Singapore’s neobank YouTrip announced Monday that it has launched a new travel insurance product on its multi-currency app for all local users.

Rolled out in conjunction with online insurance provider, HL Assurance (HLAS), travellers can now purchase a single-trip policy directly and conveniently on the YouTrip app, and enjoy up to 65 percent in savings on their plan, YouTrip said in a statement.

This roll-out follows the rapid travel comeback among Singaporeans, and business for YouTrip has grown an exponential four times this quarter (the second quarter) compared to 2021.

With international travel only expected to rise, this expansion into insurance is timely in helping to simplify users’ trip preparation process.

“In this post-pandemic travel, getting well-covered with comprehensive insurance is an essential on every travellers’ checklist. Likewise, this integration of insurance in our suite of financial services gives users a peace of mind as they embark on new adventures overseas,

“As a company, this is also a significant step in our work to build a borderless banking product for travellers in the region – from promising the most affordable and convenient multi-currency payments, and now protection,” said Caecilia Chu, Chief Executive Officer and Co-Founder of YouTrip.

To ensure all users are well-protected, YouTrip has curated the most comprehensive plan from HLAS with enhanced benefits to cover medical treatments as well as trip cancellations and/or postponement due to COVID-19.

The firm is also rewarding users for protecting themselves, with a guaranteed 15 percent cashback on every purchase of a single-trip policy from their HL Assurance COVIDSafe Travel Protect360 Enhanced Plans.

The plans are some of the most comprehensive and flexible travel insurance products in Singapore covering COVID-related situations, with enhanced features such as flexibility in travel date changes, overseas hospital cash benefits and quarantine allowance, as well as reimbursements on travel delay, postponement and disruptions.

YouTrip is a Southeast Asian neobank dedicated to creating the next-generation of digital financial services for consumers and businesses. In 2018, it launched the region’s first and leading multi-currency payment app.

With its consumer and corporate products, YouTrip and YouBiz, the company empowers users with the most affordable and convenient financial innovations to transact in any currencies worldwide.

The company is a major payment institution licensed by the Monetary Authority of Singapore (MAS), and owns principal memberships and issuing licences with two of the largest card schemes, MasterCard and Visa.

Founded in Singapore in 2013, HLAS is a licensed general insurer approved by the Monetary Authority of Singapore and a member of the General Insurance Association in Singapore.

Through a wide range of products and services including critical illness, personal accident, car, critical illness, fire, home, mobile phone, maid and travel insurance for personal needs and business packages, casualty, engineering, keyman and property insurance for business needs of corporations and small and medium-sized enterprises (SMEs), HLAS provides quality customer-centric products to protect every customers’ valuable assets.

HLAS is a member of Hong Leong Group, a conglomerate with diversified businesses in banking and financial services, manufacturing and distribution, property development and investments, hospitality and leisure, and principal investment with presence in Asia, Europe, North America and Oceania.

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