Singapore neobank YouTrip has launched its new business product, YouBiz on Wednesday.
Powered by Mastercard®, it is a corporate card that enables enterprises to earn unlimited cashback and save with zero foreign exchange fees.
A unified control center is also integrated with the card to bring together multi-currency accounts, local and domestic transfers, corporate expense management, and credit features in a single hub, YouTrip said in a statement on Wednesday.
This development follows YouTrip’s recent $30 million Series A funding.
The launch of YouBiz comes at a time when small and medium enterprises (SMEs) are revamping the way they operate.
According to YouTrip, more than 70 percent 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 has also expressed confidence in accelerating their overseas expansion plans. This is set to further drive the $35 trillion global cross-border B2B payments market.
“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,” YouTrip Co-founder and Chief Product Officer Arthur Mak said.
YouTrip said the YouBiz card also offers SMEs unlimited cashback on all spends with no cap — eliminating the need to manage and optimize 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, the company added.
Beyond payments, YouBiz allows SMEs to receive, hold and spend in nine currencies currently and make an immediate exchange at competitive rates and no fees. Doing business is also easier with free local transfers and low, transparent pricing for international remittance. All transactions are delivered and streamlined in YouBiz’s unified control center, making expense management and reconciliation a seamless process, YouTrip said.
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.
“We’ve invested heavily in building our multi-currency technology infrastructure and obtaining a full set of licenses for YouBiz. Having this control over our value chain enables us to offer the most customizable and cost-effective financial solutions for businesses. We look forward to partnering closely with SMEs to innovate and customize our offerings to meet their shifting demands,” added Mak.
To help SMEs unlock more opportunities in the global economy, YouBiz has also partnered with market leaders such as Google Ads to give them 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, the company added.