Razer Fintech launched initiative to support local businesses

Razer Fintech, the financial technology arm of Razer, today announced the launch of #RazerForLife - an initiative to support local businesses in Malaysia. The COVID-19 pandemic has affected global markets including small-and-medium enterprises (SMEs), and as the country moves into the RMCO (Recovery Movement Control Order) phase, the initiative aims to encourage Malaysians to support local businesses. Aligned to the national #KitaJagaKita movement, #RazerForLife is a bid to drive customers to these local businesses and towards a cashless Malaysia.

The initiative is part of Razer’s commitment to its partners and merchants during the global pandemic - announced earlier in April, with a support fund of US$50 million for all its global markets. This will be deployed within 2020 through Razer’s three main support aims - of which Razer Fintech sits under.

“The global pandemic has made a significant impact on businesses, large to small, across the globe. As Malaysia enters the RMCO, we recognise that this is also the time for us to stand by our partners and merchants to tide through recovery side by side,” said Lee Li Meng, Chief Executive Officer at Razer Fintech.“ #RazerForLife is our way of looking out for our partners by encouraging consumers to support their local businesses, especially in a country ahead of most of Malaysia’s neighbouring counterparts in contactless and digital payments.”

New (SME) merchants who come onboard with Razer Fintech during the initiative period (until 31 December 2020) will enjoy waived MDR fees, subject to terms and conditions. Razer Fintech aims to add another 50,000 touchpoints by the end of the year.

#RazerForLife will further support the 14,000 merchants on its network and the push towards cashless payments by offering consumers (who are existing Razer Pay users or new sign-ups):

• one free surgical mask per month from July to November 2020 and
• one free surgical mask per day with a minimum purchase of RM10 using Razer Pay at any of its 14,000 merchants

These masks can be redeemed at 7-Eleven outlets with Razer Pay in-app mask redemption coupons - as part of the collaboration with Berjaya Corporation Berhad. Currently, 1,300 7-Eleven outlets are distributing these masks across four states in Malaysia, namely Kuala Lumpur, Johor Bahru, Penang and Selangor - and soon to the rest of Peninsular Malaysia.

Mask allocation will be done via Razer Fintech’s mobile e-wallet app, Razer Pay. To be eligible to claim the mask, users simply need to verify their Razer Pay accounts by scanning their MyKad (or passports for non-Malaysian residents) within the app. Upon successful verification of the user’s identity, a QR coupon code will be issued. The verified user can proceed to redeem their free mask at any 7-Eleven branch by scanning their mask coupon at the cashier counter. Razer Pay’s verification system allows for secure redemption against fraud, which would ensure that every verified Malaysian resident can be issued a mask.

To claim the 5 free masks, users can follow these steps:

• Download the Razer Pay app from the iOS App Store or Google Play Store and verify your account
• Once verified, you can claim one free mask coupon each month for the next 5 months
• Scan your mask coupon at the nearest available 7-Eleven store to collect your free mask

Interested parties who would like to join this effort, including partnering for the distribution of the free masks or signing up to accept Razer Pay as a payment method, can reach out to us through our merchant contact form here.

ABOUT RAZER FINTECH
Backed by the leading global lifestyle brand for gamers synonymous with the youth and millennials, Razer Fintech is the financial technology arm of Razer Inc. Established in April 2018, Razer Fintech has grown to become one of the largest O2O (offline to online) digital payment networks in SEA and has processed over billions of dollars in total payment value. Razer Fintech operates two verticals, Razer Merchant Services (“RMS”) and Razer Pay.

Razer Merchant Services is a leading B2B (business-to-business) solution encompassing:

• RMS Online: Card processing gateway supporting global scheme cards and over 110 payment methods, powering online payments for global blue-chip merchants in SEA including Grab, Lazada, Facebook, Shopee, Taobao.com, and more.
• RMS Offline: SEA’s largest offline payment network of over 1 million physical acceptance points across SEA. RMS Offline also extends point-of-sale services (such as bill payments and telco reloads), cash-over-counter services (including Razer Pay top-ups and fulfilment of e-commerce purchases), distribution of third party point-of-sale activation (POSA) cards, and merchant acquiring services for Razer Pay and other third-party e-wallets.

Razer Pay is a B2C (business-to-consumer) solution comprising an all-encompassing e-wallet focused on offering a plethora of compelling use cases targeted at the youths, millennials, and underbanked.