What Liquid Group does

Liquid Group Pte. Ltd. is a Singapore-based fintech, founded in 2015 and licensed as a Major Payment Institution under Singapore's Payment Services Act 2019, that operates a cross-border QR payment network and multi-rail payment infrastructure platform. Its core product, RoamQR, connects national QR payment systems and wallets across Singapore (PayNow), India (UPI), China (WeChat Pay), and Cambodia (KHQR/Bakong), with Brazil (PIX), Vietnam (VietQR), Japan (JPQR), and South Korea listed as expanding corridors. The company is led by founder-CEO Jeremy Tan and operates from Singapore.

The product portfolio is structured in four layers: (1) a consumer mobile wallet (LiquidPay) and embedded Liquid Account for QR payments, real-time domestic transfers, and remittances including the PayNow-UPI Singapore-India linkage; (2) the RoamQR interoperable QR framework that lets travelers pay with their home wallets abroad; (3) a Corporate Payment Platform spanning SWIFT, FAST, SEPA, FPS Hong Kong, BI-FAST Indonesia, PromptPay Thailand, PayNow-DuitNow, and other regional rails for B2B collections, multi-currency accounts, bulk payouts, and treasury workflows; and (4) a Wallet-as-a-Service (WaaS) offering for embedded wallet deployment in partner apps. Sub-brands include LiquidPay, RoamQR, LiquidNow, Corporate Payment Platform, and the white-labeled Changi Pay wallet (transitioning to LiquidPay by October 2026).

Liquid Group generates revenue primarily through transaction-based fees on cross-border QR payments, remittances, and corporate payment services, with pricing displayed in-app before confirmation. Distribution spans consumer direct downloads (LiquidPay on iOS/Android), the Changi Pay embedded wallet, enterprise field sales for the Corporate Payment Platform targeting SMEs and corporates, and channel partnerships (notably Google Pay Singapore for PayNow-UPI India transfers, DBS Bank as sending participant, and TerraPay for global QR interoperability). Customer segments include Singapore merchants and retailers (Changi Airport merchants, The Cocoa Trees, Bacha Coffee, Chow Tai Fook, IRVINS, TWG Tea), SMEs and corporates using cross-border B2B rails, consumers and travelers, and financial institutions seeking QR and cross-border payment interoperability. PCI DSS and ISO 27001 certifications are displayed as compliance credentials.

Name

Liquid Group

Legal name

Liquid Group Pte. Ltd.

Website

https://liquidgroup.sg

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Liquid Group is a Singapore-based, MAS-licensed fintech operating the RoamQR cross-border QR payment network alongside the LiquidPay consumer wallet, a multi-rail Corporate Payment Platform, and embedded Wallet-as-a-Service, serving merchants, SMEs, corporates, consumers, and financial institutions across Asia-Pacific.

Ownership category

akta.pro rank

Product category

Cross-Border Payment Infrastructure

SIC

Finance Services (6199)

akta.pro primary industry

Correspondent Banking & Liquidity Network Platforms (FSAGAKAI)

akta.pro secondary industries

QR Code Payments Wallets (FSAMAEAC), POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

Keywords

• Cross-border payments
• Mobile payment infrastructure
• QR payment interoperability
• Real-time remittance
• Corporate B2B payments

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Payment Processing Fees: Transaction-based fees charged on payment processing for cross-border QR payments, domestic transfers, and corporate payment services. Users see fees and exchange rates before confirming transfers.
2. Cross-Border Remittance: Fees associated with international money transfers via PayNow-UPI linkage and other cross-border payment corridors, with transparent FX rates and competitive pricing.
3. Corporate Payment Services: Subscription or transaction-based fees for corporate clients using the Corporate Payment Platform for bulk payouts, multi-currency payments, and treasury management.
4. Remittance Services via Partners: Revenue from providing remittance infrastructure to partners like Google Pay Singapore for PayNow-UPI transfers to India.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Liquid Group operates a unified cross-border payment platform combining the LiquidPay consumer mobile wallet, the RoamQR interoperable QR payment framework, and a Corporate Payment Platform for B2B clients. The company enables real-time QR payments, multi-currency corporate collections and payouts, and instant Singapore-India remittances via the PayNow-UPI linkage, all delivered under a Singapore Major Payment Institution license and complemented by Wallet-as-a-Service, Merchant Services, and Liquid Terminal POS offerings.

