Razer eyes Indonesia expansion with digital payments acquisition
Razer’s fintech arm has acquired digital payment service provider, E2Pay Global Utama, in a bid to complete its expansion plans in Indonesia.
Razer Fintech said on Thursday the acquisition would accelerate its foray into a market that was one of Southeast Asia’s fastest growing digital economies. He did not provide financial details behind the deal.
E2Pay offered a range of payment services that Razer said would complement the cross-border payment services 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 encompass online marketplaces, professional services and the trips.
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 serves a network of 500 merchants including Tokopedia, Bukalapak, Traveloka and Blibli.com
E2Pay’s MBayar e-money platform also has over 500,000 registered users, processing bill payments, QR payments, cash withdrawals, among other services.
Razer Fintech CEO Lee Li Meng said, “E2Pay is one of the few Indonesian digital payment players that has a comprehensive set of licenses covering various payment gateway, e-money and money transfer services. funds. The acquisition of E2Pay allows us to accelerate our market entry. Indonesia…as well as being 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 2021 fiscal year, up 63.5% from the prior year.
The Singapore-based fintech arm of Razer failed in its bid to secure a digital banking license in Singapore, but said its plans to expand into digital banking remained “unchanged”.