Razer has taken another step towards becoming one of Singapore’s major payments providers. The firm announced a partnership with Singtel that will see the two collaborate on fintech, gaming, and telecom.
The two companies claimed that they will create “the largest e-payments network in Southeast Asia” by making their respective platforms work together.
Earlier this year, Singtel began offering its mobile wallet to customers of its affiliate companies outside of Singapore. It said today that this initiative will link more than 50 million registered e-wallet users with over 1 million merchant paypoints across the region.
Last month, Razer announced its acquisition of Malaysia’s MOL Global, a gaming-focused payments firm that also works with merchants to enable online shoppers to pay for their ecommerce purchases in cash.
Analysts pointed out that while the MOL buyout will give Razer a better foundation in payments services, it’s no silver bullet, due to its lower recognition in Singapore, lower number of merchant partners, and association with gaming.
This followed Singapore Prime Minister Lee Hsien Loong’s public call for an integrated cashless payments system in the city-state in the city-state last August. Razer CEO Tan Min-Liang threw his firm’s hat into the ring, leading to a mixed reaction from would-be users and competitors.
Local payments firm Nets and ride-hailing startup Grab are also vying to become Singapore’s top cashless payments option.
See: Despite $61m MOL buy, Razer still far from realizing its national payments plan
Razer and Singtel will collaborate on more than just cashless payments. In a Facebook post announcing the partnership, Tan said that Razer would seek to bring its gaming-related services – including its zGold and zSilver digital currencies – to Singtel mobile users.
He further described the deal as “a massive step toward moving the entire Southeast Asia region to a cashless economy (and not just Singapore!),” tagging Prime Minister Lee’s Facebook page.
This is a developing story. Check back for updates.
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