For immediate release on December 17th 2020, 10am SGT:
SINGAPORE – Razer Fintech, the fintech arm of Razer and Rely, the Singapore-based Buy Now Pay Later (BNPL) service provider, have jointly announced their partnership to offer BNPL services in Southeast Asia to merchants registered under Razer Merchant Services (RMS), its B2B (business-to-business) solution. RMS, with a stronghold in Southeast Asia, encompasses powering online payments as a card processing gateway supporting global scheme cards and over 110 payment methods for global blue-chip merchants; and the region’s largest offline payment network of 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 Buy Now Pay Later transactions. Through this partnership, RMS’ merchants will now be able to provide interest-free BNPL solution for its customers.
“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 Southeast 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 Southeast Asia”, said Lee Li Meng, CEO, Razer Fintech.
BNPL solutions are transforming the financial sector in Southeast Asia – home to millions of young, tech-savvy consumers. According to the e-Conomy SEA report, digital payments are expected to exceed US$1 trillion in transaction value by 2025 in Southeast Asia. Moreover, with the BNPL trend picking up in Singapore, this collaboration has come at an opportune time. According to a survey conducted by Finder in October 2020, almost 1.1 million Singaporeans have used a BNPL service.
“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.
RMS merchants may contact [email protected] for any enquiries.
For press kit, please refer to this link.
About Razer Fintech
Backed by the leading global lifestyle brand for gamers synonymous with the youth and millennials, Razer Fintech is the financial technology arm of Razer Inc (1337: Hong Kong). Established in April 2018, Razer Fintech has grown to become one of the largest O2O (offline to online) digital payment networks in emerging markets and has processed over billions of dollars in total payment value. Razer Fintech operates two verticals, Razer Merchant Services (“RMS”) and Razer Pay.
Razer Merchant Services is a leading B2B (business-to-business) solution encompassing:
- RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global blue-chip merchants in SEA.
- RMS Offline: SEA’s largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services (including Razer Pay top-ups and fulfilment of e-commerce purchases), distribution of third-party point-of-sale activation (POSA) cards, and merchant acquiring services for Razer Pay and other third-party e-wallets.
Razer Pay is a B2C (business-to-consumer) solution comprising an all-encompassing e-wallet focused on offering a plethora of compelling use cases targeted at the youths, millennials, and underbanked.
Founded in 2017, Rely is a Singapore headquartered financial technology company, with operations across APAC. Rely is the leading Buy Now Pay Later service provider and has partnered large enterprise clients such as Qoo10 Singapore, Singapore’s largest e-commerce retailer. Rely’s service is popular among Millennial & Gen Z shoppers as they pay for their purchases over three to four equal payments, interest-free. Rely partnered with online and offline millennial-centric brands across key categories such as fashion, beauty, lifestyle, fitness among others.
For more information, please visit https://www.rely.sg/
Asia PR Werkz on behalf of Razer Fintech