In a collaboration to address financial concerns for fintech firms, the Singapore FinTech association (SFA) and Razer Fintech are going to invest between US$100,000 and US$1 million per company, as per their joint release on Thursday.
The funding round aims to fight the economic slowdown due to Covid-19, under a US$50m fund declared by Razer on April 10, 2020, prior to this decision.
As part of the agreement, both SFA and Razer will focus on supporting the Singapore FinTech community by supporting the evaluation and due diligence process, aid in curating the “best-in-class” FinTech companies in Singapore, generate cash flow, and support programs for marketing.
While normal economic conditions return, this joint initiative will help FinTech companies get assistance in the form of bridge financing, equity, and equity-linked measurements with funds anywhere between USD$100,000 and USD$1.5 million. Some of the key concerns faced by the Singaporean FinTech companies include employment and funding, high business costs, and business continuity issues.
Notably, Razer-Pay, the Razer FinTech’s business-to-consumer service, has started offering US$10,000 in marketing funds each to South-east Asian merchants and also reduce the merchant discount to 0% for the next six months.
