Singapore company promises PM new e-payments proposal within 14 days

Out-Law News | 24 Aug 2017 | 4:25 pm |

Singapore-based gaming accessory company Razer has promised to submit a proposal for a Singapore e-payment systems with a fortnight after a Twitter exchange between its CEO and Singapore prime minister Lee Hsien Loong.

In his National Rally Day speech earlier this week Lee said that Singapore lags behind other countries in the use of electronic payments and should make an effort to catch up.  Six out of 10 transactions in Singapore still involve cash and cheques, and the situation is not helped by the lack of interoperability between the e-payment services that are available, he said.

Lee also tweeted parts of his speech, and Razer chief executive Tan Min-Liang responded, saying: "Say the word and I'll have the e-payment system rolled out nationwide in 18 months."

Lee responded: "Make me a proposal, and I will study it seriously."

“We will submit the proposal in the next 14 days or less and we expect to assemble a team of some of the best payments engineers and experts in Singapore," Tan said.

Tan later said that the company had managed to get "some of the top e-payment experts in the industry" on board in 24 hours.

Razer runs a virtual currency system called zGold