Left to right: Shashank Kumar (MD and Co-Founder, Razorpay) and Angad Dhindsa (VP – Southeast Asia Head & Executive Director, Razorpay)
India’s fintech giant Razorpay has announced its expansion into Singapore, marking its second market in Southeast Asia. The company aims to enhance the country’s digital payments ecosystem by offering AI-powered, cost-efficient, and scalable payment solutions to businesses.
Singapore has emerged as a global payments hub, but small and medium-sized enterprises (SMEs) face challenges such as high transaction fees and fragmented payment systems. Cross-border transactions currently incur charges of four to six per cent per transaction, limiting business scalability.
Razorpay’s entry into the market seeks to address these issues by reducing transaction fees by 30-40 per cent and improving access to real-time payments.
Razorpay’s platform in Singapore will include several innovations tailored to the needs of local businesses:
– Multi-currency transactions and Real-Time Payments (RTPs)
– Agentic-AI toolkit
– RAY – AI concierge for payments
– Magic Checkout
– Expanded payment options
As part of its launch strategy, Razorpay is collaborating with banks, financial institutions, and regulators to ensure compliance with Singapore’s financial framework. The company’s suite of services, including payment gateways, cross-border transaction solutions, and real-time financial analytics, is now available to businesses in Singapore.
Also Read: How fintech is disrupting the Southeast Asian payments market
Shashank Kumar, Managing Director and Co-founder of Razorpay highlighted the strategic significance of this expansion. “As one of the most advanced digital economies, Singapore is an ideal market for our next phase of growth. Our AI-driven payments suite, including Agentic-AI and RAY, will redefine financial operations, offering seamless transactions and intelligent automation to enhance business efficiency,” he said.
Angad Dhindsa, Razorpay’s Southeast Asia Head, emphasised the importance of cross-border payments for Singaporean businesses. “With 30-50 per cent of online payments being cross-border, SMEs need cost-effective solutions that empower them to transact globally. Leveraging our expertise from India and Malaysia, we aim to provide seamless financial operations and real-time settlements for businesses in Singapore.”
At the launch event, Dhindsa outlined the company’s user acquisition strategy, which includes partnerships, word-of-mouth referrals, technological innovation, and collaborations with Indian businesses expanding into Singapore.
Razorpay has a global workforce of 3,000 employees, 60 of whom are based in Malaysia and 10 in Singapore. The company is actively expanding its team in Singapore as part of its commitment to strengthening the local digital payments ecosystem.
With Singapore’s continued push towards a cashless economy, Razorpay’s expansion signals increased competition and innovation in the digital payments sector. As businesses seek more efficient cross-border transaction solutions, the company’s AI-driven approach positions it as a key player in Singapore’s evolving financial landscape.
—
Image Credit: Razorpay
The post Razorpay expands into Singapore, addressing cross-border payment challenges appeared first on e27.