Razorpay enters Singapore, its 2nd international foray after Malaysia

Homegrown fintech firm Razorpay has announced entry into Singapore, its second international market foray after Malaysia three years ago.

 

Singaporean businesses will be able to tap into the Bengaluru-based company’s payment solutions including payment gateway, cross-border transaction solutions, and financial analytics. The firm said that its payments solutions would enable businesses in Singapore to reduce cross-border transaction fees by 30 to 40 per cent.

 

The expansion into Singapore comes on the back of the company’s focus on the South East Asian market. In February 2022, the firm acquired a majority stake in Malaysia-based fintech Curlec. Following the acquisition, it launched its first international payment gateway Curlec in July 2023.

 

“The payment gateway launch in Singapore will pave the way for Razorpay to further strengthen its presence in the SEA market,” the company said in a statement.

 

The fintech firm is working with banks, financial institutions and regulatory bodies in the country to ensure compliance with its financial ecosystem.

 

“Our new Payment Gateway, combined with a reimagined checkout and AI-powered solutions, will not only simplify transactions but also drive over 30 per cent higher conversions, leading to increased revenues, while ensuring utmost safety, security, and compliance,” said Shashank Kumar, managing director and co-founder, Razorpay.

 

The company elevated Khilan Haria to the role of chief product officer (CPO) from senior vice-president and head of payments product at the company last month. Haria’s role is expected to guide the firm’s global product roadmap, ensuring growth in emerging markets like SEA and beyond.

 

“With 30-50 per cent of online payments in Singapore being cross-border, businesses need seamless, cost-effective solutions that empower them to transact globally with ease,” said Angad Dhindsa, South East Asia Head, Razorpay Singapore.