Product overview

Liquid Group operates as a Singapore-based fintech company offering a unified payment platform with multiple interconnected products. The core offerings include LiquidPay (consumer mobile wallet), RoamQR (interoperable cross-border QR network), and the Corporate Payment Platform (B2B payment solution). These are complemented by Wallet as a Service for embedded wallet capabilities, Merchant Services with POS terminals, and the PayNow-UPI Linkage for India-Singapore remittances. The Liquid Account serves as the underlying wallet infrastructure powering both LiquidPay and Changi Pay (a sub-brand partnership with Changi Airport). The RoamQR network connects multiple national QR payment systems including PayNow/PayNow, WeChat Pay, KHQR/Bakong, PIX, VietQR, and JPQR to enable seamless cross-border QR payments for travelers. The Corporate Payment Platform provides B2B payment rails including SWIFT, FAST, SEPA, and regional instant payment systems across 20+ countries.

Differentiator

Problem solved

Functional benefit

Brands

• LiquidPay: Mobile wallet app for QR payments, cross-border transfers, and remittance services including PayNow-UPI linkage to India
• RoamQR
• Corporate Payment Platform (CPP)
• Wallet as a Service (WaaS)
• Changi Pay

Products and services

• LiquidPay Consumer-facing mobile payment app for Singapore users that enables QR payments, real-time transfers via PayNow, cross-border remittances including the PayNow-UPI linkage to India, and overseas QR payments through the RoamQR network.
• RoamQR Interoperable cross-border QR payment framework that connects national payment systems, e-wallets, and banks across countries to enable travelers to pay with their local wallets at RoamQR-enabled merchants globally.
• Corporate Payment Platform (CPP) B2B payment platform for SMEs and corporates supporting multi-currency accounts (SGD and USD), real-time transaction tracking, bulk payouts, multi-level approval workflows, and integration with SWIFT, FAST, and SEPA rails.
• Wallet-as-a-Service (WaaS) Embedded wallet solution for app operators that enables real-time transfers and QR acceptance built directly into their own applications via Liquid Group's APIs.
• Merchant Services QR payment acceptance solution for Singapore retailers covering domestic and cross-border transactions, POS terminal management (Liquid Terminal), settlement reports, and refund/dispute handling.
• PayNow-UPI Linkage Real-time cross-border remittance service connecting Singapore's PayNow with India's Unified Payments Interface (UPI), enabling instant money transfers using mobile numbers, VPAs, or UPI IDs.

