KUALA LUMPUR: Razer Fintech, the fintech arm of Razer and Rely, a Singapore-based Buy Now Pay Later (BNPL) service provider, have jointly announced their partnership to offer BNPL services in Southeast Asia to merchants registered under Razer Merchant Services (RMS), its B2B (business-to-business) solution.
RMS, with a stronghold in Southeast Asia, encompasses powering online payments as a card processing gateway supporting global scheme cards and over 110 payment methods for global blue-chip merchants; and the region's largest offline payment network of over one million physical acceptance points.
The partnership follows a recent announcement by Rely to expand its services in Singapore, Malaysia and South Korea after securing capital from Goldbell Financial Services to process up to S$100 million (RM310 million) in Buy Now Pay Later transactions. Through this partnership, RMS' merchants will now be able to provide interest-free BNPL solution for its customers.
"We are excited to have partnered Rely, a fast-growing fintech that already works with blue chip merchants such as Qoo10 to extend their innovative BNPL solution to our extensive network of merchants across Southeast Asia," said Razer Fintech's chief executive officer, Lee Li Meng.
"Providing this timely access to Rely's BNPL solution adds to our fintech offerings and further expands our digital payments ecosystem for our customers. This collaboration is also aligned to our longstanding commitment to continue using our know-how in fintech to build new and innovative ways to meet the needs of a burgeoning and digital-savvy youth and millennial segment in Southeast Asia", said Lee.
In Malaysia, through this collaboration, both partners can leverage on each other's expertise, enabling MSMEs to offer an alternative digital payment channel and reinvent the shopping experience for their consumers.
According to a report by JPMorgan on Malaysia's ecommerce payments trends, the digital sector is valued at US$4 billion and projected to expand at a compound annual growth rate (CAGR) of 24 percent until next year.
"The concept of BNPL is still rather nascent in Malaysia. However, we are optimistic about the roll-out of this solution, given the untapped potential of ecommerce as it moves towards an exponential growth. We firmly believe our partnership with Rely will set a good stage for our RMS merchants to leverage this increase in ecommerce transactions", said Razer Fintech's head of Razer Merchant Services, Eng Sheng Guan,
Meanwhile, Rely's CEO Hizam Ismail said the company is thrilled to partner Razer Fintech to accelerate the adoption of Rely's BNPL service across its extensive network of merchants including international brands in Southeast Asia.
"Rely has been growing rapidly especially among Millennial and Gen Z consumers. Through this partnership, millions of young and tech savvy shoppers benefit by getting access to flexible interest-free payment options at their fingertips. We look forward to further expanding our services to more merchants and consumers both in Singapore and the region," said Hizam.