Razorpay expands into Singapore

Homegrown full-stack payments and business banking platform Razorpay has forayed into the Singapore market—its second such entry in Southeast Asia after Malaysia, the company announced on Thursday.

With the latest move, Razorpay said it plans to support Singapore’s growing digital economy with artificial intelligence (AI)-powered payment solutions to improve cross-border transactions.

“As one of the most advanced digital economies, Singapore is the ideal market for our next phase of growth in Southeast Asia,” said Shashank Kumar, managing director and co-founder of Razorpay. “Our AI-driven payment suite will redefine how businesses operate, offering seamless transactions and intelligent automation that enhances operational efficiency.”

Singapore has emerged as a major digital payments hub, and has 97% penetration and a projected market value of $180 billion by 2029, the Bengaluru-based company said.

Despite the growth, businesses face challenges such as high transaction fees of 4-6% on cross-border payments and fragmented payment systems that limit real-time transactions with other Asian markets.

According to Razorpay, it will address these challenges by offering solutions that reduce cross-border transaction fees by 30-40% and enable real-time payments.

The company’s payment technology platform in Singapore will include multi-currency transactions, real-time payment integration via PayNow, an AI-powered payments suite called Agentic-AI, and RAY, India’s first AI concierge for payment management.

Angad Dhindsa, Southeast Asia head at Razorpay Singapore, said the company’s focus will remain on cost reduction and efficiency for SMEs. “With 30-50% of online payments in Singapore being cross-border, businesses need seamless, cost-effective solutions that empower them to transact globally with ease,” he said.

Razorpay will team up with banks, financial institutions, and regulatory bodies for compliance and integration with Singapore’s financial landscape.

The company said its strong growth in Malaysia through its subsidiary Curlec serves as a model for its expansion in Singapore.