Singapore’s YouTrip to enter Australia, first new market since COVID-19 pandemic

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SINGAPORE, Dec 2 (Reuters) – Singapore-based fintech firm YouTrip said on Tuesday it will launch in Australia, its first new market since the COVID-19 pandemic, aiming to use it as a springboard for further expansion into other high-travel Asia-Pacific markets.

YouTrip now operates in Singapore and Thailand, offering a multi-currency travel card and processing more than $15 billion in annual transactions, the company said in a statement. 

Australia’s high outbound travel and demand for better foreign exchange rates made it a strategic market, it added.

About 12.3 million Australians travelled overseas in the past year, spending over A$50 billion ($32.74 billion) on international leisure travel, according to YouTrip.

“Our expansion into Australia, a market with substantial high-travel potential and familiar payment pain points, is a strong validation of our payment innovation and scalability,” said Caecilia Chu, YouTrip’s CEO and co-founder.

YouTrip said its platform offered real-time mid-market exchange rates with zero foreign exchange fees, giving users savings of up to 4% on overseas spending. 

YouTrip has raised more than $110 million to support technology development and market growth, it said in the statement.

($1=A$1.5274)

(Reporting by Yantoultra Ngui; Editing by Clarence Fernandez)