Tech company Razer submitted its proposal for
a unified e-payment system here yesterday - within the two-week
deadline it promised - saying its aim was to make Singapore a
cashless society within 18 months.
Central to its proposal is a common e-payment framework
overseen by the Monetary Authority of Singapore (MAS).
This, it said, is to be complemented by an existing or
new e-payment solution - potentially its own proposed system - that
fits the framework.
Its solution - RazerPay - is envisioned as a
cloud-based e-wallet that can be accessed through many ways, such
as a mobile app or stored value card.
This came about after a Twitter exchange between Prime
Minister Lee Hsien Loong and Razer chief executive Tan Min-Liang
last month, when Mr Lee took up Mr Tan's offer to develop a unified
e-payment system.
"Make me a proposal and I will study it seriously," Mr
Lee tweeted Mr Tan.
Mr Tan promised to deliver within two weeks, and has
done so.
Razer sent the 36-page proposal to the Prime Minister's
Office, MAS and the Smart Nation and Digital Government Office
yesterday, and made publicly available an executive summary.
It proposed MAS oversee the framework as it is in the
best position to deal with multiple private sector players.
The framework should be open and "interoperable" to
unify schemes here. An e-payment solution must then be rolled out
to fit this framework.
Razer said it will commit $10 million in seed funding
to create the e-payment system, and is aiming for one million
sign-ups in 18 months from Oct 1.
It also announced six new job positions to work on
RazerPay.
But if a different unified e-payment system gains mass
adoption, it will drop its focus on RazerPay and support that.
Razer is best known for its gaming accessories.
Analysts said while Razer's proposal is strategically
sound, it does not flag anything unknown to industry players.
Most noted that getting people to use RazerPay might
not be easy for the company.
Singapore University of Social Sciences economist
Walter Theseira also said that while Razer has accomplished much in
the area of consumer electronics, it has no experience in
large-scale payment transactions and operations.
Mr Tan accepts the challenge set out for the
company.
"When we set out to disrupt the gaming industry, no one
believed we could pull it off either," he said.
"We are not in the business of talking but doing, so
let us see if Singapore is a cashless society in 18 months -
whether RazerPay is successful or otherwise."
TNP