SINGAPORE – Razer, the leading global lifestyle brand for gamers, today announced that Razer Pay is collaborating with The FinLab, on a proof-of-concept (POC) to test cross-border remittance using blockchain technology. The FinLab is United Overseas Bank’s (UOB) FinTech and innovation accelerator.
The blockchain-based POC aims to improve operational efficiency by increasing the transparency and speed of cross-border remittances. Razer Pay will spearhead the technical and product development of the POC. Through The FinLab, UOB will mentor and guide Razer Pay in areas such as settlement and the sending and receipt of remittance messages.
Razer Pay also announced it would be extending UOB’s transaction banking services, cash management and foreign exchange (FX) solutions to Southeast Asia. This follows UOB’s support of the Singapore launch of Razer Pay through the Bank’s provision of a suite of payment and cash management solutions.
UOB will also process payments for Razer Pay’s global network of merchants and offer competitive FX rates to Razer Pay Singapore users when they make in-app purchases in a foreign currency.
The collaboration among Razer, UOB and The FinLab lay the groundwork for the smooth roll-out of Razer Pay across Southeast Asia in the coming year.