game items regularly. For example, through monthly in-game promotions, Item Shop and Item Mall on websites, newsletters and SMS regarding new arrivals in the cash shops, and promoting via social media.

  5. Efficient online game information center

    Providing a game information center is an important tool to allow players to enjoy the game and also to build their trust and confidence in using our services, which will result in higher brand loyalty. Playing the game with sufficient information will lead to higher player retention rate and an increased chance for investment in the game. We now provide information to our users via Call Center (11.00 a.m. - 8.00 p.m.), Live Chat (9.00 a.m. - 11.00 p.m.), 24-hour e-support ticket system, and Facebook fan page of every game. We continue to improve the services by training, preparing and equipping staff to match the growth of players in the future.

  6. The development of IT system to service online game

    To play online game, it requires all time communication between computer at client site and hosting servers at Data Center. Undoubtedly, an excellent IT infrastructure with high protection will ensure the smoothly, continuously and rapidly interact between both sides, which is the most important thing for online gaming. With above reasons, the Company always invests in improving the quality of IT infrastructure and IT security. Moreover, the Company has team to study, analyze, enhance and modernize all related systems with user-friendly features in every year.

    The Company gives precedence to the Information Security Management System. We are the first online game publisher in Thailand that obtained ISO/IEC 27001:2013 (Information Security Management System: ISMS), which is a standard defined by the renowned and reliable international ISO (The International Organization for Standardization) and IEC (The International Electrotechnical Commission). This standard is inclusive both internal working process of IT team and related customer services systems.

  7. Appropriate and competitive online game service fees

    It is the Company’s policy to set up the online game service fees at the rates that appropriate for customers in each country. For most of its services, the Company allows customers to play games for free and charges for its service through the sale of in-game items to increase the competitiveness of the Company with other operators in the same industry and in other entertainment industries. At the same time, such rates must produce a good return for the Company. However, the Company does not have a price war policy.

  8. Develop new business channels

    The Company’s direction is to improve and develop new solutions to keep up with the moving trends of consumer behavior and preferences, whether it is internet usage or new generation applications. Focusing on bringing more convenience to users and presenting the right channels will persuade and motivate target markets to be more susceptible to our service. Users will be more engaged under our services. We can then expand our communication channels and grow together with our partners or developers who aim to do business in Southeast Asia.

    Thai developer group has been expanding and launching potential products to the market as domestic product which support the domestic industry to gain more credibility. The basic strategy is to integrate Company’s infrastructure such as customer base, various payment systems and channels to increase accessibility to the users with lower investment cost.

The Company’s income can be divided into three type of business as follows :

The Company’s income can be divided into two geographical areas as follows :

Head Office
9, UM Tower, Room 9/283-5, 28th Floor, Ramkhamhaeng Road, Suanluang, Bangkok, 10250, Thailand

Tel: +66 (0) 2769 - 8888
Fax: +66 (0) 2717 - 4290
20 Kallang Avenue #06-00 Pico Creative Center, Singapore, 339411

Tel. +65 6291 6129
Fax: +65 6291 6830
Business inquiry contact:
Suite C-06-01, 02, 03 & 3A, Level 6, Block C, Sky Park One City, Jalan USJ 25/1, 47650, Subang Jaya, Selangor Darul Ehsan, Malaysia

Tel. +603 50223020
Fax. +603 50223028
Business inquiry contact:
Belleza Office Tower 17th floor Jl. Letjen Soepeno No. 34 Jakarta Selatan 12210 Indonesia

Tel: +62 21 300 27855
Fax: +62 21 300 27866
6th Floor, OPL Building, 100C Palanca St., cor Dela Rosa St., Legaspi Village, Makati City, Philippines

Office Number: +63 2 7519600
Fax Number: +63 2 8136199