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The move to invest in financial services is meant to improve Razer’s payment system to offer its customers reliable, fast and cheap payment options.
Leading gaming software and hardware developer Razer continues to venture into the financial banking sector by applying for respective market licenses. After successfully applying for a banking license in Singapore, the company is now seeking to get a banking license from Europe regulators and also from the United States.
“Singapore is not the only jurisdiction we’re looking at,” Razer CEO Min-Liang Tan told CNBC. “We’re also exploring in Europe; exploring in the U.S.”
Razer on Market Diversification
The company is dramatically shifting its focus away from the gaming industry and diversifying into other sectors perhaps to shield its primary business from future market crises.
The move to invest in financial services is meant to improve its payment system to offer its customers reliable, fast and cheap payment options. As the world fights to curb further market damage by the Covid-19, seamless transactions are seen as the top priority in reaching the goal globally.
Notably, the company which currently owns 60% of a consortium called the Razer Youth Bank submitted an application for a virtual bank license in Singapore at the start of this year.
According to Min-liang, in emerging markets, many consumers barely have a bank account, whereby approximately 1.7 billion people globally are “unbanked,” according to the World Bank, hence leaving a huge gap to be filled.
“We’ve got a vision of a global youth banking network, designed for the youth right from the get-go,” said Tan. “Pretty much like we did with the gaming industry, we’re looking to do it with the youth perspective in mind.”
The likelihood of the company focusing on blockchain technology to foster its urge to build a seamless financial empire remains high. This is because blockchain payments have proved to be faster, efficient options.
With a fan base that spans every continent, the company has designed and built the world’s largest gamer-focused ecosystem of hardware, software and services.
Consequently, it has won a dozen awards in its industry, making it remain at the top of the game for long. Some of the notable award-winning hardware for the company includes the high-performance gaming peripherals and Blade gaming laptops.
With over 80 million in global customers who have subscribed to its services, a financial system to unify its customers would put its revenue and operations steadily growing amid market turmoil.
Having been founded back in 2005, it now has dual-headquarters in Irvine and Singapore, In addition to 16 offices worldwide located in different parts of the world.
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