The Singapore Fintech Association (SFA) and Razer Fintech will reportedly be offering Financial technology firms in the city-state bridge financing, equity or equity-linked instruments, which will range from anywhere between $100,000 to $1.5 million (appr. S$143,000 to S$2.1 million)
According to an April 23, 2020 release, the final sum or amount will depend mostly on the Fintech firm’s current stage of growth and business needs.
Financial assistance or relief is one of several measures that Razer Fintech and the SFA are launching, in order to address major challenges faced by Singaporean Fintech industry participants, following the Coronavirus (COVID-19) outbreak, and resulting economic crisis.
The Singapore and global Fintech community have business continuity and funding concerns. Professionals working in the financial services sector are also at risk of losing their jobs, while many already have.
Other measures taken by the SFA and Razer Fintech include cash flow and marketing support programs. Both organizations will also provide support for evaluation and due diligence processes, which may include certification, screening and reference checks.
SFA and Razer Fintech noted that they aim to “curate best-in-class Fintech companies in Singapore through partnerships or investment.”
Razer recently announced a $50 million COVID-19 support fund.
The firm has committed to investing between $100,000 and $1 million per company, which may be operating in selected businesses or working with certain partners.
Razer will focus its investments in firms with technologies dedicated to fighting Covid-19 or supporting people through the pandemic, such as companies in the autonomous food and beverage, delivery and logistics, and healthcare sectors.
The company aims to support people during the crisis. It will offer assistance to firms in the autonomous food and beverage, delivery and logistics, and healthcare industries.
Razer Fintech’s business-to-consumer (B2B) payment solution, Razer Merchant Services, will reportedly waive one year of fees for online and offline vendors based in the Southeast Asia region. The company says it will introduce special rates for offline transactions, and will lower sign-up or registration fees to zero, while giving eligible projects $10,000 in marketing money.
Razer Fintech’s business-to-consumer (B2C) payment platform, Razer Pay, will also be offering $10,000 in marketing funds to Southeast Asian merchants.