Razer submitted a 10-page proposal to the Prime Minister’s Office, outlining its nationwide e-payment system

Singapore- and US-based gaming accessories company Razer has submitted a 10-page proposal to the Singapore Prime Minister Office (PMO), outlining its plans to build an e-payment solution for the Lion City.

This comes mere weeks after its charismatic CEO, Min Liang, Tan pitched his idea to the Singapore Prime Minister, Lee Hsien Loong, via Twitter, promising to roll out an e-payment system within 18 months.

The proposal is a sign that Tan intends to make good on his promise.

The first part of it talks about how Razer wants to build an open framework so multiple e-payment solutions can interoperate effectively, and how it believes Singapore’s central bank Monetary Authority of Singapore (MAS) should be the key driver of this framework, which Razer calls, the “Common E-payment Framework (CEF).”

But the key thing to note in this proposal is its RazerPay e-payment initiative, which the company says it will commit S$10 million (US$7.34 million) towards.

Razer has set a target of 1 million e-wallet signups by May 2019.

Also Read: Razer acquires stake in Malaysian e-payments platform MOL to roll out virtual currency

Additionally, Razer wants to set up an e-payment advisory board. The board will consist of experts from related fields such as banking, payment, technology and legal fields. The board will ensure that the CEF is aligned with the government’s vision of a cashless society, and provide feedback on the RazerPay initiative.

Advocating a “For Singaporeans by Singaporeans” spirit, Razer is seeking to hire only Singaporeans for RazerPay’s senior management positions. Razer will also only select Singaporeans to sit on the e-payment advisory board.

“We believe that with Singaporeans onboard to lead and execute the RazerPay initiative, we will be able to develop and roll out an e-payment solution that truly addresses the needs of Singaporeans, as opposed to one shoehorned for Singapore by a third-party solution,” said the proposal.

Razer is already looking to fill out positions for this initiative. Check it out here.

To view the complete proposal, click here.

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Image Credit: Razer

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