Singapore – Singapore’s multicurrency e-wallet YouTrip revealed in a press announcement that it will be undergoing a brand rehaul, slated for early 2022.
The advanced announcement comes as the fintech unveils its plans to establish an innovation lab in Singapore to fast-track its technology capabilities and product development. The fintech shared that the new lab will see its workforce double by 2022 which will be crucial in driving the development of a new suite of multicurrency products including the new brand identity.
YouTrip’s brand proposition is to offer the best mobile financial services by simplifying foreign currency payments and offering the best exchange rates. With the new branding, the fintech aims to reflect its transformation from a travel wallet to a broader digital payments app that drives its mission of simplifying multicurrency spending.
Together with a new brand debut, YouTrip will also be redesigned with new features such as a virtual card, an interactive exchange rates dashboard, and also YouTrip exclusive deals, as well as the ability to hold more popular currencies in the wallet.
YouTrip also revealed the launch of another product YouTrip Business, likewise to be released in early 2022.
YouTrip Business is a new multicurrency corporate credit card aimed at helping companies of all sizes save money and time on cross-border payments. Compared to the consumer product, the new business card promises higher spending limits while transacting at the best exchange rates in over currencies, with credit terms offered to selected business account users. YouTrip Business will also enable companies to issue multicurrency cards to employees.
Caecilia Chu, co-founder and CEO of YouTrip, commented that despite the travel standstill, there has been continued significant growth in overseas online spending which underscores the importance of cross-border payments for consumers and businesses.
According to YouTrip’s own cross-border e-commerce study for 2021, there has been an 84% year-on-year increase in online overseas purchases by Singaporean users from the period of July 2020 to June 2021.
Chu said, “With this shift in spending, our advancement in innovation to offer a wider suite of multicurrency is timely, and drives our goal of elevating the cross-border payment experience for our users in Singapore and the region. We are incredibly excited to embark on this next phase of our business growth and Singapore’s developed tech ecosystem provides the conducive conditions to propel this forward.”
She adds, “Singapore is a special place to us, being the first market where we introduced YouTrip to the world…we look forward to driving the next generation of cross-border payment innovations, and to help build a stronger pipeline of talents that will fortify Singapore’s position as a global fintech hub.”