Razorpay Enters Singapore, Boosts Southeast Asia Growth Plans

The fintech firm Razorpay has announced its expansion into Singapore, becoming the second market in Southeast Asia, along with Malaysia, by the company. After local companies in Malaysia saw quicker settlements and lower transaction costs, Razorpay seeks to replicate this success in Singapore, as stated on Thursday. Razorpay will work closely with banks, financial institutions, and regulatory bodies for integration and compliance with Singapore's financial landscape.

Now, businesses in Singapore have access to Razorpay Singapore's suite of services, including a payment gateway, cross-border transaction solutions, and real-time financial analytics. It will also launch its international payment gateway Curlec in Singapore, to solidify its base in the Southeast Asian markets.

According to Razorpay, cashless transaction volumes in Southeast Asia should surpass $2 trillion by 2030. Singapore is projected to have the highest digital payment penetration rate by 2030 at 97%, owing to the implementation of various measures in the past to promote cashless transactions. Cashless payments in the city-state are forecasted to double to $180 billion within that time, whereas e-commerce is expected to nearly double to $40 billion within the next three years, the company said.

Shashank Kumar, managing director and co-founder of Razorpay, added in his statement: "Singapore is one of the most advanced digital economies, making it the perfect platform for our next phase of growth in Southeast Asia." "With our proven capability in dynamic markets like India and Malaysia, we are dedicated to building a robust payments infrastructure in Singapore&quot that eases the expansion of businesses while we take charge of the complexities associated with financial operations."

The company said it has launched a suite of payment solutions to empower businesses to scale rapidly with real-time payment and cut down cross-border transaction fees by 30-40% to effectively navigate increasingly competitive global markets.

Razorpay’s payment technology platform for Singapore will provide real-time, multi-currency transactions.

Founded in 2014 by Kumar and Harshil Mathur, India-born and bred but US-incorporated Razorpay is also flipping back into India to eventually list in the public markets.