International Business & Economy Razer Pay's ambitions to become Singapore's most popular e-payment platform

Razer Pay’s ambitions to become Singapore’s most popular e-payment platform




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As further evidence that Razer is one to watch in the world of business, the gaming firm announced three significant partnerships this week—with e-payment system Nets, digital security company V-Key, and The FinLab, an accelerator company.

These announcements come on the heels of two important link-ups, as just last September, Razer signed partnership deals with Singtel and UOB.

All these are designed to create the Razer Pay System, which the company hopes will become the most popular e-payment platform, with the goal of 1 million users signing up by April 2019.

Tan Min-Liang, Razer’s founder and CEO, said on November 12, Monday, that upon its launch in Q1 of next year, Razer Pay will be accepted at Nets’ POS terminals.

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The following day, November 13, the gaming company said that two more partnership deals had been finalized, with V-Key, a firm specializing in digital security, as well as The FinLab, a fintech accelerator firm that is under United Overseas Bank (UOB).

In a statement, Razer said, “The collaboration among Razer, UOB and The FinLab lays the groundwork for the smooth roll-out of Razer Pay across Southeast Asia in the coming year.”

V-Key, which is based here in Singapore, is working with Alibaba’s Alipay, as well as several other banks and government agencies in different countries in the regions. It has a “seamless app-to-app user authentication and authorisation mechanism” that will be used by Razer Pay in order to ensure secure transactions and online identities. Safeguards to protect the millions of merchant acceptance points for the Razer Pay app will be developed by V-Key.

Beyond this, the firm will also strengthen the processes for security and authentication for Razer users all across the globe, since its V-OS may be used for all of Razers applications and computers. V-OS, V-Key’s security platform has been tested by a good number of regulatory bodies and financial services companies, including Singapore’s Info-communications Media Development Authority.

According to Joseph Gan, the president of V-Key, “the same trusted technologies that have been deployed by banks and governments” would also be used in gaming.

The FinLab, for its part, will be aiding Razer with designing and testing ways to make cross-border remittances faster and more transparent using blockchain.

One more thing that Razer’s partnership with UOB will accomplish is that the bank will process payments in the global network of RazerPay, as well as give “competitive” exchange rates for users in Singapore buying in-app purchases with foreign currencies.

Last September, when the gaming company announced its partnerships with Singtel and UOB, it said that it had a goal of creating a common e-payment platform for one million users by April of next year.

Read related: Under PM Lee’s ‘going cashless’ scheme, Nets might now solve the problem of e-payments at hawker centres

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