After Malaysia, Razorpay Expands Into Singapore To Streamline Cross Border Transactions

Just close to two years after launching its operations in Malaysia market, fintech major Razorpay has now expanded into Singapore, marking its second expansion in the South East Asian region.

With this expansion, Razorpay seeks to capitalise on the burgeoning digital payments ecosystem in the country.

The Tiger Global-backed company’s cross border transactions, payment gateway and real time financial analytics are already available in Singapore and it will now look to closely work with the financial institutions, banks and regulatory bodies of the country, it said in a statement.

The startup further said that despite wider scope in digital payments, several small and medium enterprises (SMEs) in the country struggle with the limited access to real time payment systems and rising cost on cross border transactions.

So, with this move, Razorpay aims to help businesses scale at a faster rate and reduce cost on cross border payments by 30%-40%.

“While Singapore is rapidly evolving and exploring new opportunities of trade, the complexities of cross-border money movement, fragmented payment system, and real-time payments remain one of the most significant barriers to unlocking that potential,” said Shashank Kumar, MD and cofounder at Razorpay.

“With 30-50% of online payments in Singapore being cross-border, businesses need seamless, cost-effective solutions that empower them to transact globally with ease,” said Angad Dhindsa, South East Asia head at Razorpay Singapore.

In the Singapore market, the company plans to offer a suit of digital payment solutions which include:

Real time and cross-border transactions: The company will deploy its real-time payment and cross border payment solutions, enabling its clients to operate globally and scale faster.

Agentic AI and AI-powered payment suits: The company will also introduce its AI-powered toolkit for payments and its Agentic AI tool, RAY which acts as a payment assistant. The AI assistant makes onboarding of clients faster and smoother. Moreover, it helps in making digital payments more frictionless, automating the payment checkout process.

Seamless check out: The company will also launch its seamless check out solutions which it claims will reduce the percentage of last minute payment failures or drop outs.

Payment options: The company will offer a wide range of payment options to its clients in Singapore from debit and credit payments, digital wallets and its real time payment rails (RTP) making bank transfers smoother and faster.

The company launched its first international payment gateway when it entered the Malaysian market and is known by the name ‘Curlec By Razorpay’ in the region. It entered Malaysia by acquiring Malaysian startup Curlec in a $20 Mn deal. The acquisition took place back in 2022 to bridge the gap between local and international payment gateways.

The Bengaluru-based company reported a 4X jump in its profits in the financial year ending on March 31, 2024 (FY24) to INR 33.5 Cr from INR 7.2 Cr it reported in the previous fiscal year. Its operating revenue rose by 9% to INR 2,475 Cr for the period in review against INR 2,283 Cr it reported in FY23.