Travel wallet app YouTrip launches in Thailand through Kasikornbank tie-up

Singapore-based multicurrency travel e-wallet YouTrip has officially launched in Thailand through a partnership with local bank Kasikornbank.

The YouTrip Thailand team / Photo credit: YouTrip Thailand

As part of the partnership, Kasikornbank’s 11.6 million online customers can now register for YouTrip through the K Plus app, according to a statement. The YouTrip app is also available for download in Thailand starting today.

Users in Thailand will also enjoy zero transaction fees across over 150 currencies when traveling internationally through the network of payments giant Mastercard.

They will also be able to lock down and secure their preferred rate through an in-app exchange rate feature for 10 popular currencies, with no daily limit on how much money can be exchanged.

The fintech startup’s operations in the country will be headed by Juthasree Kuvinichkul, a founding partner at YouTrip Thailand. Kuvinichkul previously helped launch Grab Thailand in 2013 and was involved in the ride-hailing company’s development of offshoots such as motorbike-hailing service GrabBike.

YouTrip’s Bangkok office will be starting with 20 employees, a number that the company aims to double within the next six months.

According to YouTrip co-founder and CEO Caecilia Chu, this is the first partnership of its kind between a bank and a fintech firm in Thailand. “This proves that the Thai market is ready for a product like YouTrip, and we are ready to deliver,” she added.

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YouTrip’s launch in Thailand marks its first overseas market for consumers outside of Singapore. The startup is looking to acquire over 400,000 users within its first year of operations in the country.

In Singapore, the company claims it has already amassed more than 400,000 downloads and over 10 million transactions to date, following its US$25.5 million pre-series A raise earlier this year. It has recently obtained a remittance license from the Monetary Authority of Singapore.