{"id":4549,"date":"2025-06-30T10:18:25","date_gmt":"2025-06-30T10:18:25","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4549"},"modified":"2025-06-30T10:18:25","modified_gmt":"2025-06-30T10:18:25","slug":"razorpay-expands-to-singapore-strengthening-its-presence-in-southeast-asia","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/razorpay-expands-to-singapore-strengthening-its-presence-in-southeast-asia\/","title":{"rendered":"Razorpay Expands to Singapore, Strengthening Its Presence in Southeast Asia"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Razorpay is all set to empower businesses in Singapore by offering seamless real-time payments and a cost-efficient payment infrastructure to accelerate cross-border growth<\/span><\/i><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru, 7th March 2025<\/b><span style=\"font-weight: 400;\">:<\/span><span style=\"font-weight: 400;\"> Driven by its mission and passion to make seamless money movement a reality for businesses of all sizes across borders, India\u2019s fintech giant and Leading Full-Stack Payments and Business Banking Platform, <\/span><a href=\"https:\/\/razorpay.com\/\"><b>Razorpay<\/b><\/a><b>, today announced its expansion into Singapore, marking its second destination in South-East Asia<\/b><span style=\"font-weight: 400;\">. This entry into Singapore follows the company\u2019s successful operations in Malaysia, where local businesses have experienced <\/span><b>faster settlements and reduced transaction costs<\/b><span style=\"font-weight: 400;\">. With Singapore emerging as a global payment hub, Razorpay aims to support and scale the country\u2019s thriving digital economy <\/span><b>by offering seamless, secure and scalable payment solutions, powered by AI<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Southeast Asia (SEA) is witnessing an unprecedented digital payments boom, with transaction volumes projected to surpass US$2 Tn by 2030. <\/span><b>Singapore, at the heart of this transformation, is leading the charge with a 97% digital payment penetration rate<\/b><span style=\"font-weight: 400;\"> and a strong push for cashless transactions. <\/span><b>Digital payments in Singapore will grow by 2X to US$180 billion by 2029<\/b><span style=\"font-weight: 400;\"> and its eCommerce market, currently valued at US$20-23 Bn, is anticipated to reach US$40Bn by 2028, ranking it among the top digital markets in APAC. <\/span><b>40% of SEA\u2019s online digital payments in 2024 were through Real-Time Payments in Singapore<\/b><span style=\"font-weight: 400;\">. With initiatives like SGQR (Singapore QR), PayNow, and cross-border payment linkages with countries like Thailand &amp; India, Singapore is setting new benchmarks for frictionless, instant, and borderless digital payments, making it an attractive hub for fintech innovation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While domestic payment innovations thrive, cross-border complexities and evolving customer expectations remain key challenges. <\/span><b>Businesses in Singapore currently pay 4-6% per transaction on cross-border payments<\/b><span style=\"font-weight: 400;\">, impacting their scalability in a fast-paced, digital-first market. <\/span><b>SMEs in Singapore continue to struggle with fragmented payment systems that drive up transaction fees and limit access to real-time payments in other Asian markets, creating barriers to their scalability and global reach<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Singapore pushes forward, the need for bold innovation and seamless financial connectivity has never been greater. To address the varied challenges, the Fintech Pioneer, <\/span><a href=\"https:\/\/razorpay.com\/sg\/\"><b>Razorpay, launched a suite of payment solutions<\/b><\/a><b> that will empower Singaporean businesses to scale rapidly with real-time payments and reduce cross-border transaction fees by 30-40%<\/b><span style=\"font-weight: 400;\"> to effectively navigate the challenges of expanding in an increasingly competitive global market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Razorpay has emerged as a powerhouse in Asia&#8217;s fintech ecosystem, consistently driving innovation and simplifying financial operations for millions of businesses. <\/span><b>With this launch, Razorpay aims to bridge the technology gap between local and international payment gateways<\/b><span style=\"font-weight: 400;\">, enabling Singaporean businesses to seamlessly transact across borders while strengthening business ties between India and Singapore.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, <\/span><b>building on the impressive 10X growth of Curlec by Razorpay in Malaysia in the last two years<\/b><span style=\"font-weight: 400;\">, the Indian fintech giant is poised to replicate this success in Singapore through its innovative digital solutions.<\/span><\/p>\n<p><b>Razorpay\u2019s Payment Technology Platform for Singapore will include:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Seamless Multi-Currency Transactions &amp; Real-Time Payments:<\/b><span style=\"font-weight: 400;\"> Facilitates innovations on the real-time payment rails like PayNow, provides cost-efficient cross-border payments, enabling businesses to operate globally with reduced expenses, given that 30-50% of online payments received by Singaporean businesses are cross-border.