Razer Pay Tests Blockchain

November 14, 2018. RazerPay, Razer’s e-payment platform announced its collaboration with United Overseas Banks’s “The FinLab” to test blockchain-powered remittance.

The FinLab is a fintech accelerator of United Overseas Bank (UOB) in Singapore dedicated to helping technology companies grow. This partnership will “lay the groundwork for the smooth roll-out of Razer Pay across Southeast Asia,” said Razer in a statement. Razer will lead product development while The FinLab will give business advice such as in settlement and remittance messages.

In addition, Razer Pay will bring UOB’s banking services to Southeast Asia while UOB will process payments for Razer Pay’s merchant partners around the world.
Razer also announced a partnership with V-Key to develop a system for securing online activities and transactions within Razer Pay.

Razer Pay is already operating in Malaysia and is now targeting 1 million users in Singapore in 1.5 years. CEO Min-Liang Tan promised SGD 10 million as funding for the e-payment platform.

In April 2018, Mr. Tan first commented on Razer’s interest with blockchain, saying that he and the company are “excited about what this technology will bring.” Razer Pay is an e-wallet that allows users to top up easily, pay anywhere, and transfer money initially. In Malaysia, Razer Pay is a partnership between Razer and Berjaya Corporation. Users can go to any 7-eleven stores in Malaysia to top up. Razer Pay can be used to purchase gaming pin codes such as MOLPoints and Steam Wallet. It can also be used to top up Spotify, Netflix, and Malaysian Telco accounts.

Razer is a global gaming hardware manufacturing company with products ranging from gaming equipment to wearables. Razer Pay is its e-payment platform to facilitate online transactions not just for gaming but for a multitude of other transactions mentioned earlier.

Sources: e27, Business Insider