Singapore e-wallet operator YouTrip expands to Thailand in Kasikornbank tie-up

SINGAPORE-BASED YouTrip has expanded to Thailand through a partnership with Thai bank Kasikornbank. This is the first overseas market for the mobile wallet operator outside of Singapore, it said in a Tuesday announcement.

Through the tie-up, YouTrip is now available to the bank's 11.6 million online customers who can register via the bank's K PLUS app. YouTrip also aims to sign up over 400,000 users within the first year of launch in Thailand.

The integration with K PLUS will also ensure a secured experience with a digital sign-up and top-up process for users, YouTrip Thailand founding partner Juthasree Kuvinichkul said.

YouTrip co-founder and chief executive Caecilia Chu said there are "great synergies" between the company and Kasikornbank. Launching in a new market through a bank-fintech partnership also proves that Thailand is ready for a product like YouTrip, she added.

Kasikornbank president Patchara Samalapa said that the bank believes in the foreign exchange market which has benefited from strong outbound tourism growth in Thailand, due to a strong baht, travel promotions and new flight routes openings, among others.

In Singapore, the YouTrip mobile app has garnered over 400,000 downloads and over 10 million transactions to date, the statement said.

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 startup secured a principal licence from Mastercard, allowing YouTrip to deliver updated or new features directly to its users.

Being its own card issuer also allows YouTrip to establish a more robust payment security setup ahead of the Payment Services Act, which takes effect in early 2020.

YouTrip previously partnered Mastercard and EZ-link to launch in Singapore in August 2018.