New corporate card for SMEs launched

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YouTrip has launched its new business product, YouBiz, a corporate card powered by Mastercard® that promises cashback and savings 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.

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.

The YouBiz card offers SMEs opportunities to save funds to power other business operations. It also makes spending and managing individual employee expenses is also convenient with its ability to generate physical and unlimited virtual cards for payments in over 150 currencies at 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.

“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,” said Deborah Heng, Country Manager, Mastercard, Singapore. 

“YouBiz 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.