KUALA LUMPUR, Oct 26 — A Singapore-based company called YouTrip which offers online payment in multiple currencies is seeking to expand its digital wallet operations in South-east Asia.
Currently available only in Singapore and Thailand, its CEO Caecilia Chu told Japan-based English-language daily“We’ve always wanted to target all of South-east Asia,” she was quoted as saying in a news report published today. Chu said her company is working with a local financial partner for its Malaysia entry, without providing details.She also said that South-east Asia provides much opportunity for a dominant financial technology player to emerge.“But we felt South-east Asia was very interesting... as there wasn’t one giant fintech,” Chu told the newspaper.She said her company is working on speeding up its presence in Indonesia, the Philippines and Vietnam.
YouTrip was launched five years ago. Its e-wallet lets individuals and businesses top up their balance through bank transfers or credit cards and convert them into more than 150 currencies with no exchange fees or transaction limits, compared to fees charged by banks or licensed money lenders. YouTrip takes a cut from the merchant processing fees when users make transactions through its app or prepaid cards at physical stores, instead of charging the conversion fees.Nikkei AsiaIn Singapore, where it holds a local payments licence, users can hold up to S$5,000 in their digital wallet.In Thailand the company partners with Kasikornbank, one of the country's major lenders.