Screenshot from Razer E-payments Proposal website.
Razer has submitted its proposal to enable Singapore to become a cashless society to Prime Minister Lee Hsien Loong last Thursday (7 September 2017)
The gaming hardware firm is proposing the development of a common e-payment framework (CEF) to ensure interoperability of all digital payment solutions. Its proposal also stated that the Monetary Authority of Singapore (MAS) should oversee this move as well as set the policies and regulations for this open framework.
To complement CEF, Razer intends to develop and deploy a cloud-based e-wallet called RazerPay. It will provide S$10 million seed funding for RazerPay, and aims for 1 million sign ups within 18 months from 1 October 2017.
The company will also hire Singaporeans to lead and work on the RazerPay initiative to ensure that the e-payment solution will "truly address the needs to Singaporeans, as opposed to one shoehorned for Singapore," according to the proposal's executive summary.
Based on its website, it is currently looking for business unit lead, engineering lead, merchant acquirer lead, payment services lead, regulatory/legal lead, as well as front-end, backend and cloud services engineer.
Despite putting in much effort for RazerPay, the company will cease its focus on RazerPay if another third-party e-payment solution, which is in line with the CEF established by MAS, achieves mass adoption in Singapore. It will instead support that particular third-party e-payment solution.
"The reason for the foregoing is that our objective is a public goal, not a private endeavour and it is not for Razer to profit from such an objective," Razer stated in the executive summary.
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