Singapore’s Razer to launch e-payments platform by 2019

Min-Liang Tan, founder and CEO of Razer Inc.

Singaporean gaming hardware company Razer plans to launch its e-payments platform, Razer Pay, in the first quarter of 2019.

The move comes shortly after the July launch of Razer Pay in Malaysia, which garnered over 600,000 sign-ups and 300,000 cashless transactions in eight days. Razer Pay also has over 6,000 acceptance points at retail and F&B outlets in Malaysia, and claims to have processed over $725.2 million (S$1 billion) in digital payments in H1 2018.

According to a Facebook post on Razer’s official page, Razer’s co-founder and chief executive officer Tan Min-Liang said that the company intends to issue 1 million wallets in Singapore by April 2019.

Razer has already secured a number of key partnerships to capture Southeast Asia’s e-payments market.

In May, Razer announced a partnership with Singtel, a leading SEA carrier to create a pan-SEA e-payments network. Razer has also formed a partnership with United Overseas Bank (UOB) to build a non-bank and e-wallet app for cashless payments and transfers in Singapore. In April, Razer acquired MOL for $100 million, the largest e-payment network in the region.

Apart from e-payments, Razer has also branched out into mobile phones with Razer Phone, its first smartphone in November last year.

Their stock has continued to take a beating since its Hong Kong IPO in November. Razer’s losses have been deepening, with losses of $56.3 million in the first half of this year.

Razer’s revenue however has reflected significant growth, up 38.5 per cent on-year to $274.2 million over the same period. The Singapore and San Francisco-based company attributed this to improvements in its services and hardware business, and continues to bank on investments in mobile gaming and e-sports to keep them in the lead of the global gaming industry.