Razer CEO Tan Min-Liang Promises To Deliver On Cashless Payment By Acquiring MOL

Remember Razer CEO Tan Min-Liang’s promise to set up a cashless system in Singapore in under 18 months?

Razer CEO Tan Min-Liang Says He Will Take Only 18 Months To Set Up Cashless System

Mr Tan’s mantra of “For Singaporeans. By Singaporeans.” and speedy delivery of a proposal have been encouraging signs, but that was back in September.

What has he been doing in the meantime?

Well, Mr Tan and his gaming peripheral company Razer have quietly been making strides towards that goal.

On Monday (14 May), he provided us with an update of how things are going.

Open > closed system

On 11 May, Mr Tan announced his company’s acquisition of Money Online (MOL) Global, the largest e-payment network in Southeast Asia.

He shared insights into the importance that MOL has to play in their upcoming endeavour.

It’s an open e-payments network that pisses off the incumbents who prefer to keep it closed so they can charge a premium of fees.

Apparently, Razer has been getting lots of “push back” from financial institutions, who informed Mr Tan that his open framework wasn’t welcome in the industry dominated by themselves.

He spoke of the road ahead as an “uphill climb”, but was remained optimistic, citing his company’s track record with disrupting industries.

And emboldened consumers not to tolerate the monopoly, saying,

An open system that benefits many is always preferable to a closed one that benefits few.

Uphill climb

Eight months down, Razer will be hard at work, plugging away on this project together with local telco Singtel.

The partnership has been dubbed the “Star Alliance of e-wallets”. Will it take off or crash and burn?

Only ten months to go, before we find out.

Featured image from High Net Worth and Min-Liang Tan on Twitter.