Razer Fintech ends e-wallet & card payment services, to focus on B2B business

Li Meng Lee, chief strategy officer at Razer and CEO of Razer Fintech

Razer Fintech is suspending its e-wallet and card services to focus on its more promising B2B payments business, confirmed an executive at the firm.

According to Razer Fintech’s chief executive officer Li Meng Lee, Razer Fintech’s B2B online payment gateway and offline channels currently drive the majority of its payment volumes and volumes. He added that over 95% of Razer Fintech’s total payment volumes (TPV) are driven by Razer Merchant Services (RMS), across over 50,000 merchants with direct international and local payment options.

“As part of the strategy to drive Razer Fintech’s hypergrowth ambitions in its next stage of development, Razer Fintech will sharpen its focus on RMS to position itself as a forward-thinking, merchant-focused B2B payments solution provider,” said Lee in an email statement to DealStreetAsia. 

The shutting of Razer Fintech’s e-wallet and card business comes less than two years since its rollout in Malaysia and Singapore. All card and payment functions will end on August 31. Users have until  September 30 to redeem their funds.

Razer Fintech has been looking opportunistically at various types of dealmaking, both in terms of fundraising and merger and acquisitions (M&As), it said in a recent interview with DealStreetAsia.

Razer Fintech currently counts Berjaya Group Berhad as an investor.

Filings on Acra show that the Malaysian conglomerate has invested $25.8 million in Razer Fintech so far, holding a 49% stake via an entity called Berjaya Fintech Sdn Berhad. Razer holds the remaining 51% majority stake via an entity called Razer Midas. Berjaya is one of Malaysia’s largest conglomerates engaged in sectors such as financial services, real estate, food and beverage (F&B), hotels, and gaming.

According to the firm’s FY20 financial report, Razer Fintech’s total payment volumes (TPV) jumped 104.4% on-year to $4.3 billion in the financial year. The firm currently has merchants across e-commerce, consumer, retail and F&B industries, forging partnerships with players like Funding Societies for merchant financing, and Rely and IOUPay to offer financial products like Buy Now Pay Later (BNPL) in Southeast Asia.

Razer Fintech has also been one of the key names tipped to be in the running for Malaysia’s upcoming digital banking license. Other reported candidates include Axiata Digital, AirAsia’s BigPay, as well as incumbent banks CIMB Group, Affin Bank Bhd, Hong Leong Bank Bhd and Standard Chartered Bank Malaysia Bhd.

Bank Negara Malaysia (BNM) is set to issue up to five licenses by the first quarter of 2022.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.