Developing Singapore’s Payment Ecosystem for the Future

Razer plans to support and contribute to the Singapore government’s objective of furthering the country’s progress to become the most advanced Smart Nation. With this proposal, Razer seeks to lead out a unified e-payment initiative as a private sector participant to advance the state of her primarily cash-based payment ecosystem to one that is digital and cashless.

To achieve this, Razer suggests to deliver a two-fold approach: to first establish a Common E-Payment Framework (CEF), and to spearhead support for an e-payment solution that is compliant to the proposed CEF. Razer’s suggested e-payment solution will be RazerPay.

Details of the proposal can be accessed through the executive summary, that is available for download.

Changelog:
Last edited 7th September 2017, 11PM SGT - Date change from 1 May 2019 to 1 April 2019 to address typo and align to 18 months.

Key terms, explained

What is a Common E-Payment Framework?

A common e-payment framework is an open framework with inter-operability with other digital payment solutions. This creates an open and shared bridge between all funding sources and merchant acquisitions in Singapore.

Razer believes that a CEF with policies governed by the Monetary Authority of Singapore is integral to promoting a unified e-payment system.

What is RazerPay?

RazerPay is a cloud-based e-wallet solution that utilizes existing RazerPay technologies. This e-wallet can take on different forms, from a Stored Value Facilities (SVF) card, to a mobile wallet application, a chip and more.

RazerPay will be compliant with CEF, and targeted at end-users, consumers and businesses in Singapore to establish an e-payment, cashless service to accept digital transactions.

For Singaporeans. By Singaporeans.

Believing in a Singaporeans-first approach to nation building, Razer hopes to bring local talents on board the initiative and offer every Singaporean the opportunity to shape the direction of the e-payment solution for the country. These opportunities may include:
  • The development of the specifications of RazerPay;
  • Promoting the RazerPay application and other anciliary services; and,
  • Testing the prototypes and betas of RazerPay applications.

Individuals may register their interest and be notified when such opportunities become available here.


In addition, and to further strengthen this endeavour, Razer has opened up new leadership roles and job opportunities to drive implementation of RazerPay. These following positions are now open and available for Singaporeans to apply:

Support this initiative and bring fellow Singaporeans on board.

 

Help us get heard. Share the Razer E-Payment Initiative with your friends.

About Razer

Razer™ is the world’s leading lifestyle brand for gamers.

While Razer is headquartered in San Francisco, California, Razer has many ties back to Singapore—Co-Founder and CEO, Min-Liang Tan is Singaporean and the regional office in Singapore today houses over 400 staff.

The triple-headed snake trademark of Razer is one of the most recognized logos in the world, with a fan base that spans every continent. The company has designed and built one of the largest integrated hardware and software platforms for gamers with over 35 million users. Razer is transforming interactive entertainment across multiple platforms, including the PC, console and mobile.

Razer’s award-winning products include an array of hardware and software. Among its signature products are high-performance PC and console peripherals, the Razer Blade line of gaming laptops, software services such as Razer Cortex (a game optimizer and launcher), and zGold (a virtual currency and payment engine for gamers). The company additionally provides audio visual certification and IP development services through its subsidiary THX Ltd.

Founded in 2005, Razer is backed by IDG-Accel, Intel Capital, Digital Grid and Horizons Ventures.