What Razer Merchant Services Sdn. Bhd. does

Fiuu, operated by Razer Merchant Services Sdn. Bhd., is a Malaysia-headquartered payment service provider that has been operating since 2005 (rebranded to Fiuu from Razer Merchant Services). It delivers both online and in-person payment acceptance to merchants across Southeast Asia, with an explicit operating footprint in Malaysia, Singapore, and the Philippines. Its platform is built around a payment gateway that connects merchants to 110+ payment methods through a single API integration, supported by a modular product set that includes Virtual Terminal, Mobile XDK, Tokenization, Seamless Integration, Marketplace Payment, Recurring Payment, Gateway Solutions, Instalment Payment, Mass Payment, and Payment Links. On the acceptance side it supports cards, digital wallets (Apple Pay, Google Pay, Samsung Pay Online, Alipay+, Fiuu Cash), local rails (FPX, FPX B2B, DuitNow), direct debits across banks such as Maybank, HSBC, UOB, Affin Bank, Bank Islam, and Standard Chartered, Buy Now Pay Later providers, and Crypto Payment. Adjacent offerings include Restorify for carbon-offset tracking and Fiuu Parcel+ for merchant logistics. The platform is PCI DSS and ISO 27001:2022 certified and claims zero-downtime infrastructure during peak-sale seasons.

The company serves a dual customer base. On the enterprise side, it processes payments for global and regional brands including Google, Alibaba, TikTok, TikTok Shop, Trip.com, AirAsia, Grab, Starbucks, Adidas, Nike, Superdry, Guess, and Lancel. On the SMB side, it operates a digital self-serve onboarding flow via booster.fiuu.com and supports in-person services (reloads, bill payments, gift cards, offline e-wallet) through a physical network anchored at 7-Eleven, Starbucks, and Cosway outlets across Southeast Asia. Revenue is generated through transaction-based payment processing fees; no public pricing schedule is disclosed. Total Payment Volume reached US$13 billion in 2025, up 32.7% from US$9.8 billion in FY2024. Leadership comprises founders Eng Guan (CEO), Tan Jau (CTO), and Wee Keong Oon (COO), with Charles Chau serving as non-executive director.

Name

Razer Merchant Services Sdn. Bhd.

Legal name

Razer Merchant Services Sdn. Bhd.

Website

https://merchant.razer.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

Fiuu (formerly Razer Merchant Services) is a Malaysia-headquartered payment gateway provider operating since 2005, offering 110+ payment methods and both online and in-person acceptance to enterprise and SMB merchants across Southeast Asia, processing US$13 billion in TPV in 2025.

Ownership category

akta.pro rank

Product category

Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

akta.pro secondary industry

Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH)

Keywords

• Payment gateway
• Online payment processing
• In-person payment solutions
• Payment processing services
• Southeast Asia payments

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Payment Processing Fees: Transaction-based fees charged to merchants for processing payments through the Fiuu gateway. The platform enables merchants to accept over 110 payment methods and charges a percentage or fixed fee per transaction processed.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Fiuu (operating as Razer Merchant Services Sdn. Bhd.) provides a unified online and in-person payment gateway platform serving merchants across Southeast Asia. The platform supports over 110 payment methods through a single integration, including cards, e-wallets, direct debit, buy-now-pay-later, and bank transfers, enabling merchants to accept payments online, via mobile apps, and at physical retail points such as 7-Eleven and Starbucks.

Product overview

Fiuu is a comprehensive payment platform providing both online and in-person payment solutions across Southeast Asia. The platform operates as a modular ecosystem with core payment processing products (Virtual Terminal, Mobile XDK, Tokenization, Gateway Solutions, Marketplace Payment, Recurring Payment, Instalment Payment, Mass Payment, Payment Links, and Seamless Integration), supplemented by payment channels (Apple Pay, Google Pay, E-Wallets, Buy Now Pay Later, Direct Debit, Alipay+, FPX, DuitNow, Crypto Payment), and in-person services (Reloads, Bill Payment, Gift Card, Payment Terminal). Additional offerings include Restorify for carbon offset tracking and Fiuu Parcel+ for logistics. The platform supports over 110 payment methods across Malaysia, Singapore, Philippines, and SEA, processing $9.8B in total payment volume for FY2024.

