A Twitter exchange between Razer CEO Min-Liang Tan and Singapore Prime Minister Lee Hsien Loong last month led to talks of Razer delivering a proposal for a unified e-payment system in Singapore.
Yesterday (Aug 7), Razer came through on its promise, and replaced any doubt cast on its ability to keep up with its bold guarantee of a proposal within 14 days.
The hardware company submitted its 36 page proposal to help turn Singapore into a cashless society within 18 months to the Prime Minister’s Office, the Monetary Authority of Singapore (MAS), and the Smart Nation and Digital Government Office.
Wanting to make good on his word of creating a plan that was made “for Singaporeans, by Singaporeans”, Tan even made an extracted summary of the proposal publicly accessible online.
The plan highlights a Common E-Payment Framework (CEF) to be overseen by the Monetary Authority of Singapore.
The CEF will be supported by an e-payment system that can be widely adopted by Singaporeans.
Its e-payment solution, RazerPay, is aimed at end-users, customers, and businesses.
RazerPay is envisioned as a way of eliminating cash-payments through a variety of online platforms, including a mobile app and a stored-value card or chip.
Razer also says that it will be putting their money where their mouth is by putting together a specialised team of Singaporeans, adding that the company will commit $10 million in seed funding to create the e-payment system.
It aims to get one million sign-ups in 18 months, which is by May 2019.
However, Tan also reiterated Razer’s Singapore first priority – saying the focus on RazerPay will be dropped if a different unified e-payment system gains mass adoption in Singapore.