Hong Kong fintech YouTrip obtains principal license from Mastercard

This marks them as the first company in Singapore to obtain a prepaid license from Mastercard.

Hong Kong-based multi-currency mobile wallet startup YouTrip has secured a principal license from Mastercard, where they will assume the role of issuer and stored value facility holder of YouTrip accounts, a media release revealed.

This marks the first time that a company in Singapore obtained an electronic money license from Mastercard.

This builds on the two firms’ partnership in August 2018, together with contactless smart card brand EZ-Link for YouTrip’s debut in Singapore. The firm allows for the exchange and storage of 10 selected currencies in advance through its in-app exchange feature and lets the user pay fees in more than 150 currencies at wholesale exchange rates.