Differentiator

Problem solved

Functional benefit

Products and services

• Virtual Terminal An all-in-one payment processor delivered as a mobile application that allows merchants to accept in-person contactless payments including physical credit/debit cards, Apple Pay, and other digital wallets on iPhone. Targets in-person retail merchants across Southeast Asia.
• Mobile XDK An optimized mobile cross-platform payment kit that enables local and international merchants to integrate payment functionality into their mobile applications. Targets mobile commerce developers and merchants.
• Tokenization Token-empowered web and mobile app solution that securely stores and processes payment credentials to reduce PCI compliance scope and enable seamless recurring transactions. Targets online merchants and mobile app developers.
• Seamless Integration Integration solution that allows merchants to accept payments directly on their checkout pages without redirecting buyers to a Fiuu payment page, providing a smoother checkout experience. Targets e-commerce merchants.
• Marketplace Payment Payment solution that accommodates the complexity of transactions between multiple sub-merchants and buyers in marketplace ecosystems. Targets online marketplaces and platform businesses.
• Recurring Payment Automated charging and payment method for merchants and buyers that enables subscription-based billing and repeat transactions. Targets subscription-based businesses and SaaS merchants.
• Gateway Solutions Complete connectivity solution that connects online businesses to e-commerce platforms and payment networks across Southeast Asia. Targets online merchants requiring comprehensive payment connectivity.
• Instalment Payment
• Mass Payment
• Payment Links Link-based payment solution enabling businesses to accept payments via credit/debit cards, online banking, e-wallets, and Buy Now Pay Later methods through shareable links. Targets SMBs and merchants without full e-commerce checkout.
• Restorify One-stop solution for mass product carbon emission calculators based on a life cycle approach that provides traceable, fractionalised carbon offsets for consumers and businesses. Targets sustainability-focused merchants and brands.
• Fiuu Parcel+ Logistics partner integration providing parcel and delivery services for merchants transacting through the Fiuu platform. Targets e-commerce merchants requiring fulfilment.
• E-Wallets Payment Channel Payment channel supporting acceptance of multiple digital wallet options across Southeast Asia. Targets merchants requiring local e-wallet acceptance.
• Buy Now, Pay Later Payment channel enabling installment-based payment options at checkout for online merchants. Targets merchants seeking to increase conversion through flexible payment terms.
• Direct Debit Payment channel supporting bank direct debit payments across multiple financial institutions including Affin Bank, Bank Islam, HSBC, Maybank, Standard Chartered, and UOB. Targets merchants requiring recurring bank debit collections.
• Crypto Payment Payment channel supporting cryptocurrency payments for merchants seeking to accept digital currencies. Targets merchants serving crypto-holding customers.
• Fiuu Cash Proprietary digital wallet solution for transactions within the Fiuu ecosystem. Targets consumers and merchants transacting on the Fiuu network.
• Payment Terminal Physical payment terminal devices for in-person payment acceptance at merchant points of sale. Targets retail merchants and physical outlets.
• Bill Payment In-person bill payment services accepting payments at retail locations across Southeast Asia. Targets consumers needing cash-based bill payment options.
• Gift Card Gift card issuance and redemption services for merchants. Targets retailers and brands offering gift card programmes.
• Offline E-Wallet Offline digital wallet functionality enabling in-person transactions without internet connectivity. Targets retail merchants and consumers in locations with intermittent connectivity.

Quantifiable outcome

• Processed US$13 billion in Total Payment Volume in 2025, representing 32.7% year-over-year growth
• +2 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration16 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core.

• TikTok ShopcoreChannel Partner/ Reseller/ DistributorTikTok Shop integrates Fiuu's payment gateway to enable seamless payment processing for merchants selling on the TikTok Shop marketplace platform in Southeast Asia.
• GrabcoreChannel Partner/ Reseller/ DistributorGrab integrates Fiuu payment services within its super-app ecosystem, providing payment processing capabilities for Grab merchants and users across Southeast Asia.
• Alipay+coreTechnology or IntegrationFiuu offers Alipay+ Solution and Alipay Payment as payment channels, enabling merchants to accept payments from Alipay users and Alipay+ partner e-wallets across Southeast Asia.
• 7-ElevencoreChannel Partner/ Reseller/ Distributor7-Eleven retail outlets serve as physical payment points in Fiuu's in-person payment network, allowing customers to make cash payments, reloads, and bill payments at 7-Eleven stores.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• PayMongo: Philippines-focused online payment gateway serving local merchants and enterprises with modern API integration. Comparable regional payment gateway, though narrower geographic focus (primarily Philippines) versus Fiuu's multi-market SEA presence.
• HitPay: Singapore-based all-in-one payment platform for SMEs offering online, in-person, and invoicing solutions across SEA. Comparable as a regional omnichannel payment provider, though more focused on SMB while Fiuu spans enterprise to SMB.
• Billplz: Malaysian online payment platform focused on FPX and bill payment solutions for SMEs and enterprises. Comparable as a Malaysian payment processor with narrower payment method coverage than Fiuu but serving similar SMB segments.

Direct peers

• Midtrans (GoTo): Indonesian payment gateway owned by GoTo Group, serving online merchants across SEA with credit cards, bank transfers, and e-wallets. Directly comparable in business model and target market, with similar focus on regional payment method coverage.
• Xendit: Southeast Asian payment gateway serving Indonesia, Philippines, and other SEA markets with similar product breadth (online payments, virtual accounts, e-wallets). Most directly comparable regional competitor with comparable business model and customer segments.
• 2C2P: Southeast Asian payment processor offering online and in-person payment solutions across Thailand, Singapore, Malaysia, and Philippines. Comparable regional player with similar enterprise merchant focus and payment method aggregation strategy.
• iPay88: Malaysian payment gateway provider serving Southeast Asian online merchants with multi-channel payment acceptance. Historical direct competitor to Razer Merchant Services in the Malaysian market with overlapping customer base.

Broad incumbents

• Adyen: Global unified payments platform combining gateway, acquiring, and processing. Comparable as an enterprise payment processor serving global brands across online and in-person channels, increasingly expanding into SEA markets where Fiuu operates.
• PayPal: Global digital payments giant operating across consumer, merchant, and cross-border payments. Comparable as a payment processing platform for online merchants with cross-border capability, though primarily serves global SMBs and consumers rather than SEA-specialized enterprise merchants.
• Stripe: Global payment gateway serving online and in-person merchants with API-first developer experience. Directly comparable as a payment processor for enterprise e-commerce and SaaS merchants, though Stripe operates globally while Fiuu focuses on SEA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Razer_MS

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

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 Razer Merchant Services Sdn. Bhd.