Two weeks after Tan Min-Liang, CEO of gaming tech firm Razer, tweeted to Prime Minister Lee Hsien Loong that he can roll out a nationwide e-payment system within 18 months, Tan unveiled his two-pronged proposal towards the goal on Thursday (8 September).
In response to Tan’s tweet on 22 August, Lee thanked him a day later and said, “Make me a proposal, and I will study it seriously.”
The proposed system, RazerPay, calls for the establishment of a Common E-Payment Framework (CEF), and support for a CEF-compliant e-payment solution that can be widely adopted by Singaporeans, Tan announced in a post on his Facebook page.
Tan suggests the Monetary Authority of Singapore to oversee and promote the open framework while Razer will be available to provide feedback and advisory support.
To push for RazerPay, Tan said the company is “putting our money where our mouth is”.
“We will be committing S$10 million and will be putting together a specialised team of Singaporeans to roll it out,” Tan added. Razer is looking to employ Singaporeans in positions including engineers, heads of its business unit, engineering, payment services, and others.
Tan stressed that the motivation behind RazerPay is for the “public good first, and private enterprise second”. If there were a better solution that can be CEF-compliant and lead to Singapore becoming a cashless society within 18 months, Razer will cease its focus on RazerPay. The company will support the “incumbent solution” to avoid 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,” Tan said.
Tan revealed that he has been overwhelmed by the support and ideas to create a cashless society from Singaporeans. Razer will do its part to make Singapore the most advanced Smart Nation in the world, he said.