Razorpay Expands to Singapore

In a bold move to strengthen its presence in Southeast Asia, fintech unicorn Razorpay has announced its expansion into Singapore. This strategic decision follows its successful foray into Malaysia, marking Singapore as its second Southeast Asian market. With over a thousand customers and nearly $1 billion in GMV (gross merchandise value) in Malaysia, Razorpay is now setting its sights on capturing the digital payment market in Singapore.

Challenges and Opportunities

Despite Singapore's 97% adoption rate in digital payments, businesses face high transaction costs of 4%-6% on cross-border payments, which hampers their scalability. Razorpay aims to address this issue by reducing these costs by 30% to 40% through its AI-powered payment suite. "Singapore’s payments landscape is highly evolved but still fragmented when it comes to cross-border transactions," said Shashank Kumar, Razorpay’s co-founder and MD.

Future Plans

Razorpay is not stopping at Singapore. The company is actively exploring opportunities in Thailand, the Philippines, and Vietnam. With plans to double its talent base in Southeast Asia by the 2025-26 financial year, Razorpay is betting big on its international operations to become a significant revenue contributor. "From a 10-year perspective, we expect our international business to be as large as our India operations," Kumar added.