It’s awesome to see the Singapore government taking steps to listen and be open to ideas and collaborations that help Singapore progress. Two weeks ago, we made a commitment to the Prime Minister of Singapore—that we would deliver a proposal within 14 days to help advance the country to a true cashless society by developing a unified e-payment system within 18 months.
I’m pleased to share that we have since submitted the proposal to the PM, and have made the executive summary available for all to read as this impacts all of us. You can learn more about our suggested approach and read the extracted executive summary here: www.razerzone.com/sg-epayments
In essence, we are recommending a two-pronged approach; to (1) establish a Common E-Payment Framework ‘CEF’, and (2) spearhead support for an e-payment solution that can be widely adopted by Singaporeans and is compliant to the CEF.
Pertaining to the CEF, our recommendation is to have the Monetary Authority of Singapore oversee and promote this open framework. As a private sector participant, Razer remains available to provide feedback and advisory support.
In our proposal for e-payment solution RazerPay, we are putting our money where our mouth is. We will be committing SGD$10M and will be putting together a specialized team of Singaporeans to roll it out (see more below).
Additionally, I’d like to reiterate that the motivation behind RazerPay is one for public good first, and private enterprise second. In the event of a better proposition (compliant to CEF, successful in mass adoption etc.) that is able to advance Singapore to a cashless society within 18 months, we will cease focus on RazerPay to fully support the incumbent solution so that we won’t have a situation of multiple competing standards.
Our goal is not to have RazerPay succeed – but for Singapore to become a cashless society sooner rather than later.
In the past two weeks, it has been very heartening to see so many Singaporeans step up and extend their desire in helping us pioneer change. I’ve received many ideas and offers from a wide range of industries—and I am incredibly grateful. Many of you have offered your ideas, time as well as commitment to help roll this out.
With regards to this, and to foster a Singaporean-first perspective, we’ve posted the core team member openings here www.razerzone.com/sg-epayments. We will also be opening up more positions once the leads are filled as this is a massive endeavour.
We’re committed to the betterment of Singapore and are fully ready to do our part to make us the most advanced Smart Nation in the world. I am open to hearing any feedback from you – because this isn’t just a government initiative, this affects all of us as Singaporeans.
Let’s make it happen. For Singaporeans. By Singaporeans.