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Agentic-AI Toolkit, an AI-Powered Payments Suite:<\/b><span style=\"font-weight: 400;\"> While the full potential of GenAI is still unfolding, Agentic-AI is quickly becoming a key focus in financial services. It\u2019s a software development kit (SDK) that enables AI agents to engage in transactions with human users, transforming onboarding, integration, and real-time financial intelligence. Tomorrow, AI agents can do everything &#8211; book flights, put together a packing list for one\u2019s upcoming San Francisco flight, or reserve your ticket for the next Coldplay concert before it\u2019s sold out in 3 minutes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>RAY &#8211; India\u2019s first AI Concierge for all things Payments:<\/b><span style=\"font-weight: 400;\"> With the commitment to offering unmatched convenience and efficiency for businesses when it comes to Payments, Payouts, Payroll, Vendor payments and much more. RAY will solve all payment-related needs of e-commerce businesses, be it the need to go live as soon as possible, or want the best success rates, or protection from fraud and revenue leakage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Increased Efficiency and Cost Reduction Through Seamless Checkout:<\/b><span style=\"font-weight: 400;\"> Businesses can enhance operational efficiency with Magic Checkout by offering a one-click payment checkout experience, reducing drop-offs and abandoned transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Wide Range of Payment Methods:<\/b><span style=\"font-weight: 400;\"> Supports a wide range of payment options, including credit and debit cards, digital wallets, real-time payment rails (RTP), and bank transfers. Digital wallets and RTP, in particular, are seeing rapid growth and now make up 30-40% of all digital transactions.<\/span><\/li>\n<\/ul>\n<p><b>Commenting on Razorpay\u2019s entry into Singapore, Shashank Kumar, MD &amp; Co-founder, Razorpay said<\/b><span style=\"font-weight: 400;\">, \u201cAs one of the most advanced digital economies, Singapore is the ideal market for our next phase of growth in Southeast Asia. <\/span><b>Our expansion aligns with Singapore\u2019s bold vision for a cashless, innovation-driven economy<\/b><span style=\"font-weight: 400;\">, and we look forward to empowering local businesses with cutting-edge AI-powered solutions to drive digital transformation at scale. 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. Our AI-drive payments suite, including Agentic-AI and RAY, will redefine how businesses operate, offering not just seamless transactions but also intelligent automation that enhances operational efficiency. <\/span><b>With our proven expertise in dynamic markets like India and Malaysia, we\u2019re committed to building a powerful payments infrastructure in Singapore<\/b><span style=\"font-weight: 400;\">\u2014one that helps businesses expand effortlessly while we handle the complexities of financial operations. As part of this, <\/span><b>our new Payment Gateway, combined with a reimagined checkout and AI-powered solutions, will not only simplify transactions but also drive over 30% higher conversions, leading to increased revenues, while ensuring utmost safety, security, and compliance<\/b><span style=\"font-weight: 400;\">. Payments should be seamless, and collaboration, innovation, and customer-centricity will be the key drivers in unlocking the full potential of digital payments and fueling economic growth in Singapore.\u201d\u00a0<\/span><\/p>\n<p><b>Angad Dhindsa, South East Asia Head, Razorpay Singapore said<\/b><span style=\"font-weight: 400;\">, \u201cOur expansion into Singapore comes at a pivotal moment as the local market embraces innovation and digital transformation. We understand the unique challenges that small and medium businesses here face, from navigating cross-border transaction costs to struggling with operational inefficiencies that limit their scalability. <\/span><b>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<\/b><span style=\"font-weight: 400;\">. By leveraging our experience and insights gained from our success in Malaysia &amp; India, we are excited to provide Singaporean businesses with tailored solutions that reduce costs while enhancing cross-border capabilities. Additionally, as real-time payments continue to redefine digital transactions in Singapore, we aim to provide businesses with faster settlements and seamless payment processing, ensuring instant and frictionless financial operations across borders.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As part of its market entry strategy, <\/span><b>the company will work closely with banks, financial institutions, and regulatory bodies to ensure seamless integration and compliance with Singapore\u2019s financial landscape<\/b><span style=\"font-weight: 400;\">. Businesses in Singapore can now access Razorpay Singapore\u2019s suite of services, including payment gateway, cross-border transaction solutions, and real-time financial analytics. In July 2023, Razorpay announced the launch of its first international payment gateway, Curlec by Razorpay, post the acquisition of a majority stake in Malaysia-based Curlec in February 2022. Today, the company is witnessing a steady 30% month-on-month growth. The payment gateway launch in Singapore will pave the way for Razorpay to further strengthen its presence in the SEA market and make its capabilities available while continuing to build and strengthen the central nervous system for Digital India.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Razorpay is all set to empower businesses in Singapore by offering seamless real-time payments and a cost-efficient payment infrastructure to accelerate cross-border growth INDIA, Bengaluru, 7th March 2025: Driven by its mission and passion to make seamless money movement a reality for businesses of all sizes across borders, India\u2019s fintech giant and Leading Full-Stack Payments<\/p>\n","protected":false},"author":14,"featured_media":4550,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[33,185,184],"class_list":{"0":"post-4549","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corporate","8":"tag-razorpay","9":"tag-razorpay-launches-in-singapore","10":"tag-razorpay-singapore"},"modified_by":"Anu Saraswat","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4549"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4549\/revisions"}],"predecessor-version":[{"id":4551,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4549\/revisions\/4551"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4550"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}