PRESS RELEASE
Razer has today pledged to support business partners, both current and future, through the economic downturn brought about by the Coronavirus Disease 2019 (COVID-19).
Razer will deploy up to US$50 million within 2020 through three main support arms within the ecosystem – Razer Gold, Razer Fintech and zVentures. The fund will be split across these three pillars in the form of financial contributions, cashflow support and investments. This initiative will also provide businesses with access to Razer’s unique ecosystem of hardware, software and services with over 80 million total registered users worldwide, and create positive business impact through alliances and partnerships.
“There are many growing implications with COVID-19 on the global economy and it is affecting everyone from all walks of life,” says Razer Co-Founder and CEO Min-Liang Tan. “We see the best way for us to do our part is to support our business partners starting with our ecosystem.”
Support will be provided through three business pillars
Razer Gold
As one of the largest virtual currencies for all digital content including games and entertainment with over 3.4 million channel touchpoints in 130 countries worldwide, Razer Gold will provide support to current and new content partners through marketing contributions and other immediate cashflow relief measures such as cash pre-payment, cash rebates, special rates and reduced settlement periods from 30 to 15 days. Razer will also explore potential investment opportunities in channel and content partners.
Razer Fintech
Razer Fintech is one of the largest offline-to-online digital payment networks in Southeast Asia and has processed billions of dollars in total payment value since its establishment in 2018. Razer Fintech will utilise both its business verticals for this initiative.
Razer Fintech’s B2B vertical, Razer Merchant Services (RMS) will help new and existing merchants and platform partners via cashflow assistance, fee waivers and customised marketing programs for essential services and online businesses. Razer Fintech’s B2C vertical, Razer Pay will offer special packages such as reduced rates and value-added promotions. In addition, Razer Fintech will selectively explore potential investment opportunities with startups and businesses.
Razer Fintech’s objectives are closely aligned with the Covid-19 Fintech initiatives announced by Singapore FinTech Association (SFA) and the Monetary Authority of Singapore on April 8, 2020. Razer Fintech and SFA will be collaborating to address the key issues identified, which are 1) Saving Fintech jobs 2) Lowering Business Costs 3) Facilitating Sales and 4) Stimulating Funding and identifying Fintech companies that would benefit from this program.
zVentures
zVentures is Razer’s corporate ventures arm and an integral component of Razer’s strategic investment activities. zVentures will focus its investment efforts on companies with technologies dedicated to fighting COVID-19 or supporting people through the pandemic. This includes companies in sectors such as autonomous food and beverage, delivery and logistics, and healthcare.
Through the measures undertaken by the company, Razer will ensure that business partners are able to sustain and maintain strong market position through the COVID-19 outbreak.