RAZER unveils proposal for Singapore e-payments solution
Last month, social media was abuzz when Razer CEO Tan Min Liang replied PM Lee’s tweet
during his National Day Rally speech about the inordinate number of e-payment solutions in Singapore and the need to streamline the number of these solutions. Holding true to his word, Mr Tan published his proposal
(8 September) for a cashless payments system, which has the ultimate aim of transforming Singapore into a cashless society within 18 months.
According to the executive summary, the proposal is dual pronged
. Firstly, Razer will ‘provide ongoing feedback, development and advisory support for a Common E-Payment Framework (‘CEF’) or a similar framework that will be managed by the MAS’. The CEF
will promote innovation and encourage non-traditional fintech players to access the Singapore market. It will also be discussed by the SGQR taskforce
, on which FOMO Pay is also a member of. Secondly, Razer will ‘spearhead support for an e-payment solution for Singapore’. This could take the form of an existing or new private sector e-payment solution such as Alipay or WeChat Pay or RazerPay, a new e-payment solution to be funded and operated by Razer. To achieve this, Razer plans to commit S$10m in seed funding and to hire Singaporeans to head the start-up.
Interestingly, the company does not seek to monopolize the market. Instead, if another solution such as Alipay or WeChat Pay has achieved mass adoption in Singapore while also being aligned with the CEF, Razer would cease the development of RazerPay and support the third party e-payment solution. While Razer is a U.S. based company, it traces its roots to Singapore which explains the drive to advance Singapore into a cashless society as a public goal rather than a private endeavor.
To do this, Razer will establish e-payment advisory board consisting of ‘esteemed and independent experts from the banking, payment, technology and legal fields’. The board will provide ‘insights and recommendations to ensure alignment with the Singapore Government’s objective for a cashless society with regards to the CEF’.
In addition, the proposal envisages a future where Singaporeans will be able to travel to other ASEAN countries and use their e-wallets seamlessly. This reflects the growing reality of Chinese e-payment solutions such as WeChat Pay as they take strides to penetrate the markets of ASEAN countries like Malaysia
At FOMO Pay, we share the same vision of a cashless society. We also believe that this transformation has to be achieved within the framework set by the government, which will benefit businesses and consumers alike. To find out more about our services, please click here
About FOMO Pay Pte. Ltd
FOMO Pay is an authorized partner of WeChat Pay
, Alipay, UnionPay, Baidu Wallet & BestPay in Southeast Asia, and was selected as one of the Top 100 Asian Companies by e27, Top 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program, Top Fintech Startups in Singapore by Fintech Asia. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from China market, including Chinese tourists. This comprises of online payment and in-store payment modes. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.