Indian payments firm Razorpay launches in Singapore
It will focus on real-time payments in the Republic, to set itself apart from the competition
INDIAN payments company Razorpay launched in Singapore on Thursday (Mar 6), its second South-east Asia market after Malaysia.
Razorpay is looking to tap the growing digital payments market here, which is forecast to grow by two times to US$180 billion by 2029. The payments company will focus on real-time payments in the Republic, to set itself apart from the competition.
There is a ready base of customers for Razorpay from its India base that is looking to come to South-east Asia and Singapore, said the company.
“That’s one of the things that gives us comfort, because we see that organically there is a demand we can serve,” said Angad Dhindsa, South-east Asia head of Razorpay Singapore.
The choice of Singapore over other countries in South-east Asia as Razorpay’s second market comes down to a number of factors. One is that Singapore is home to a number of regional and Asia-Pacific head offices, making it an ideal place to reach customers. Another factor is Singapore’s stability, from a compliance and regulatory perspective.
Singapore represents the best leg-up for Razorpay’s operations in South-east Asia, said Shashank Kumar, managing director and co-founder of Razorpay. The ease of capital mobility here makes the Republic a good place to start working from, he added.
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“We want to be licensed in Singapore... and also work with the local payment institutions and see how we can enhance payment products,” said Kumar.
Razorpay is aiming to serve 5,000 businesses in South-east Asia by 2027, with expansion into multiple markets within the same time period. Currently, Razorpay has 60 employees in Malaysia and about 10 employees in Singapore. with employees in India making up the bulk of its 3,300-strong headcount.
There are plans to double the team in Singapore, but the timeline and pace of hiring is yet to be determined, said the company.
It is likely Razorpay will expand into its third market within the next two years, but it is not a hard and fast timeline, said Kumar.
“We want to ensure at least in the next 12 months that we are really successful in Singapore and Malaysia, and keep evaluating,” he added.
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