Tag: YouBiz

Singapore – Recommerce platform Carousell and corporate card and finance management platform YouBiz have announced a strategic partnership to help local small and medium-sized enterprises (SMEs) and start-ups accelerate their business growth with digitalisation tools and resources.

The partnership between the two platforms serves as a unique collaboration that aims to help SMEs maximise their resources and save on business expenses as they digitalise their operations.

To start, YouBiz has been helping over 3,000 businesses save annually by eliminating unnecessary administrative fees, coupled with its promise of 0% FX fee, unlimited cashback and seamlessly integrated digital solutions. These substantial savings allow SMEs to reinvest in their growth, and enhance their offerings and reach which ultimately creates a more vibrant and resilient business landscape.

As part of the partnership, Carousell merchants get to enjoy a 10% upsized cashback for their CarouBiz package and Carousell coins, while YouBiz users are offered an exclusive 20% rebate for their purchase of Carousell coins.

Beyond helping SMEs save costs, Carousell and YouBiz are also committed to empowering business owners and aspiring entrepreneurs with the knowledge they need to stay ahead in the digital economy.

Talking about the partnership, Johnny Lim, regional head of sales and business director of Carousell, said, “We are thrilled to partner with YouBiz, combining our reach of 1 in Singaporeans as active monthly users and YouBiz’s expertise in financial solutions, to help small local businesses and success in today’s fast-paced business landscape. Digitalisation is pivotal, and this collaboration exemplifies our commitment to provide simple-to-use and convenient ways for anyone to digitise their business.” 

Meanwhile, Kelvin Lam, chief operating officer of YouBiz by YouTrip, said, “Our partnership with Carousell is a strategic one that aims to equip SMEs with cost-saving tools and resources that help them accelerate their cross-border growth in this digital economy age. We are excited to be working with Carousell to support the growth of SMEs in the region. With our combined expertise and offerings, we can help more businesses tap into new markets and opportunities.”

Singapore – YouBiz, the corporate card and finance management platform by YouTrip, has announced their strategic partnership with cloud-based accounting software provider Xero. Said partnership aimed at reducing operational costs remains amongst SMEs in the Southeast Asian region.

It also aims to equip local businesses and startups with more capabilities to manage their corporate expenses efficiently through the integration of Xero’s accounting software.

Through this integration, YouBiz users can unlock automated sync on all multi-currency accounts with Xero, reducing manual reconciliation of expenses and erroneous accounting entries. YouBiz users who are new to Xero can also enjoy 50% off on any Xero accounting plan for 6 months.

Caecilia Chu, co-founder and CEO at YouTrip has expressed their excitement with said partnership, remarking that with growing inflation and rising prices, finance automation platforms with enhanced accounting capabilities will allow SMEs to cut down on operational costs significantly and redirect valuable funds and resources towards their global expansion plans.

“With Xero on board, YouBiz users will have better control and greater visibility over their business spending. And as we continue to be a valuable and reliable partner to SMEs, YouBiz will strive to forge more partnerships with digital brands and businesses that SMEs work with, to bring more returns and cost savings beneficial to companies, and aid them in their digitalisation efforts,” Chu said.

Singapore – After Singaporean neobank YouTrip hinted on the launch of its new B2B product, the fintech officially unveiled YouBiz, its corporate credit card for SMEs, in partnership with Mastercard. This development follows YouTrip’s recent US$30m Series A funding.

The new product is integrated with a unified control centre bringing together multi-currency accounts, local and domestic transfers, corporate expense management, and credit features in a single hub.

YouBiz offers SMEs unlimited cashback on all spends with no cap, eliminating the need to manage and optimise their spending types. Together with savings from YouBiz’s zero foreign currency transaction fees, companies can rack up additional funds to power other business operations. Spending and managing individual employee expenses is also convenient with YouBiz’s ability to generate physical and unlimited virtual cards for payments in over 150 currencies at more than 80 million Mastercard merchants worldwide, online and in-store. This not only reduces the risk of card-sharing, custom spend limits on each card also prevent employees from overspending.

Moreover, YouBiz allows SMEs to receive, hold, and spend in nine currencies currently and make an immediate exchange at competitive rates and no fees. Doing business is also more accessible than ever with free local transfers and low, transparent pricing for international remittance. All transactions are delivered and streamlined in YouBiz’s unified control centre, making expense management and reconciliation a seamless process.

Arthur Mak, YouTrip’s co-founder and chief product officer, said that the concept of borders has blurred during the pandemic as SMEs increasingly do business internationally, and their cross-border payment needs are definitely going to rise – yet, many of their financial needs remain unmet due to the lack of a tailored financial solution. 

“Our continued partnership with Mastercard empowers us to establish YouBiz as a valuable and reliable partner for SMEs to grow beyond borders. Promising efficient and purpose-built financial solutions at the best value, we help businesses save time and cost as they focus on scaling worldwide,” added Mak.

YouBiz is also introducing a credit facility that offers flexible business financing to SMEs. Combining transactional data and machine learning, YouBiz allows businesses to obtain unsecured and collateral-free term loans with no hidden or early repayment fees. The application is fuss-free and loans are disbursed seamlessly into the YouBiz account within 48 hours.

In addition, YouBiz has collaborated with Google to provide businesses with direct support for digital marketing services, and established travel partners like Agoda, Booking.com, and Qatar Airways on additional savings for travel expenditure, especially as business travel resumes.

Mak shared that they have invested heavily in building their multi-currency technology infrastructure and obtaining a full set of licences for YouBiz. 

“Having this control over our value chain enables us to offer the most customisable and cost-effective financial solutions for businesses. We look forward to partnering closely with SMEs to innovate and customise our offerings to meet their shifting demands,” said Mak.

Meanwhile, Deborah Heng, Mastercard’s country manager for Singapore, noted that partnering with YouTrip on this innovative product will complement the work Mastercard has already done to help SMEs drive their overall digital transformation and harness the opportunity of rapid growth in online marketplaces. 

“As these digital merchants expand their business across borders, they will come to recognise both the competitive advantage and the savings they will enjoy from zero foreign exchange fees, unlimited cashback, integrated expense, and cashflow management. YouBiz also comes at a fitting time with the recent uptick in global travel and accelerated e-commerce growth, further supporting SMEs to scale and transact easily, both locally and abroad,” said Heng.