Indian fintech company Razorpay has launched its operations in Singapore, furthering its expansion in Southeast Asia, following successful ventures in India and Malaysia through its subsidiary, Curlec.
The company aims to provide Singaporean businesses with comprehensive payment processing services, including cross-border solutions and real-time financial analytics.
This move aligns with Singapore’s rapidly growing digital payments sector, projected to reach US$2 trillion in transaction volumes by 2030.
With a 97% digital payment penetration rate, driven by initiatives like SGQR and PayNow, Singapore presents a prime market for fintech innovation.
Razorpay intends to address the challenges faced by Singaporean businesses, particularly SMEs, who often grapple with fragmented payment systems and high cross-border transaction fees, which can range from 4-6% per transaction.
To mitigate these issues, Razorpay offers solutions designed to reduce fees by 30-40%.
The company’s suite of services includes AI-driven tools like Agentic-AI, aimed at automating financial processes, and RAY, an AI concierge for payment management.
Razorpay also anticipates that its solutions will drive over 30% higher transaction conversions for businesses.
Given that 30-50% of online payments in Singapore are cross-border, the company’s focus on seamless international transactions is particularly relevant.
Razorpay’s offerings will support various payment methods, including credit and debit cards, digital wallets, and real-time payment systems.
The company aims to facilitate smoother financial connections between Singaporean businesses and international markets, with a focus on simplifying cross-border transactions, especially with India.
Shashank Kumar, MD & Co-founder, Razorpay said,
“As one of the most advanced digital economies, Singapore is the ideal market for our next phase of growth in Southeast Asia. Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy, and we look forward to empowering local businesses with cutting-edge AI-powered solutions to drive digital transformation at scale.
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.”
Angad Dhindsa, South East Asia Head, Razorpay Singapore said,
“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. 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.
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.”
