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Multicurrency cards offering preferential exchange rates were big in 2019, if you recall. Back then, there was no lack of choice over which cards to get: Did you fancy one in purple, green, or metallic? Some people collected them all.
But then came Covid-19, and almost two years into this pandemic, the fervor around such cards seems to have died down. I own one myself, which I’ve used on several trips before 2020. But given the restrictions around movement and travel these days, my card is stored in a drawer next to my desk.
Businesses like Hong Kong-based YouTrip, which has just one core travel product to date, have been hard hit by the global crisis. Last year was a particularly challenging one for the fintech startup as its Singapore office saw a wave of departures that sapped morale. But YouTrip says that thanks to a timely pivot, transaction volumes have since gone up and even exceeded pre-pandemic levels.
But last week, a third of YouTrip’s employees in Hong Kong were let go as it shifted its headquarters to Singapore. The layoffs came just days before the startup announced a plan to make over 50 new hires in Singapore by 2022.
The move has drawn outrage from some affected staffers, who claim that they were “blindsided” and unfairly treated since the company had reassured them that they would keep their jobs. We spoke to several former employees and YouTrip’s CEO to uncover the story in one of this week’s big reads.
— Melissa
BIG STORIES
1️⃣ YouTrip cuts a third of HK workforce, faced staff departures in SG
Image credit: Timmy Loen
Affected employees are disgruntled over the way the layoffs were handled. But YouTrip says it has recovered from the pandemic and is upping its headcount.
2️⃣ Indonesian fintech in limbo with new rules on foreign control
Indonesia’s fintech firms, particularly e-wallet players, have been twists and turns lately. But things are about to get more complicated with the introduction of new rules that place severe limitations on foreign ownership.
This can deter foreign investors from pumping capital into the space. On the other hand, clearer rules may actually encourage global investors to take a second look at Indonesia.
DEEP READ
TRENDING NEWS
STARTUP WATCH
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