The firm is said to be exploring opportunities in Southeast Asia and other emerging markets, such as India and Latin America, to grow its fintech business.
The financial technology arm of Singapore gaming and technology brand Razer said that while awaiting results of its bid for a digital banking license in Singapore, it is currently exploring applying for digital bank licenses in other jurisdictions, it said on Wednesday with its financial results for the first half of 2020.
Razer Fintech generated $1.8 billion in total purchase value in the first half of the year, representing an increase of 114.3 percent year-on-year, and just shy of the $2.1 billion it achieved across the whole of 2019. This was driven by the onboarding of new merchants and surges in online shopping and digital entertainment consumption activities due to the COVID-19 lockdown, Razer said in the announcement.
Razer recorded a record high revenue of $447.5 million, with 25.3 percent year-on-year growth for the period, driven by strong growth across its Peripherals portfolio, strong double-digit percentage year-on-year growth for Systems in May and June, and phenomenal growth in the services business.
In an interview with on Thursday, Razer Fintech chief executive Lee Li Meng said the company is well-positioned to grow its digital banking business and is able to pivot quickly from its digital payments business to being a digital banking platform.
The company is also looking abroad for more opportunities in this field. «We want to build a global business and leverage on the Razer Inc side of things as they grow alongside the fintech business, Lee said.
Razer Fintech is one of the largest offline-to-online digital payment networks in Southeast Asia and has processed billions of dollars in total payment value since its establishment in 2018. The company is also is part of a consortium that is vying for one of five licenses in Singapore’s digital banking regime.