Fintech unicorn Razorpay has expanded to Singapore, marking its second foray into Southeast Asia after Malaysia. This move aligns with its strategy to strengthen its regional presence and support businesses with cross-border payment solutions.
Razorpay has 50-60 employees across Southeast Asia and plans to double its workforce by FY 2025-26. “We will maintain a mix of local hires and internal transfers, but most of our Singapore team will be locals,” said Shashank Kumar, Razorpay’s co-founder and MD. The company gained confidence from its success in Malaysia, where it captured a 3% market share and processed nearly $1 billion in gross merchandise value (GMV).
Tackling High Payment Costs In Singapore
Singapore has a 97% digital payments adoption rate, with its financial sector projected to hit $180 billion by 2029. However, businesses face transaction costs of 4%-6% on cross-border payments. Razorpay aims to cut these costs by 30%-40% through its AI-driven payment solutions.
“Singapore’s payments landscape is advanced but fragmented in cross-border transactions,” Kumar said. “Many SMEs here operate internationally from day one. Our experience in building cost-effective financial infrastructure in India will help us create impact in Singapore as well.”
Razorpay is not stopping at Singapore. “We are actively exploring Thailand, the Philippines, and Vietnam as our next markets,” Kumar said.
The company is betting big on international operations. “In 10 years, we expect our global business to be as large as our India operations, which currently process $180 billion annually,” Kumar added.
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