Razorpay, a prominent fintech company, has officially launched its payment solutions in Singapore, representing a significant step in its expansion following successful ventures in India and Malaysia. This initiative aligns with Singapore’s digital-first economy and its expanding real-time payments landscape. Razorpay’s goal is to streamline cross-border transactions, lower payment costs, and provide AI-driven financial tools to support businesses in Singapore.
Key Highlights of Razorpay’s Expansion in Singapore
Expansion Strategy
Razorpay is set to enter Singapore’s vibrant digital payments market after achieving a staggering 10X growth in Malaysia through Curlec by Razorpay. The digital payments in Singapore are forecasted to reach $180 billion by 2029, establishing it as a crucial market. In 2024, real-time payments from Singapore are projected to represent 40% of Southeast Asia’s digital transactions.
Challenges in Singapore’s Payment Landscape
- High Cross-Border Transaction Fees: Businesses pay 4-6% per transaction, affecting scalability.
- Fragmented Payment Systems: SMEs struggle with limited real-time payment options across Asia.
- Need for Innovation: Digital commerce in Singapore is projected to reach $40 billion by 2028, demanding seamless financial connectivity.
Razorpay’s Key Offerings in Singapore
• Seamless Multi-Currency Transactions: Allows businesses to operate internationally while minimizing costs.
• Real-Time Payment Solutions: Compatible with Singapore’s PayNow, SGQR, and cross-border payment systems.
• Agentic-AI Toolkit: An AI-powered SDK that facilitates automated transactions and provides real-time financial insights.
• RAY AI Concierge: Automation driven by AI for managing payments, payroll, and vendor transactions.
• Magic Checkout: A one-click checkout feature designed to decrease cart abandonment and enhance conversion rates.
• Fraud Detection & Automated Reconciliation: Tools that offer advanced security and improve operational efficiency.
Leadership Statements
Shashank Kumar (MD & Co-founder, Razorpay)
- Singapore is a prime market for Razorpay’s next growth phase.
- AI-driven solutions will drive 30% higher conversions, boosting revenues for businesses.
Angad Dhindsa (SEA Head, Razorpay Singapore)
- Focus on solving SME challenges, reducing cross-border costs by 30-40%.
- Enabling businesses to scale with faster settlements and seamless financial operations.
