Singapore FinTech Association and Razer Fintech partner to support Singapore FinTech Ecosystem amidst COVID-19
Leveraging on the association’s existing industry network, this collaboration follows Razer Fintech’s US$50million commitment to its Covid-19 Support Fund
Singapore, 23 April 2020 – Singapore FinTech Association (SFA) and Razer Fintech, Razer Inc’s financial technology arm, today announced their collaboration to address the key issues facing the FinTech industry in Singapore as a result of the Covid-19 pandemic, which includes business continuity concerns, high business costs, funding and employment.
This follows the announcement on April 10, 2020, by Razer of a US$50 million Covid-19 Support Fund where Razer will leverage on its business arms of Razer Fintech, Razer Gold and corporate ventures arm, zVentures to support business partners and help them tide over the negative impact brought about by Covid-19. [For press release on Razer’s COVID-19 Support Fund, please refer to this link.]
As part of the agreement, SFA and Razer Fintech will leverage on SFA’s capabilities and Razer’s ecosystem, to mobilise support for the Singapore FinTech community, including:
- Cash flow and marketing support programs
- Help curate best-in-class FinTech companies in Singapore through partnerships or investment
- Support the evaluation and due diligence process (certification, screening and reference checks)
- Joint networking events to promote the FinTech scene in Singapore
These various pillars of support would position Singapore FinTechs in a good stead to tide over this challenging period, be ready and become stronger when the threats from COVID-19 recede and normal economic conditions return.
Interested FinTech companies can get assistance in the form of bridge financing, equity or equity-linked instruments ranging from USD$100,000 to USD$1.5 million depending on the stage of growth and requirements. For more information about this collaboration, do visit SFA’s website at www.singaporefintech.org/sfa-razer-fintech-collaboration/, to find out more about the funding programs under Razer Fintech and zVentures.
Mr. Chia Hock Lai, President, SFA stated, “We are honoured to deepen our relationship with Razer through their S$70 million Covid-19 Support Fund, which will provide much-needed support to FinTechs at this time of pandemic. With both the public and private sectors stepping up to support the FinTech community, FinTechs will be well positioned to continue to provide innovative financial solutions to end consumers and businesses.”
“We have seen many business partners, both existing and new, who have been severely impacted just in the past couple of months and we want to do our part to help,” says Razer Chief Strategy Officer and Razer Fintech Chief Executive Officer, Li Meng Lee. “This partnership with SFA will enhance our efforts for the Covid-19 Support Fund and we look forward to working closely with SFA to achieve the objectives we have in mind, which is to ensure sustainability and growth for the Fintech community here in Singapore”.
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ABOUT SINGAPORE FINTECH ASSOCIATION (SFA)
The SFA is a cross-industry and non-profit organisation. Its purpose is to support the development of the FinTech industry in Singapore, and to facilitate collaboration among the participants and stakeholders of the FinTech ecosystem in Singapore. The SFA is a member-based organisation with over 450 members. It represents the full range of stakeholders in the FinTech industry, from early-stage innovative companies to large financial players and service providers.
To further its purpose, the SFA also partners with institutions and associations from Singapore and globally to cooperate on initiatives relating to the FinTech industry. The SFA has signed over 50 international Memorandum of Understanding (MoU) and are the first U Associate organisation to be affiliated with National Trades Union Congress (NTUC). Through their FinTech Talent (FT) Programme, launched in 2017, over 300 professionals have been trained in FinTech, including blockchain & cryptocurrency, cybersecurity and regulation.
ABOUT RAZER FINTECH
Backed by the leading global lifestyle brand for gamers synonymous with the youth and millennials, Razer Fintech is the financial technology arm of Razer Inc. Established in April 2018, Razer Fintech has grown to become one of the largest O2O digital payment networks in SEA and has processed over billions of dollars in total payment value. Razer Fintech operates two verticals, Razer Merchant Services (“RMS”) and Razer Pay.
Razer Merchant Services is a leading B2B (business-to-business)olution encompassing:
- RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global blue-chip merchants in SEA including Grab, Lazada, Facebook, Shopee, Taobao.com, and more.
- RMS Offline: SEA’s largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services (including Razer Pay top-ups and fulfilment of e-commerce purchases), distribution of third party point-of-sale activation (POSA) cards, and merchant acquiring services for Razer Pay and other third-party e-wallets.
Razer Pay is a B2C (business-to-consumer) solution comprising an all-encompassing e-wallet focused on offering a plethora of compelling use cases targeted at the youths, millennials, and underbanked.
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- Press Release: SFA Launches Digital self-assessment Framework to fast track FinTech Firms partnerships with Financial Institutions - June 10, 2020