The Singapore FinTech Association (SFA) has partnered with Razer Fintech to offer financial support to Singapore's fintech industry amid the novel coronavirus (Covid-19) pandemic.
The fintech industry is currently facing issues including business continuity concerns, high business costs, funding and employment.
The collaboration will leverage SFA's capabilities and Razer's ecosystem to help the community with various support measures.
The partnership will offer cash flow and marketing support. It will enable due diligence processes like certification, screening and reference checks.
The companies will also conduct joint networking events and invest or form partnerships to help curate the fintech companies in the country.
Fintech firms can apply for bridge financing, equity or equity-linked instruments ranging from $100,000 to $1.5m depending on the stage of growth and requirements.
The latest measures follow Razer Fintech's $50m commitment to its Covid-19 Support Fund announced earlier this month.
The funding includes annual fee waivers for merchants in Southeast Asia via Razer Fintechs business-to-business payment service Razer Merchant Services (RMS).
RMS is also offering special rates for offline payments, reducing sign-up fees to zero, and giving $10,000 in marketing funds to each merchant.
Similarly, Razer Fintech's business-to-consumer payment service, dubbed Razer Pay, is offering $10,000 in marketing funds to each merchant and has cut its merchant discount rate to zero for six months.
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