Thank you so much for your help and the pointer, that will help me understand more.
You are right, it's 118 732, not 112 732, sorry for the mistake.

Well, after close inspection it seems like this pad is not connected to anything besides the pin of the mysterious IC. The pin of the IC must be connected somewhere else through a trace that goes underneath the IC. So hopefully there is nothing for me to do here, and this was just an unused pad ...

Hey all,

I bought a PSX from Ebay and someone had done a bad job putting a 4-wire modchip and seems to have lifted a pad next to a 16 pins chip with a "112 732" label.

From what I understand this was connected to the "Gate" wire of the modchip (presumably to pull it low?), before the pad broke and ...