The new funding will be focused on expansion efforts and growing iSTOX’s investment offerings. Singapore-headquartered digital securities platform iSTOX has closed its Series A fundraise at US$50 million, the company announced in a statement yesterday. With the close, the company welcomes four [...]
Singapore and Bangkok, Thailand, 5 November 2019 – Today, YouTrip, Singapore’s leading multi-currency travel wallet, has officially launched for consumers in Thailand, offering its “Truly No Fees” feature for travellers — with no 2.5% exchange fees, no issuance fees, and no annual fees. YouTrip’s launch into Thailand was made possible through a partnership with one of Thailand’s leading banks, Kasikornbank (KBank) (SET: KBANK).
In a first of its kind bank-fintech partnership in Thailand, Kbank’s 11.6 million online customers can now register for YouTrip in less than 3 minutes via their K PLUS app, and will be able to enjoy zero transaction fees across over 150 currencies as they travel globally. YouTrip allows Thai travellers to lock-down and secure their preferred rate via the in-app exchange rate feature for 10 popular currencies, with no daily limit on how much money can be exchanged.
Thailand serves as YouTrip’s first overseas market for consumers outside Singapore. YouTrip aims to sign up over 400,000 users within its first year of launch in Thailand. In Singapore, the fintech has already amassed over 400,000 downloads and over 10 million transactions to date, following YouTrip’s record US$25.5 million pre-series A fundraise in May 2019, the largest pre-series A raise for a Southeast Asia-based fintech startup.
Caecilia Chu, Co-Founder and CEO of YouTrip, said: “We are really excited to be launching in a new market, and cannot wait to replicate the same level of success in Thailand that we’ve enjoyed in Singapore over the past year. We see great synergies between Kasikornbank and YouTrip, and are delighted that this partnership is the first bank-fintech partnership of its kind in Thailand. This proves that the Thai market is ready for a product like YouTrip, and we are ready to deliver.”
President of Kasikornbank, Mr. Patchara Samalapa, states “KBank sees strong potential in YouTrip, which enjoys great success as the leading Multi-Currency Travel Wallet in Singapore. 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. The successful partnership with YouTrip to co-develop YouTrip mobile application and contactless Mastercard, is further supported by KBank’s strong operational platform. As a “Powered by KBank” project, the seamless integration between YouTrip and K PLUS delivers the best experience for Thai travellers. With real-time card blocking and security features built in YouTrip, travellers can enjoy a peace of mind when travelling.”
Ms. Juthasree Kuvinichkul, Founding Partner of YouTrip Thailand, said: “Kasikornbank is a leading bank entrusted by local Thai people with expertise in digital banking and currency exchange. With the seamless integration with K PLUS, YouTrip delivers not only a “Truly No Fees” travel wallet with competitive exchange rates, but also a secured experience with fully digital sign up and top up processes. With the launch of YouTrip, Thai travellers will now have the most affordable options to pay with the best exchange rates when overseas.”
YouTrip offers a mobile application with a Contactless Prepaid Mastercard that is specially catered for travellers to pay with no fees and the best exchange rate in over 150 currencies. Users can exchange 10 selected currencies conveniently in-app any time before making a purchase, or simply rely on YouTrip’s SmartExchange™ technology to automatically exchange currencies for users in case of insufficient funds in the particular currency, with no additional fees. To empower travellers with secure payment protection, YouTrip also provides instant notifications for all transactions, and real-time card blocking in case of card loss. YouTrip also allows cash withdrawal from overseas ATM with the same competitive exchange rates.
“Mastercard and YouTrip share the same desire which is to deliver a seamless and convenient payment solution for travellers no matter where and how often they travel. Through this partnership, Mastercard wants to expand user access to YouTrip’s Mulit-Currency Travel Wallet in markets outside of Singapore, and are excited to partner with YouTrip to elevate the experience of Thai travellers,” said Ms. Aileen Chew, Country Manager of Thailand and Myanmar, Mastercard.
YouTrip is available for download in Thailand today. Existing KBank customers can sign up online for a YouTrip account in less than 3 minutes by linking their existing K PLUS account, without the need to visit bank branches for document submission. The first 50,000 users will also be awarded a 200 THB bonus after their first successful transaction with YouTrip in December 2019. Users can also enjoy free overseas ATM withdrawal from launch until 31 Jan 2020. YouTrip has already been used in 166 countries across 6 continents and transacted in 112 different currencies. Since its launch in Singapore, YouTrip has processed more than 10 million transactions in a year.
YouTrip is a regional financial technology startup, dedicated to creating the best mobile financial services for travellers by simplifying overseas spending and creating a fuss-free travel experience. YouTrip’s mission is to help people across Southeast Asia manage their money in a simpler yet smarter way, with a core focus on travellers since its first launch in Singapore in 2018. In Thailand, YouTrip partnered with Kasikornbank to launch its multi-currency travel wallet in the country in November 2019.
For more information, please visit: www.you.co
The KASIKORNBANK Public Company Limited was established on June 8, 1945. Throughout the past 70 years, the Bank has always strived to develop our organization and offer financial product initiatives plus excellent service delivery to match our slogan, “Towards Service Excellence” and “Customer Centricity” concept. This led to the consolidation of KASIKORNBANK and subsidiaries (K Companies) and “K KASIKORNTHAI” symbol was adopted to guarantee quality and standards.
KASIKORNBANK aims to be the most innovative, dynamic, and proactive customer-centric financial institution that creates sustainability for all stakeholders and aims to harmoniously combine technology and human resources to sustainably create world-class-quality financial services, so as to achieve optimal benefits for all stakeholders.
For more information, please visit: kasikornbank.com
For more information, please contact:
PRecious Communications for YouTrip
T: (65) 6303 0567
E: [email protected]