Razer submits twofold proposal for unified e-payment system

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Tech company Razer has kept its word to Prime Minister Lee Hsien Loong within the two-week deadline set by its chief executive Tan Min-Liang.  Yesterday (September 7), Razer submitted its proposal for a unified e-payment system.

Last month, Mr Lee had said in his National Day Rally that Singapore will go bigger on e-payments, in line with its Smart Nation ambitions. In August 20, Mr Tan had given his word on Tweeter to Mr Lee on an e-payment system nationwide in 18 months. In response, Mr Lee had requested for a proposal, “make me a proposal and I will study it seriously.”

Screenshot of the Twitter exchange

The twofold proposal submitted includes:

  1. Provision of feedback and advisory services on the Common Epayment Framework (CEF), a common e-payments framework managed by the Monetary Authority of Singapore (MAS) for an open and interoperable payments system that can accommodate several existing payment methods.
  2. Development and support of an existinge-payment solution such as Alipay from China, or a new solution built by Razer, called Razerpay.

The new e-payment solution, dubbed Razerpay, will set its focus on “end-users, consumers, and businesses in Singapore to establish an epayment, cashless service to accept digital transactions over cash instruments.”

Razer plans to pour $10 million as seed funding in the project, and staff it with Singaporean experts who will develop and drive it. Razor said there will be 6 open job positions for engineers, business leads, payment services experts, and legal eagles.

It expects to sign up at least 1 million ewallets from October 2017 to May 2019.

According to Razer, in the event that a different unified e-payment system gains major adoption, it will pull RazerPay out and instead, divert its resources to supporting that solution through an advisory board of experts.

Mr Tan announced Razer’s proposal on a Facebook post

Razer, the US headquartered company, is best known for its line of gaming accessories, with recorded revenues of US$392 million (S$528 million) last year.

The proposal has been submitted to the Prime Minister’s Office (PMO), the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Office (SNDGO).

Analysts expressed that although Razer’s proposal is strategically sound, it does not formulate anything new to industry players. Also, getting people to use RazerPay might not be easy for the firm.

Mr Tan fully accepts the challenge ahead set out for the company.

“When we set out to disrupt the gaming industry, no one believed we could pull it off either,” he said. “We are not in the business of talking but doing, so let’s see if Singapore is a cashless society in 18 months – whether RazerPay is successful or otherwise.”

 

 

29 COMMENTS

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    seriously I don’t know Razer only after the twitter post went viral and MSM start reporting.. Razer consider global brand? You goes to annual IT fairs in Suntec or Expo, u can find tons of Taiwanese brands bigger ones like Acer, Asus to HTC, BenQ or MSI smaller one…
    But come to local Singapore IT ‘global’ brands.. hmm come to 0
    U can see Singtel, StarHub, M1 or MyRepublic… but these brands go Japan or Taiwan ask people there, I dont thinl they know.

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    better check who is the stakeholder in Razor, i will not be surprised that either GIC or temasek has a hand in this company. ownself award ownself again!! our economy is so entangled with ownself companies that is choking the economy!!

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    Well done Razer.And here the G still has doubt of Sgrean talents and bring loads of stinky FT who has little know how to none.Well,they are cheap and that count for the G and not their talent.

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    Julian Poh
    Just like the outdoor Medical tent.
    If you send in a proposal, after getting your idea, they reject it, and than use it as their own.
    Maybe in future, before sending in your proposal, one shud have it copyrighted first.

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    There is 1 card that every Singaporean holds. EZlink card. Instead of using it for public transport.
    Why not make use of this and expand it islandwide to all coffeeshops,hawker centres, clinics,supermarket.
    Save taxpayers millions to come up with another pay lah please

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    This move is really a bullshit, just because a minister went to stupid China and found he can’t buy things without cashless system, does not we must follow. China population is billions and we are only 5 million. What’s there to compare, we are a small red drop. Totally not variable for thus system yet

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    No I will not want to have my digital payment linked or used with Razor. I simply don’t trust anything to do with “government connection”. I need to know if cronies are involved and who is really making the killing on all these. We don’t want a problem and you hear them saying “Signal Problem” please try again in 2 hours, 5 hours, tomorrow maybe.

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