Razer Fintech Partners Rely to Provide Pay Later Solution for Its Merchants in South East Asiaby Fintech News Singapore December 17, 2020
Razer Fintech has partnered with Rely, a Singapore-based Buy Now Pay Later (BNPL) service provider, to offer BNPL services in South East Asia to merchants registered under Razer Merchant Services (RMS), its B2B solution. Through this partnership, RMS’ merchants will now be able to provide interest-free BNPL solution for its customers.
RMS powers online payments as a card processing gateway supporting global scheme cards and over 110 payment methods for global blue-chip merchants with over one million physical acceptance points.
This strategic partnership follows a recent announcement by Rely to expand its services in Singapore, Malaysia and South Korea after securing capital from Goldbell Financial Services to process up to S$100 million in BNPL transactions.
“We are excited to have partnered Rely, a fast-growing fintech that already works with blue chip merchants such as Qoo10 to extend their innovative BNPL solution to our extensive network of merchants across South East Asia. Providing this timely access to Rely’s BNPL solution adds to our fintech offerings and further expands our digital payments ecosystem for our customers.
This collaboration is also aligned to our longstanding commitment to continue using our know-how in fintech to build new and innovative ways to meet the needs of a burgeoning and digital-savvy youth and millennial segment in South East Asia”,
said Lee Li Meng, CEO, Razer Fintech.
BNPL solutions are transforming the financial sector in South East Asia. According to the e-Conomy SEA report, digital payments are expected to exceed US$1 trillion in transaction value by 2025. The pay later trend is picking up in Singapore with almost 1.1 million Singaporeans having used a BNPL service, according to a survey conducted by Finder in October 2020.
“We are thrilled to partner Razer Fintech to accelerate the adoption of Rely’s BNPL service across its extensive network of merchants including international brands in Southeast Asia. Rely has been growing rapidly especially among millennial and Gen Z consumers.
Through this partnership, millions of young and tech savvy shoppers benefit by getting access to flexible interest-free payment options at their fingertips. We look forward to further expanding our services to more merchants and consumers both in Singapore and the region”,
said Hizam Ismail, CEO, Rely.