India’s fintech firm Razorpay has on Thursday announced its expansion into Singapore, marking its second destination in South-East Asia.
The firm said in a statement that this entry into Singapore follows the company’s successful operations in Malaysia.
With Singapore emerging as a global payment hub, the firm aims to support and scale the country’s thriving digital economy by offering seamless, secure and scalable payment solutions, powered by artificial intelligence (AI).
It is noted that 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 percent digital payment penetration rate and a strong push for cashless transactions.
Digital payments in Singapore is expected grow by two times to $180 billion by 2029 and its eCommerce market, currently valued at $20 billion to $23 billion, is anticipated to reach $40 billion by 2028, ranking it among the top digital markets in Asia Pacific (APAC).
It is also noted that 40 percent of SEA’s online digital payments in 2024 were through real-time payments in Singapore.
With initiatives like SGǪR (Singapore ǪR), PayNow, and cross-border payment linkages with countries like Thailand G India, Singapore is setting new benchmarks for frictionless, instant, and borderless digital payments, making it an attractive hub for fintech innovation.
While domestic payment innovations thrive, cross-border complexities and evolving customer expectations remain key challenges, said the statement.
Businesses in Singapore currently pay 4 percent to 6 percent per transaction on cross-border payments, impacting their scalability in a fast-paced, digital-first market.
Small and medium-sized enterprises (SMEs) in Singapore continue to struggle with fragmented payment systems that drive up transaction fees and limit access to real-time payments in other Asian markets, creating barriers to their scalability and global reach.
As Singapore pushes forward, Razorpay opined that the need for bold innovation and seamless financial connectivity has never been greater.
To address the varied challenges Razorpay launched a suite of payment solutions that will empower Singaporean businesses to scale rapidly with real-time payments and reduce cross-border transaction fees by 30 percent to 40 percent to effectively navigate the challenges of expanding in an increasingly competitive global market.
With this launch, the firm aims to bridge the technology gap between local and international payment gateways, enabling Singaporean businesses to seamlessly transact across borders while strengthening business ties between India and Singapore.
Building on its ten times growth of Curlec by Razorpay in Malaysia in the last two years, Razorpay aims to replicate this success in Singapore through its innovative digital solutions.
“As one of the most advanced digital economies, Singapore is the ideal market for our next phase of growth in Southeast Asia,
“Our expansion aligns with Singapore’s bold vision for a cashless, innovation-driven economy, and we look forward to empowering local businesses with cutting-edge AI-powered solutions to drive digital transformation at scale,” said Shashank Kumar, Managing Director and Co-founder of Razorpay.
While Singapore is rapidly evolving and exploring new opportunities of trade, he noted 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,” he said.
With the firm’s proven expertise in dynamic markets like India and Malaysia, he said the firm is committed to building a powerful payments infrastructure in Singapore—one that helps businesses expand effortlessly while they handle the complexities of financial operations.
“As part of this, our new Payment Gateway, combined with a reimagined checkout and AI-powered solutions, will not only simplify transactions but also drive over 30 percent higher conversions, leading to increased revenues, while ensuring utmost safety, security, and compliance,
“Payments should be seamless, and collaboration, innovation, and customer-centricity will be the key drivers in unlocking the full potential of digital payments and fueling economic growth in Singapore,” he added.
Angad Dhindsa, Southeast Asia Head, Razorpay Singapore, said the firm’s expansion into Singapore comes at a pivotal moment as the local market embraces innovation and digital transformation.
“We understand the unique challenges that small and medium businesses here face, from navigating cross-border transaction costs to struggling with operational inefficiencies that limit their scalability,
“With 30 percent to 50 percent of online payments in Singapore being cross-border, businesses need seamless, cost-effective solutions that empower them to transact globally with ease,” he said.
“By leveraging our experience and insights gained from our success in Malaysia & India, we are excited to provide Singaporean businesses with tailored solutions that reduce costs while enhancing cross-border capabilities,
“Additionally, as real-time payments continue to redefine digital transactions in Singapore, we aim to provide businesses with faster settlements and seamless payment processing, ensuring instant and frictionless financial operations across borders,” he added.
As part of its market entry strategy, the company will also work closely with banks, financial institutions, and regulatory bodies to ensure seamless integration and compliance with Singapore’s financial landscape.
The payment gateway launch in Singapore will pave the way for Razorpay to further strengthen its presence in the SEA market and make its capabilities available while continuing to build and strengthen the central nervous system for Digital India, said the statement.