Singapore’s leading neobank, YouTrip, has launched its new business product, YouBiz. Powered by Mastercard®, YouBiz is the best corporate card for enterprises to earn unlimited cashback and save with zero foreign exchange fees. Integrated with the card is also a unified control centre bringing together multi-currency accounts, local and domestic transfers, corporate expense management and credit features in a single hub.
This development follows YouTrip’s recent US$30 million Series A funding, and solidifies its position as the leading neobank in Southeast Asia offering both B2B and B2C financial services.
The launch of YouBiz comes at a time when SMEs are revamping the way they operate. More than 70% of businesses have adopted digital tools and are trading with global vendors and suppliers to stay competitive. As the world opens up, one in three SMEs have also expressed confidence in accelerating their overseas expansion plans. This is set to further drive the US$35 trillion global cross-border B2B payments market.
Arthur Mak, Co-founder and Chief Product Officer of YouTrip, said, “The concept of borders have blurred during the pandemic as SMEs increasingly do business internationally. Their cross-border payment needs are definitely going to rise – yet, many of their financial needs remain unmet due to the lack of a tailored financial solution. Our continued partnership with Mastercard empowers us to establish YouBiz as a valuable and reliable partner for SMEs to grow beyond borders. Promising efficient and purpose-built financial solutions at the best value, we help businesses save time and cost as they focus on scaling worldwide,” he added.
More funds on hand with YouBiz’s unlimited cashback and zero FX fees
Busy business owners want payment products that streamline and save on everyday business operations. The YouBiz card delivers on these demands by offering SMEs unlimited cashback on all spends with no cap – eliminating the need to manage and optimise their spending types. Together with savings from YouBiz’s zero foreign currency transaction fees, companies can rack up additional funds to power other business operations.
Spending and managing individual employee expenses is also convenient with YouBiz’s ability to generate physical and unlimited virtual cards for payments in over 150 currencies at more than 80 million Mastercard merchants worldwide, online and in-store. This not only reduces the risk of card-sharing, custom spend limits on each card also prevents employees from overspending.
Multi-currency services to prepare SMEs for the global market
Beyond payments, YouBiz allows SMEs to receive, hold and spend in nine currencies currently and make immediate exchange at competitive rates and no fees. Doing business is also easier than ever with free local transfers and low, transparent pricing for international remittance. All transactions are delivered and streamlined in YouBiz’s unified control centre, making expense management and reconciliation a seamless process.
Having quick access to working capital is crucial as companies scale up. In light of that, YouBiz is also introducing a credit facility that offers flexible business financing to SMEs. Combining transactional data and machine learning, YouBiz allows businesses to obtain unsecured and collateral-free term loans with no hidden or early repayment fees. The application is fuss-free and loans are disbursed seamlessly into the YouBiz account within 48 hours.
To help SMEs unlock more opportunities in the global economy, YouBiz has also collaborated with Google to provide businesses with direct support for digital marketing services, and established travel partners like Agoda, Booking.com and Qatar Airways on additional savings for travel expenditure, especially as business travel resumes.
“We’ve invested heavily in building our multi-currency technology infrastructure and obtaining a full set of licences for YouBiz. Having this control over our value chain enables us to offer the most customisable and cost-effective financial solutions for businesses. We look forward to partnering closely with SMEs to innovate and customise our offerings to meet their shifting demands,” added Arthur.
“Partnering with YouTrip on this innovative product will complement the work Mastercard has already done to help SMEs drive their overall digital transformation and harness the opportunity of the rapid growth in online marketplaces. As these digital merchants expand their business across borders, they will come to recognize both the competitive advantage and the savings they will enjoy from zero foreign exchange fees, unlimited cashback, integrated expense, and cashflow management,” said Deborah Heng, Country Manager, Mastercard, Singapore. “YouBiz also comes at a fitting time with the recent uptick in global travel and accelerated ecommerce growth, further supporting SMEs to scale and transact easily, both locally and abroad,” she added.
Signing up for a YouBiz account and card is free and does not require any minimum account balance or card fees. Businesses can start creating their YouBiz card and account here.