Singapore’s multi-currency travel wallet YouTrip has expanded to Thailand, in partnership with Thai bank Kasikornbank. Thailand serves as YouTrip’s first overseas market for consumers outside Singapore, and aims to sign up over 400,000 users within its first year of launch in Thailand.
Through this partnership, Kbank’s 11.6 million online customers will have access to YouTrip via the bank’s loyalty app K PLUS. YouTrip also 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.
This comes shortly after YouTrip bagged US$25.5 million in a pre-series A fund raise in May 2019. Currently, YouTrip offers a mobile application with a contactless prepaid Mastercard, curated for travellers to pay with no fees and the best exchange rate in over 150 currencies.
In October, YouTrip said it would take over the role of issuer and stored value facility holder for its accounts from EZ-Link. This was after the start-up secured a principal licence from Mastercard, allowing YouTrip to deliver updated or new features directly to its users. YouTrip previously partnered Mastercard and EZ-Link to break into the Singapore market a year ago in August.
Caecilia Chu, co-founder and CEO of YouTrip, said she sees great synergies between Kasikornbank and YouTrip, 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,” she added.
Meanwhile, president of Kasikornbank, Patchara Samalapa said KBank sees strong potential in YouTrip, adding that the foreign exchange market has benefited from the outbound tourism growth in Thailand, due to strong Baht, travel promotions, new flight routes openings and more.