The agency is alleged to be exploring alternatives in Southeast Asia and different rising markets, reminiscent of India and Latin America, to develop its fintech enterprise.
The monetary know-how arm of Singapore gaming and know-how model Razer mentioned that whereas awaiting outcomes of its bid for a digital banking license in Singapore, it’s at present exploring making use of for digital bank licenses in different jurisdictions, it mentioned on Wednesday with its monetary outcomes for the primary half of 2020.
Razer Fintech generated $1.eight billion in complete buy value within the first half of the yr, representing a rise of 114.three % year-on-year, and simply shy of the $2.1 billion it achieved throughout the entire of 2019. «This was pushed by the onboarding of recent retailers and surges in on-line procuring and digital leisure consumption actions as a result of COVID-19 lockdown,» Razer mentioned within the announcement.
Razer recorded a report excessive income of $447.5 million, with 25.three % year-on-year progress for the interval, pushed by sturdy progress throughout its Peripherals portfolio, sturdy double-digit share year-on-year progress for Techniques in May and June, and «phenomenal» progress within the Companies enterprise.
Banking Ambitions
In an interview with «The Straits Occasions» on Thursday, Razer Fintech chief government Lee Li Meng mentioned the corporate is well-positioned to develop its digital banking enterprise and is ready to pivot shortly from its digital funds enterprise to being a digital banking platform.
The corporate can also be trying overseas for extra alternatives on this subject. «We wish to construct a world enterprise and leverage on the Razer Inc facet of issues as they develop alongside (the fintech enterprise),» Lee mentioned.
Razer Fintech is among the largest offline-to-online digital cost networks in Southeast Asia and has processed billions of {dollars} in complete cost value since its institution in 2018. The corporate can also be is a part of a consortium that’s vying for considered one of 5 licenses in Singapore’s digital banking regime.
