Razorpay enters Singapore, supports Southeast Asia expansion

The company aims to integrate its financial technology solutions within Singapore’s regulatory and banking framework to support local businesses. 

A representative from Razorpay stated that its expansion follows positive results in Malaysia, where businesses have experienced faster settlements and lower transaction costs. The company intends to collaborate with banks, financial institutions, and regulators to ensure compliance and efficiency in Singapore’s financial sector.

Digital payments growth in Singapore

Businesses in Singapore will now have access to Razorpay’s range of services, including its payment gateway, cross-border transaction solutions, and real-time financial analytics. The company also plans to introduce Curlec, an international payment gateway, to strengthen its position in the region. 

The company anticipates substantial growth in Southeast Asia’s digital payments sector, with transaction volumes projected to exceed USD 2 trillion by 2030. Singapore is expected to be an important driver, with digital payment penetration forecasted to reach 97% according to Livemint.com. The value of cashless transactions in the country is estimated to double to USD 180 billion by 2029, while the ecommerce market is expected to grow to USD 40 billion within the next three years according to the same source. 

A Razorpay official noted that Singapore’s advanced digital economy makes it a strategic location for the company’s expansion. With experience in markets such as India and Malaysia, Razorpay aims to develop a payment infrastructure that enables businesses to scale while managing financial complexities. 

Currently, businesses in Singapore face transaction fees of approximately 4-6% for cross-border payments, which poses challenges for scalability. Razorpay claims its payment solutions will help reduce these costs by 30-40% and facilitate real-time, multi-currency transactions. 

Founded in 2014, Razorpay is incorporated in the United States but has its roots in India. According to Livemint, the company has plans to eventually list in the Indian public markets. It has secured over $740 million in funding from investors such as Tiger Global, Peak XV Partners, Y Combinator, Lone Pine Capital, and Alkeon Capital.