Razer is shutting down the Razer Pay eco-system, which covers the e-wallet and credit card, in Singapore and Malaysia on September 30.
Beta launched to much excitement in mid-2019, the service was targeted at the younger crowd — youth and millennials — who form the bulk of the gaming tech company’s customers.
The service was initially intended to enable gamers to buy its gaming items online. It was later expanded to non-gamers, bringing the total number of users to 1.1 million.
However, Razer did not manage to secure a digital banking licence and faced strong competition in the increasingly e-wallet space.
According to Lee Li Meng, Chief Strategy Officer of Razer, the company will focus instead on being a business-to-business digital payments solution provider.
“We took the view that if you have capital — not unlimited — and if you want to invest in certain areas, it was the decision that the B2B business has the opportunity,” he said.