India's fintech unicorn Razorpay goes to Singapore, strengthens presence in Southeast Asia

Indian fintech unicorn Razorpay has expanded its footprint in Singapore with a suite of AI-driven payment solutions, looking to capitalize on the city-state’s rising e-commerce ecosystem and high digital penetration.

Effective immediately, businesses in Singapore will have access to Razorpay’s payment gateway, cross-border transaction solutions, and real-time analytics tools, all backed by AI-enabled capabilities such as the newly introduced Agentic-AI SDK and RAY, the platform’s AI concierge, the company said in a statement.

"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. Additionally, as real-time payments continue to redefine digital transactions in Singapore, we aim to provide businesses with faster settlements and seamless payment processing, ensuring instant and frictionless financial operations across borders," said Angad Dhindsa, South East Asia Head, Razorpay Singapore.

The move into Singapore follows Razorpay’s earlier expansion into Malaysia. While transaction volumes projected in the region to top $2 trillion by 2030, Singapore alone is expected to see its digital payment to double to around $180 billion by 2029.

The city-state has pioneered initiatives like PayNow and SGQR, making it a global hub for instant, low-friction digital payments. Still, Razorpay believes cross-border solutions remain underdeveloped, with businesses often paying 4-6% per transaction.

Razorpay's offerings in Singapore

Razorpay’s offerings will include multi-currency acceptance and real-time settlement through PayNow and other rails, as well as a suite of AI-powered modules. One such module, Agentic-AI, is a software development kit (SDK) that enables AI agents to engage in transactions with human users, transforming onboarding, integration, and real-time financial intelligence.

Another tool, dubbed RAY, acts as an AI concierge that handles payouts, payroll, and vendor transactions for businesses. The company expects these functionalities to cut overhead costs and boost operational efficiency for local merchants.

"Our AI-drive payments suite, including Agentic-AI and RAY, will redefine how businesses operate, offering not just seamless transactions but also intelligent automation that enhances operational efficiency. As part of this, our new Payment Gateway, combined with a reimagined checkout and AI-powered solutions, will not only simplify transactions but also drive over 30% higher conversions, leading to increased revenues, while ensuring utmost safety, security, and compliance," said Shashank Kumar, MD & Co-founder, Razorpay.

The expansion of Razorpay’s platform in Singapore is supported by other advanced features, including real-time analytics, fraud detection, and automated reconciliation.

With this launch, Razorpay aims to bridge the technology gap between local and international payment gateways, enabling Singaporean businesses to seamlessly transact across borders while strengthening business ties between India and Singapore.

The Bengaluru-based company will work closely with banks, financial institutions, and regulatory bodies to ensure seamless integration and compliance with Singapore’s financial landscape.