Razorpay Expands Operations To Singapore For Easier Cross-Border Transactions

Almost two years after launching in Malaysia, fintech giant Razorpay has expanded into Singapore, marking its second move in Southeast Asia.

Razorpay aims to take advantage of Singapore's growing digital payments market.

The company’s services, including cross-border transactions, payment gateway and real-time financial analytics, are already available in Singapore. It plans to collaborate more closely with local financial institutions, banks and regulatory bodies.

Razorpay also noted that many small and medium enterprises (SMEs) in Singapore face challenges with limited access to real-time payment systems and high cross-border transaction costs.

With this expansion, Razorpay hopes to help businesses grow faster and reduce cross-border payment costs by 30%-40%.

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“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,” said Shashank Kumar, MD and cofounder at Razorpay.

“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,” said Angad Dhindsa, South East Asia head at Razorpay Singapore.

The Agentic-AI toolkit automates financial transactions and operations. RAY, an AI assistant, handles payments, payouts, payroll and fraud protection. Magic Checkout offers a one-click payment option to increase conversions. Razorpay supports various payment methods, including digital wallets and real-time payment systems.

The company introduced its first international payment gateway, 'Curlec By Razorpay,' when it entered the Malaysian market. It acquired the Malaysian startup Curlec in a $20 million deal in 2022 to connect local and international payment gateways.

About Razorpay 

Founded in 2014 by Shashank Kumar and Harshil Mathur, Razorpay has grown its services to include SME payroll management, lending, banking, and insurance, in addition to payment solutions.

The company plans to move its headquarters from the US back to India by the end of 2024, ahead of its planned IPO in the next two years. As part of this shift, Razorpay is merging its six Indian units into one, called Razorpay Software India.

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