SINGAPORE-BASED mobile wallet operator YouTrip will take over from EZ-link and assume the role of issuer and stored value facility holder of YouTrip accounts, it said on Thursday.
This comes after the homegrown 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 setup a more robust payment security setup ahead of the Payment Services Act, which takes effect in early 2020.
The regulatory framework provides the licensing and regulation of payment services providers, oversight of payment systems and any related matters.
YouTrip previously partnered with Mastercard and EZ-link to launch in Singapore in August 2018. It will still continue its brand partnership with EZ-link after the latter ceases to be its card issuer.
Amid expansion ambitions, YouTrip said it has doubled the number of app downloads to over 400,000 from 200,000 in May, and now has a team of more than 100 people across its offices in Singapore and Hong Kong.
The startup also recently obtained a remittance licence from Monetary Authority of Singapore for future product development.
"Securing a principal licence from Mastercard marks another significant milestone in our growth journey as it will allow us to operate and deliver additional features directly to our users, as well as accommodate more sign-ups," said Caecilia Chu, co-founder and CEO of YouTrip.
"As the regional fintech space continues to develop dynamically, this licence will provide the ideal springboard for the development and expansion plans we have in the pipeline."