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Razorpay expands to Singapore to grow in SEA

EntrackrEntrackr · 4m ago
Razorpay expands to Singapore to grow in SEA
Medial

Razorpay expands to Singapore to grow in SEA Razorpay has expanded into Singapore, its second market in Southeast Asia after Malaysia. According to a study, Southeast Asia’s digital payments market is projected to exceed $2 trillion by 2030. Businesses in Singapore face high cross-border transaction fees (4-6%) and fragmented payment systems. Razorpay offers AI-powered, easy, and secure payment solutions to support local businesses. Its offerings include multi-currency transactions, real-time payments, and cost-efficient cross-border solutions. The Agentic-AI toolkit automates transactions and financial operations. RAY, an AI concierge, manages payments, payouts, payroll, and fraud protection. Magic Checkout provides a one-click payment experience to boost conversions. Razorpay supports multiple payment methods, including digital wallets and real-time payment rails. Co-founder Shashank Kumar stated that AI-driven solutions will help businesses scale efficiently. SEA Head Angad Dhindsa highlighted the need for cost-effective global transactions. Razorpay will collaborate with banks, financial institutions, and regulators for smooth integration. Following its success in Malaysia with Curlec, Razorpay aims to strengthen its SEA presence.

EximPe secures RBI PA-CB in-principle licence

EntrackrEntrackr · 1d ago
EximPe secures RBI PA-CB in-principle licence
Medial

Snippets EximPe secures RBI PA-CB in-principle licence EximPe, a cross-border payment startup, has secured the Reserve Bank of India’s (RBI) Payment Aggregator Cross-Border (PA-CB) In-Principle licence (export and import). According to EximPe, this makes the company one of the first to receive this new regulatory authorization without any existing payments licences. With this licence, it plans to enable compliant cross-border pay-ins and pay-outs for digital services, e-commerce, and B2B goods trade, serving businesses across Asian emerging markets. The PA-CB licence will significantly enhance the company’s ability to facilitate seamless cross-border payments and simplify compliance for businesses engaged in international trade. The licence will enable the startup to transition from a technology platform enabling cross border payments to being able to provide a fully regulated cross border infra play. Founded in 2021 by Arjun Zacharia, EximPe is an all-in-one platform that provides real time rate booking, compliance, and trade documentation for businesses. The company serves a range of businesses who trade or sell services globally. The Mumbai-based company had previously raised $3.5 million in Series A round from Leo Capital and others. “With this licence, EximPe is uniquely positioned to support businesses in expanding in the highest growth global corridor between India-Asia, while simplifying complex regulatory and financial requirements. With the PA-CB licence, we want to expand our business by 10X by the end of FY 2026,” said Arjun Zacharia, CEO and founder of EximPe. The platform claims to have already processed over $450 million in transactions and serves more than 5,000 SMEs, manufacturers, and service providers. It aims to further strengthen its position as a leading cross-border payment infrastructure provider by expanding its capabilities with this new licence.

2023 saw RBI making fintechs follow the regulations in letter and spirit

Money ControlMoney Control · 1y ago
2023 saw RBI making fintechs follow the regulations in letter and spirit
Medial

The Reserve Bank of India (RBI) enforced regulations for fintech companies in 2023, emphasizing the need for compliance in both letter and spirit. The RBI increased the credit risk weight for unsecured consumer loans, resulting in a slowdown in digital lending through fintech platforms. The central bank also imposed rules for cross-border payment players and clarified that existing regulations would govern fintech operations in the absence of specific guidelines. Fintech companies that align with regulations have been rewarded, while non-compliance has led to disruptions in the industry. The unified payments interface (UPI) platform experienced significant growth, with over 10 billion transactions per month and an increase in merchant transactions.

UAE's National Pulse invests in Singapore fintech firm Aleta Planet

VCCircleVCCircle · 11m ago
UAE's National Pulse invests in Singapore fintech firm Aleta Planet
Medial

United Arab Emirates (UAE) strategic management company, National Pulse, has invested in Singapore-based payments solutions provider, Aleta Planet. The financial details of the investment were not disclosed. The investment will allow Aleta Planet to expand in the UAE, Middle East, and Africa, providing cross-border payment services for businesses in the region. Aleta Planet facilitates global payments, including through platforms like UnionPay, and handles around $2 billion in cross-border payments annually. With National Pulse's support, Aleta Planet aims to reach $6 billion in transactions within the next year. The companies also plan to establish a joint venture focusing on business-to-business cross-border transactions.

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