RAZER Fintech on Thursday announced acquisition of E2Pay Global Utama—an e-money player and a biz-to-biz-to-consumer (B2B2C) digital payments facilitator in Indonesia.
According to a press release, the acquisition will expand Razer Fintech’s Southeast Asian offline-to-online (O2O) digital payment network through E2Pay’s digital payments and e-money services.
The finance tech arm of gaming hardware Razer highlighted that it will help to facilitate cross-border payments for its 60,000 merchants in Indonesia as E2Pay’s services complement Razer’s regional business-to-business unit Razer Merchant Services.
The deal ensued when Razer Fintech was passed over for digital banking licenses in Singapore and Malaysia. After the company’s loss in the Singapore license race in December 2020, Razer Fintech said it would keep on pursuing its digital banking endeavors in the Philippines, as well as other regions including Europe, Latin America, and the Middle East.
“The acquisition of E2Pay allows us to accelerate our entry into Indonesia, one of the fastest-growing digital economies in South-east Asia, as well as be able to better serve the digital payment needs of our regional and global merchants as the single partner of choice,” said Lee Li Meng, chief executive of Razer Fintech.
Competition in Indonesia now intensifies with superapps Grab, Sea, and GoTo are all offering financial services to both consumers and businesses.
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