Singapore’s first multi-currency mobile wallet with a prepaid Mastercard announced that it has secured a Principal Licence from Mastercard and will assume the primary role of the issuer and stored value facility holder of YouTrip accounts.
The principal license will allow YouTrip to deliver improved and additional features directly to its users, as well as enable it to provide a more robust and dedicated payment security setup in anticipation of the new Payments Services Act.
As the regional fintech space continues to develop dynamically, this license will provide the ideal springboard for the development and expansion plans we have in the pipeline, said Caecilia Chu, co-founder and CEO of YouTrip.
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Having partnered with Mastercard and EZ-Link to launch in Singapore in August 2018, YouTrip will be taking over the role of issuer and holder of stored value accounts from EZ-Link while continuing the current brand partnership.
This is part of YouTrip’s wider ambitions to develop its platform and new features for its users, as it readies itself for expansion. Since YouTrip announced its record pre-Series A fundraiser earlier this year, it has doubled the number of app downloads to over 400,000 from 200,000 in May and grown its team beyond 100 people across its offices in Singapore and Hong Kong.
YouTrip also recently obtained a remittance license from MAS to cater for future product development. This will be key to its expansion plans as more regulators identify fintech as a major growth area and introduce progressive policy measures to facilitate innovation and the broadening usage of such services.