Razorpay expands into Singapore
07 Mar 2025, 08:16 PMRazorpay will work closely with banks, financial institutions, and regulatory bodies to ensure compliance with Singapore’s financial landscape.
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Razorpay has announced its expansion into Singapore, marking its second destination in South-East Asia, after Malaysia.
According to the company, Southeast Asia (SEA) is witnessing an unprecedented digital payments boom, with transaction volumes projected to surpass $2 trillion by 2030. Singapore, at the heart of this transformation, is leading the charge with a 97% digital payment penetration rate and a strong push for cashless transactions. Digital payments in Singapore will grow by 2X to $180 billion by 2029 and its eCommerce market, currently valued at $20-23 billion, is anticipated to reach $40 billion by 2028, ranking it among the top digital markets in APAC. 40% of SEA’s online digital payments in 2024 were through real-time payments in Singapore.
The Bengaluru-based payment aggregator has launched a suite of payment solutions that is expected to reduce cross-border transaction fees by 30-40% -- which currently costs the businesses in Singapore 4-6% per transaction.
Razorpay offers AI-powered payment solutions to support local businesses. Its offerings include multi-currency transactions, real-time payments, and cross-border solutions. The Agentic-AI toolkit automates transactions and financial operations. RAY, an AI concierge, manages payments, payouts, payroll, and fraud protection. Magic Checkout provides a one-click payment experience to boost conversions. Razorpay supports multiple payment methods, including digital wallets and real-time payment rails.
As part of its market entry strategy, the company will work closely with banks, financial institutions, and regulatory bodies to ensure seamless integration and compliance with Singapore’s financial landscape.
Shashank Kumar, MD and co-founder, Razorpay, said, "While Singapore is rapidly evolving and exploring new opportunities of trade, the complexities of cross-border money movement, fragmented payment system, and real-time payments remain one of the most significant barriers to unlocking that potential. 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."
In July 2023, Razorpay announced the launch of its first international payment gateway, Curlec by Razorpay, post the acquisition of a majority stake in Malaysia-based Curlec in February 2022.
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