Razer is spending S$10 million to launch an e-payment startup in Singapore early next year

Razer rolled out Razerpay for Malaysia earlier in June, and it’s already become one of the country’s major e-payment wallets, the company said.
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One year after PM Lee Hsien Loong tweeted @ him to “make me a proposal”, Razer CEO Tan Ming-Liang has announced that the company will be rolling out an e payment platform for Singapore at the start of next year.

Razerpay has been in use in Malaysia since June, where it scored 600,000 sign ups in a week. It’s now “one of the largest, if not the largest” e-payment wallets in Malaysia, and has facilitated S$1 billion (US$720 million) worth of transactions in six months, the company said.

For Singapore, CEO Tan is promising to get a million Razerpay users in 1.5 years. The company is partnering Singtel and UOB in its efforts to create a common e-payment platform across the country that lets all the current, private e-payment platforms transfer money between themselves.

It’s promising S$10 million seed funding to start up Razerpay, and has promised to hire Singaporeans to head it.

The government has said it wants Singapore to move into a cashless economy, but digital payments have been slow on the uptake.

Initially, Razer promised to back any popular e-payment provider, but Tan said in his Facebook post that there was no “viable” company gaining traction.

Razer was founded in Singapore but is headquartered in the US. It makes gaming laptops, phones, watches and software, last year invested in Malaysia-based MOL (Money Online), Southeast Asia’s strongest e-payment network, to roll out its virtual currency and digital wallet for gaming.

In April this year, it bought the company for almost S$81 million.