Tech startup Razer Asia Pacific Pte Ltd on Thursday had submitted its proposal for unified e-payment system. Two weeks after accepting the challenge of Prime Minister Lee Hsien Loong via Twitter, Razer founder and chief executive Tan Min-Liang has finally presented the proposal of what it called RazerPay.
Tan took Facebook to announce the latest development of Singapore's first unified e-payment system project. Tan has stated that his team had already submitted his proposal to the Prime Minister's Office, Monetary Authority of Singapore (MAS) and Smart Nation and Digital Government Office.
Also read: Singapore's e-commerce biz dominates despite Amazon, Alibaba invasion
"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," states Tan in his Facebook post.
Tan has announced that his company is committing US$7.5m (SG$10m) for the project. Razer is also creating a specialised team of Singaporean payments engineers and experts to work on RazerPay.
Razer recommends two-pronged approach in this project. First is to "establish a Common E-Payment Framework. Second is to "spearhead support for an e-payment solution that can be widely adopted by Singaporeans and is compliant to the CEF".
As an open framework, the CEF is suggested to be supervised by the MAS. Tan has noted that if other companies will be able to pull off a unified e-payment system within 18 months under CEF, they "will cease focus on RazerPay to fully support the incumbent solution" to avoid multiple competing standards.
"I'd like to reiterate that the motivation behind RazerPay is one for public good first, and private enterprise second," states Tan, adding that, "Our goal is not to have RazerPay succeed – but for Singapore to become a cashless society sooner rather than later."
The summary of the proposal is now up and running on Razer's website. Razer aims to finish the project within 18 months from the time of the approval of the proposal.
