Singapore E-Wallet Inks Partnership With Thai Bank
The Singapore-based firm has made its first foray into an overseas market, and is promising Thai travelers affordable options to pay with the competitive exchange rates when abroad.
YouTrip, a multi-currency mobile wallet designed with travelers in mind, is taking its services to customers outside Singapore by launching in Thailand with a partnership with Kasikornbank (KBank), the firm announced in a press release on Tuesday.
Juthasree Kuvinichkul, founding partner of You Technologies and Grab Thailand, will lead YouTrip’s Thailand operations. As part of the tie-up, YouTrip will be offered to KBank’s 11.6 million online customers, who will be able to register through their online banking app within 3 minutes.
KBank president Patchara Samalapa said in the statement that he sees «strong potential» in the partnership with YouTrip. We also believe in the foreign exchange market which has benefited from the strong outbound tourism growth in Thailand, due to strong Baht, travel promotions, new flight routes openings, etc., he added.
YouTrip allows users to pay in 150 currencies at 30 million Mastercard payment points worldwide with no hidden fees at wholesale exchange rates.
Riding on the wave of Southeast Asia’s booming travel market, YouTrip has received strong interest in its multi-currency wallet since its launch in Singapore in August 2018, counting over 400,000 downloads of its mobile application in its home market, as well as 10 million transactions processed in the year since its launch, the statement said.
In May, the firm announced that it closed a record $25.5 million pre-Series A fundraise – the largest for a fintech startup from Southeast Asia.