Razer invests US$50M in business partners impacted by COVID-19
Razer, the worldwide gaming brand, has announced it is offering US$50 million to support its business partners during the time of the COVID-19 pandemic.
The company will utilise the Razer Gold, Razer Fintech and ZVentures in order to support businesses through economic difficulties brought on by nationwide lockdowns.
Throughout 2020, Razer will be making financial contributions, cashflow support and investments through its three main pillars, while also offering partners access to the company's ecosystem of hardware, software and services.
Razer Gold is a virtual currency for digital content including games and entertainment. According to Razer it has 3.4 million channel touchpoints across 130 countries.
As part of this new initiative, Razer Gold will provide marketing contributions and other immediate cashflow relief including cash prepayment, cash rebates, special rates and reduced settlement periods from 30 to 15 days to current and new content partners.
In addition, the company states it will explore potential investment opportunities in channel and content partners. Razer Fintech's B2B and B2C verticals will both be utilised for the initiative, the company states.
Razer Fintech is an offline to online digital payment network focused in Southeast Asia. The B2B vertical, Razer Merchant Services (RMS) will offer cashflow assistance, fee waivers and customised marketing programs for essential services and online businesses to new and existing merchants and platform partners.
The B2C vertical, Razer Pay, will provide special packages such as reduced rates and value-added promotions. In addition, Razer Fintech will selectively explore potential investment opportunities with startups and businesses, the company states.
Furthermore, Razer Fintech and SFA will be collaborating to address the key issues identified, which are: saving fintech jobs, lowering business costs, facilitating sales, and stimulating funding and identifying fintech companies that would benefit from this program.
Finally zVentures, Razer's corporate ventures arm, will be focused on investing in companies with technologies dedicated to fighting COVID-19 or supporting those in need.
This includes companies in sectors such as autonomous food and beverage, delivery and logistics, and healthcare.
Razer CEO and cofounder Min-Liang Tan says, "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.
The company states that through the measures undertaken by the company, Razer is focused on ensuring its business partners are able to sustain and maintain their market position through the COVID-19 outbreak.