Quantifiable outcome

• Transfers typically complete in under 5 minutes, faster than traditional remittances which take 1-2 business days
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration21 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• TerraPaycoreTechnology or Integration · 16 November 2025Liquid Group and TerraPay signed an MoU to explore interoperability between Liquid's RoamQR payment network and TerraPay's global payments ecosystem. The collaboration aims to support cross-border QR transactions across Africa, Asia, and high-growth regions, enabling standards-based interoperability to improve settlement efficiency and access to digital financial services with planned technical integrations and pilot deployments.
• Google Pay SingaporeflagshipGTM or Marketing Partner · 15 October 2025Liquid Group partnered with Google Pay Singapore to enable instant cross-border remittances to India via the PayNow-UPI linkage. The service, launched in time for Diwali, offers real-time transfers with lower costs and promotional period with no fixed fees. Google Pay redirects users to LiquidPay for the actual payment processing.
• DBS BankcoreTechnology or IntegrationDBS Bank is a sending participant from Singapore in the PayNow-UPI linkage, working with Liquid Group to enable cross-border remittances between Singapore and India. Liquid Group acts as a receiving participant via VPA format for inbound transfers from India.
• WeChat PaycoreTechnology or IntegrationLiquidPay supports overseas QR payments through WeChat Pay integration, allowing users to pay at merchants in China using their LiquidPay wallet balance.
• Alipay+coreTechnology or IntegrationChangi Pay collaboration with Alipay+ enables users to make payments at merchants accepting Alipay+ overseas, supporting payments across Southeast Asia, Japan, Greater China, Korea, Australia/New Zealand, Europe, and North America.
• Changi Pay / Changi AirportflagshipOEM/ Whitelabel/ Licensing PartnerLiquid Group provides Liquid Account and overseas payment services integrated within Changi Pay app, enabling airport travelers to make QR payments and access cross-border payment services. Service transition planned from Changi Pay to LiquidPay by October 2026.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Thunes: Thunes operates a global payments network enabling cross-border mobile wallet, bank account, and card payments to and from emerging markets. Liquid Group and Thunes overlap directly in connecting disparate national payment systems for real-time cross-border transfers, particularly across Asia-Pacific corridors.
• TerraPay: TerraPay operates a global cross-border payments network connecting mobile wallets, banks, and payment service providers across emerging markets. Liquid Group and TerraPay signed an MoU to explore interoperability between RoamQR and TerraPay's ecosystem, making them both partners and direct competitors in cross-border QR interoperability.
• Wise (formerly TransferWise): Wise provides low-cost cross-border money transfers and multi-currency accounts for consumers and businesses globally. Both Liquid's PayNow-UPI corridor and Wise target the Singapore-India and broader APAC remittance market with transparent FX and lower fees than traditional banks.
• Nium: Nium is a Singapore-headquartered B2B cross-border payments infrastructure provider offering real-time global payouts, card issuing, and FX. Both Liquid's Corporate Payment Platform and Nium serve SMEs and enterprises with multi-rail cross-border payment infrastructure across Asia and beyond.

Broad incumbents

• DBS Bank: DBS is Singapore's largest bank and a key PayNow operator, also serving as a PayNow-UPI sending participant alongside Liquid Group. DBS competes with Liquid's Corporate Payment Platform for SME B2B cross-border payment volume and is simultaneously a partner and competitor on the PayNow-UPI corridor.
• PayPal: PayPal operates Xoom and PayPal international transfers for cross-border remittances and merchant payments globally. PayPal competes with Liquid's PayNow-UPI corridor for Singapore-India remittance volume and with Liquid's B2B platform for SME cross-border payment use cases, with PayPal operating at much greater scale but narrower regional rail integration.
• Alipay+ (Ant Group): Alipay+ is Ant Group's global cross-border digital payments and marketing solution enabling merchants to accept e-wallets and other payment methods from across Asia and beyond. Liquid's RoamQR network integrates with Alipay+ for merchant acceptance, and both compete to be the primary interoperability layer for cross-border QR payments in Asia-Pacific.
• WeChat Pay (Tencent): WeChat Pay is a dominant Chinese mobile payment network with extensive cross-border merchant acceptance, including via RoamQR through Liquid Group. Both operate cross-border QR acceptance infrastructure, but WeChat Pay is the larger incumbent wallet side of the same interoperability equation Liquid is trying to bridge.
• Visa Direct: Visa Direct is Visa's real-time push payments platform enabling cross-border P2P, P2B, and B2B transfers via card rails globally. Both Liquid's CPP and Visa Direct target enterprise and consumer cross-border payment use cases, with Visa operating at much greater scale but Liquid offering local QR and instant payment rail connectivity.

Regional players

• PhonePe: PhonePe is a leading Indian UPI-based mobile payment platform with hundreds of millions of users. PhonePe is supported as an endpoint on Liquid's PayNow-UPI corridor, and the two compete and cooperate in the Singapore-India remittance flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@LiquidGroupSG
• Facebookfacebook.com/getliquidpay
• LinkedInlinkedin.com/company/liquidpay
• Instagraminstagram.com/liquidgroup_sg
• Xx.com/liquid_pay

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liquid Group