RAZER Fintech announced the purchase of E2Pay Global Utama, an e-money player and a B2B2C (business-to-business-to-consumer) digital payments facilitator in Indonesia, on Thursday.
The acquisition would expand Razer Fintech’s Southeast Asian offline-to-online (O2O) digital payment network through E2Pay’s digital payments and e-money services, according to a press release.
E2Pay’s services complement Razer’s regional business-to-business subsidiary Razer Merchant Services, according to the finance tech arm of gaming hardware Razer, which will help to ease cross-border payments for its 60,000 merchants in Indonesia.
When Razer Fintech was denied digital banking licenses in Singapore and Malaysia, a deal was struck. Razer Fintech announced it would continue to pursue its digital banking operations in the Philippines, as well as other regions such as Europe, Latin America, and the Middle East, after losing the Singapore licensing competition in December 2020.
“The purchase of E2Pay allows us to accelerate our entry into Indonesia, one of the fastest-growing digital economies in Southeast Asia, as well as better support our regional and global merchants’ digital payment needs as the single partner of choice,” said Lee Li Meng, CEO of Razer Fintech.
In Indonesia, competition is heating up as superapps like Grab, Sea, and GoTo all offer financial services to both consumers and companies.