SEA Digest: YouTrip expands to Thailand; CashChanger launches remittance site

Insignia Ventures Partners-backed startup YouTrip is collaborating with Thai lender Kasikornbank to launch its services in Thailand, while CashChanger has introduced a remittance comparison service.

YouTrip launches services in Thailand in first overseas expansion

Singapore-based multi-currency travel wallet YouTrip has expanded into Thailand, its first overseas market, in partnership with SET-listed Kasikornbank (KBank), according to an announcement.

Kbank’s 11.6 million online customers can now register for YouTrip via their K PLUS app and enjoy zero transaction fees across over 150 currencies as they travel to other countries. The transactions are enabled through a partnership with payments giant Mastercard.

The Singapore startup said it aimed to attract over 400,000 users within its first year of launch in Thailand. In Singapore, it has already amassed over 400,000 downloads and over 10 million transactions to date.

Its users have tapped the service in 166 countries and transacted in 112 different currencies, the company said.

“We are really excited to be launching in a new market, and cannot wait to replicate the same level of success in Thailand that we’ve enjoyed in Singapore over the past year,” said Caecilia Chu, co-founder and CEO of YouTrip.

Meanwhile, Patchara Samalapa, president of KBank, said he is bullish on the latest partnership, thanks to the Thai foreign exchange market which has benefited from a strong outbound tourism growth in Thailand and a strong local currency.

Founded in 2017, YouTrip announced an oversubscribed $25.5-million pre-series A funding round with the participation of Insignia Venture Partners and unnamed family offices in May this year. The company claimed it was the largest pre-Series A financing for a Southeast Asian fintech startup.

CashChanger launches remittance comparison service

Singapore startup CashChanger has launched a remittance comparison site offering all-in-rates for foreign workers to transmit their money.

The startup, which raised seed funding from angel investors earlier this year, is seeking a Series A round for global expansion, it confirmed in LinkedIn posts.

CashChanger claimed that it is now available in 400 locations in Japan, Thailand and Malaysia, in addition to Singapore. Moving ahead, the company will launch its app with digital payment and transaction support by the first quarter of 2020.

Kenneth Go, CashChanger’s general manager, had earlier said that the startup will only work with partners that hold a remittance license with the Monetary Authority of Singapore (MAS) who are bound by the Money-changing and Remittance Business Act.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.