After Twitter exchange with PM Lee, Razer CEO Tan Min-Liang says he will submit e-payment proposal within two weeks

Mr Tan Min-Liang, founder of gaming company Razer, is confident that his timeline of 18 months to set up a unified e-payment system can be met, given the company's experience in the area.
Mr Tan Min-Liang, founder of gaming company Razer, is confident that his timeline of 18 months to set up a unified e-payment system can be met, given the company's experience in the area.ST PHOTO: DESMOND FOO

SINGAPORE - After a recent brief exchange on Twitter with Prime Minister Lee Hsien Loong over e-payments, Razer CEO Tan Min-Liang said his company is now working to submit a proposal to the government for a unified e-payments system.

"We will submit the proposal in the next 14 days or less and we expect to assemble a team of some of the best payments engineers and experts in Singapore," said Mr Tan, who leads the homegrown gaming technology company.

PM Lee had tweeted on Aug 20 during his National Day Rally speech that there were too many e-payment schemes and systems in Singapore, making it inconvenient for consumers and costly for businesses.

Two days later, Mr Tan tweeted back, saying he can get a unifed e-payment system "rolled out nationwide in 18 months".

PM Lee subsequently responded, saying: "Make me a proposal, and I will study it seriously."

Mr Tan, who is Singaporean, said work on the proposal began right after PM Lee's response.

 
 

"We will share more information when we are ready," he said.

E-payment is not new territory for Razer, which started out in 2005 and is most well-known for its line of gaming accessories. However, in recent years, the US-registered company has ventured into areas such as professional audio, mobile phones and most recently, e-payments.

Razer set up its own online currency system, called zGold, in January. Users purchase zGold with cash and can use it to purchase Razer accessories, or games through Razer's partners, which nets them discounts or gift vouchers after spending a certain amount.

The company has filed for an initial public offering in Hong Kong that could value it at US$3 billion (S$4 billion) to US$5 billion, according to reports.

Mr Tan, 39, said he is confident that his timeline of 18 months to set up a unified e-payment system can be met, given the company's experience in the area.

"We have a dedicated team for virtual credits and e-payments and the timeframe is based on our extensive experience with creating a global system for virtual credits and e-payments," said Mr Tan.

"As a company with Singapore roots, we are ready to serve the country's needs and do our part to make it the most advanced Smart Nation in the world," he added.

He later said that the company had already managed to get "some of the top e-payment experts in the industry" on board in 24 hours.