Razer eyes Indonesia expansion with digital payment acquisition
Razer's fintech arm has acquired digital payments services provider, E2Pay Global Utama, in a bid to drive its expansion plans in Indonesia.
Razer Fintech said Thursday the acquisition would accelerate its foray into a market that was one of Southeast Asia's fastest-growing digital economies. It did not provide financial details behind the deal.
E2Pay offered a range of payment services that Razer said would complement cross-border payments services it provided to its own network of 60,000 merchants in the region.
E2Pay's services to merchants and financial institutions in Indonesia include e-money, remittance services, and a payment gateway, which supports e-commerce sectors that encompassed online marketplaces, professional services, and travel.
Founded in 2012, the fintech company also facilitates various payment channels including card schemes, internet and mobile banking, virtual accounts, offline points, and personal financing. It services a network of 500 merchants that included Tokopedia, Bukalapak, Traveloka, and Blibli.com
E2Pay's e-money platform MBayar also has more than 500,000 registered users, processing bill payments, QR payments, cash withdrawals, amongst other services.
Razer Fintech CEO Lee Li Meng said: "E2Pay is one of Indonesia's very few digital payment players that has a comprehensive set of licenses across various payment gateway services, e-money, and remittance. The acquisition of E2Pay allows us to accelerate our entry into Indonesia...as well as be able to better serve the digital payment needs of our regional and global merchants as the single partner of choice."
Razer Fintech processed a total payment volume of $7 billion in its fiscal 2021, up 63.5% from the previous year.
Headquartered in Singapore, the Razer fintech arm failed in its bid to secure a digital banking licence in Singapore, but had said its plans to expand into digital banking remained "unchanged".