Razer commits to a $50 million fund to support business partners during the COVID-19 pandemic
Razer has announced today that it will support both its current and future business partners with a $50 million USD fund throughout 2020. Due to the ongoing economic downturn brought on by the COVID-19 pandemic, businesses are struggling and Razer will use three support arms to assist; Razer Gold, Razer Fintech and zVentures.
Razer’s $50 million USD fun will be split across these three “pillars.” Razer says that the form the support will take will be “financial contributions, cashflow support and investments.”
Businesses will be able to access Razer’s “unique ecosystem of hardware, software and services with over 80 million total registered users worldwide, and create positive business impact through alliances and partnerships.”
Razer Co-Founder and CEO Min-Liang Tan said;
There are many growing implications with COVID-19 on the global economy and it is affecting everyone from all walks of life. We see the best way for us to do our part is to support our business partners starting with our ecosystem.
Razer Gold is a virtual currency used for digital content including games and entertainment. It has 3.4 million touchpoints across 130 countries. With the support of Razer in 2020, marketing contributions and other cashflow relief measures will be provided through Razer Gold.
In Southeast Asia, Razer Fintech is “one of the largest offline-to-online digital payment networks.” Razer has stated that;
Razer Fintech will utilise both its business verticals for this initiative.
Razer Fintech’s B2B vertical, Razer Merchant Services (RMS) will help new and existing merchants and platform partners via cashflow assistance, fee waivers and customised marketing programs for essential services and online businesses. Razer Fintech’s B2C vertical, Razer Pay will offer special packages such as reduced rates and value-added promotions. In addition, Razer Fintech will selectively explore potential investment opportunities with startups and businesses.
Razer Fintech’s objectives are closely aligned with the Covid-19 Fintech initiatives announced by Singapore FinTech Association (SFA) and the Monetary Authority of Singapore on April 8, 2020. Razer Fintech and SFA will be collaborating to address the key issues identified, which are 1) Saving Fintech jobs 2) Lowering Business Costs 3) Facilitating Sales and 4) Stimulating Funding and identifying Fintech companies that would benefit from this program.
Finally, zVentures is Razer’s corporate ventures arm. It will be focused on investing in companies and tech which will help in the fight against COVID-19 and in assisting people throughout the pandemic.
With this $50 million USD fund, Razer is seeking to ensure the long-term viability of its partners and to help them “sustain and maintain strong market position through the COVID-19 outbreak.”