YouTrip, Singapore’s first multi-currency mobile wallet with a prepaid Mastercard, announced that it has secured a Principal Licence from Mastercard and will be assuming the primary role of issuer and stored value facility holder of YouTrip accounts (October 22, 2019). This will allow YouTrip to deliver improved and additional features directly to its users, as well as enable it to provide a more robust and dedicated payment security setup in anticipation of The Payment Services Act targeted to commence in 2020.
The fintech startup is the first company in Singapore to obtain an electronic money (prepaid) license granted by Mastercard to issue multi-currency travel prepaid cards. Celebrating its 1-year milestone, YouTrip has doubled its app downloads to over 400,000 since launch as it continues to transform the overseas spending experience for Singaporean travellers. The company has also grown its team beyond 100 people across its offices in Singapore and Hong Kong.
The mobile wallet is specially designed for travellers to pay overseas with no fees in over 150 currencies. Currently it also supports exchange of 10 currencies so travellers can conveniently lock-down competitive rates before their trip.
Caecilia Chu, co-founder and CEO of YouTrip said, “We have come a long way since we launched a year ago. The tremendous support we have received from our users is truly humbling, and also a testament to their belief and confidence in our mission to transform overseas travel spending. 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. 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.”
YouTrip also recently obtained a remittance licence from MAS to cater for future product development. This will be key to its expansion plans as more regulators identify fintech as a major growth area and introduce progressive policy measures to facilitate innovation and the broadening usage of such services.
Source: YouTrip including picture