Indian fintech leader Razorpay has announced its expansion into Singapore, marking its second venture in Southeast Asia following successful operations in Malaysia. The company aims to empower Singaporean businesses with seamless, real-time payment solutions, reducing cross-border transaction fees by 30-40% and supporting the country’s digital economy.
Razorpay’s entry into Singapore comes as the nation leads a digital payments boom in Southeast Asia, with a 97% digital payment penetration rate. The fintech giant plans to bridge the gap between local and international payment gateways, enabling businesses to transact effortlessly across borders. Shashank Kumar, MD and Co-founder of Razorpay, stated, “Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy.”
The company’s payment technology platform for Singapore will include multi-currency transactions, real-time payments, and an AI-powered payments suite called Agentic-AI. This suite will transform financial operations by enabling AI agents to engage in transactions, enhancing operational efficiency. Additionally, Razorpay introduces RAY, an AI concierge for payments, and Magic Checkout, which offers a one-click payment experience.
Angad Dhindsa, Southeast Asia Head of Razorpay Singapore, highlighted the importance of addressing the unique challenges faced by small and medium businesses in Singapore. “With 30-50% of online payments being cross-border, businesses need seamless, cost-effective solutions,” he said.
Razorpay will collaborate with banks, financial institutions, and regulatory bodies to ensure compliance with Singapore’s financial landscape. This expansion is expected to strengthen Razorpay’s presence in the Southeast Asian market, following its 10X growth in Malaysia.
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