BENGALURU: Fintech unicorn Razorpay has entered the Singapore market, marking its second foray into Southeast Asia following its expansion into Malaysia. This move aligns with the company’s broader strategy to strengthen its regional presence and support businesses seeking efficient cross-border payment solutions.
Razorpay currently employs 50-60 people across Southeast Asia and plans to double its workforce by the 2025-26 financial year. “We will maintain a mix of local hires and internal transfers, but the majority of our team in Singapore will be locals,” said Shashank Kumar, co-founder and managing director of Razorpay, in an interview with The Times of India (TOI).
The company’s confidence in scaling its Southeast Asian footprint stems from its success in Malaysia, where it has over a thousand customers and processes nearly $1 billion in gross merchandise value (GMV). “Capturing a 3% market share in Malaysia proved that our solutions deliver real impact. Singapore is the natural next step for us,” Kumar added.
Tackling High Transaction Costs in Singapore
With a 97% adoption rate in digital payments, Singapore has a highly advanced financial sector, projected to reach $180 billion by 2029. However, businesses still face high cross-border transaction fees of 4%-6%, which limits scalability. Razorpay aims to address this challenge by leveraging its AI-powered payment suite to reduce these costs by 30% to 40%.
“Singapore’s payments landscape is highly evolved but remains fragmented when it comes to cross-border transactions,” Kumar explained. “Many businesses here, especially SMEs, operate beyond domestic borders from day one. Our expertise in building cost-efficient, scalable financial infrastructure in India positions us well to create meaningful impact in Singapore as well.”
Expanding Beyond Singapore
Razorpay’s Southeast Asia expansion does not stop at Singapore. “We are actively exploring Thailand, the Philippines, and Vietnam as our next markets,” Kumar revealed.
The company is betting on its international operations to become a major revenue driver. “Looking ahead, we expect our global business to match the scale of our India operations, which currently handle $180 billion in annual payment volumes,” he added.
With an ambitious growth strategy and a proven track record in fintech innovation, Razorpay is poised to play a key role in transforming cross-border digital payments across Southeast Asia.–TIMES OF INDIA
