Singapore FinTech Association (SFA) and Razer Fintech, Razer Inc’s financial technology arm, today announced their collaboration to address the key issues facing the FinTech industry in Singapore as a result of the Covid-19 pandemic, which includes business continuity concerns, high business costs, funding and employment.
This follows the announcement on April 10, 2020, by Razer of a US$50 million Covid-19 Support Fund where Razer will leverage on its business arms of Razer Fintech, Razer Gold and corporate ventures arm, zVentures to support business partners and help them tide over the negative impact brought about by Covid-19. [For press release on Razer’s COVID-19 Support Fund, please refer to this link.]
As part of the agreement, SFA and Razer Fintech will leverage on SFA’s capabilities and Razer’s ecosystem, to mobilise support for the Singapore FinTech community, including:
Cash flow and marketing support programs
Help curate best-in-class FinTech companies in Singapore through partnerships or investment
Support the evaluation and due diligence process (certification, screening and reference checks)
Joint networking events to promote the FinTech scene in Singapore
These various pillars of support would position Singapore FinTechs in a good stead to tide over this challenging period, be ready and become stronger when the threats from COVID-19 recede and normal economic conditions return.
Interested FinTech companies can get assistance in the form of bridge financing, equity or equity-linked instruments ranging from USD$100,000 to USD$1.5 million depending on the stage of growth and requirements. For more information about this collaboration, do visit SFA’s website at www.singaporefintech.org/sfa-razer-fintech-collaboration/, to find out more about the funding programs under Razer Fintech and zVentures.
Quotes
Mr. Chia Hock Lai, President, SFA stated, “We are honoured to deepen our relationship with Razer through their S$70 million Covid-19 Support Fund, which will provide much-needed support to FinTechs at this time of pandemic. With both the public and private sectors stepping up to support the FinTech community, FinTechs will be well positioned to continue to provide innovative financial solutions to end consumers and businesses.”
“We have seen many business partners, both existing and new, who have been severely impacted just in the past couple of months and we want to do our part to help,” says Razer Chief Strategy Officer and Razer Fintech Chief Executive Officer, Li Meng Lee. “This partnership with SFA will enhance our efforts for the Covid-19 Support Fund and we look forward to working closely with SFA to achieve the objectives we have in mind, which is to ensure sustainability and growth for the Fintech community here in Singapore”.