As The Fintech Occasions in September celebrates the Girls in Fintech we take a second to listen to extra from a few of the main feminine leaders in Asia. Certainly one of them is Caecilia Chu from Hong Kong, who’s an professional in fintech and particularly in cross-border cell cost in Southeast Asia.
Caecilia Chu is the CEO and Co-Founding father of YouTrip, a regional monetary know-how firm based mostly in Singapore, Hong Kong and Thailand, devoted to making a next-generation digital banking expertise for customers in Southeast Asia. Guided by her imaginative and prescient to assist folks handle their cash in a less complicated but smarter manner, YouTrip first launched its multi-currency cell pockets in Singapore in August 2018 in partnership with Mastercard and EZ-Hyperlink, the biggest contactless cost system for Singapore’s public transport community. Lower than a yr later, YouTrip introduced its “Truly No Fees” multi-currency cell pockets to Thailand, in collaboration with Kasikorn Bank, Thailand’s largest client bank with over 11.6 million on-line banking clients in November 2019.
Below her management, YouTrip has grown to grow to be one of many fastest-growing fintech firms in South-East Asia. The success was additionally additional demonstrated when it raised a file US$26 million pre-series A funding in May 2019, the biggest for a fintech start-up in Southeast Asia.
Describe your profession journey:
Previous to founding YouTrip, I used to be a banker for an enormous a part of my profession, having labored at Citibank, McKinsey and Lufax. I used to be travelling regularly for work and generally, these last-minute work journeys left me with no time to go to a cash changer beforehand. I usually needed to depend on my bank card for abroad cost. And it’s solely when my bank card payments got here in, that I observed how a lot overseas transaction charges I’m really paying. It was this traveller’s ache that I skilled first-hand for a few years that led me to discovered YouTrip to remove such charges. Plus, once I was learning cross border cost merchandise in Lufax, I noticed that there was completely no entry barrier and it was free for all customers to make use of. I needed to provide YouTrip customers an analogous expertise when utilizing our product for abroad cost, a very no charges proposition!
As a recognised thought chief and a feminine, what difficulties have you ever confronted in your profession?
Though the tech business remains to be largely dominated by males, I’ve been lucky sufficient to by no means expertise difficulties due to my gender. I’m a agency believer that gender doesn’t decide how profitable an individual could be. However having mentioned that, I believe it’s essential that ladies professionals recognise the challenges that may come our manner. It’s actually about making the aware commerce off and sacrifices, or compromises in sure components of our lives to realize the wildest goals that one has. Having that mindset, I believe that’s essential.
What are the longer term traits and predictions you see taking place within the area?
I count on to see extra non-financial sector gamers venturing the cost house to launch adjoining merchandise from their core choices to cater an expertise distinctive to their model and the altering wants of their clients. The numerous untapped alternatives within the area will certainly entice many new gamers into the cost house, however, I consider YouTrip will stay to be the one pure-play within the multi-currency cost house in Southeast Asia.
One other key growth within the cost sector might be on cost safety, particularly on the utilization of recent applied sciences like Machine Studying and AI, to fight fraud in a extra environment friendly method as on-line cost grows amid Covid-19. Tright here is an growing want for higher fraud monitoring capabilities, as extra shoppers undertake cell cost for e-commerce procuring pushed by the pandemic. It’ll be thrilling to see how such applied sciences can create significant affect to deal with monetary crime sooner than earlier than.
For YouTrip, it’s a core focus of ours to boost our machine studying capabilities to guide the battle in opposition to new strategies of defrauding and safeguard our platform.
What recommendation and proposals do you need to give future feminine entrepreneurs and thought leaders who’re based mostly in Asia?
Step one is having the mindset and understanding the attention that generally being a feminine entrepreneur or feminine skilled is difficult, and we actually can’t have all of it. It’s essential to discover a supportive setting – select the appropriate folks, select the appropriate workforce, select the appropriate tradition that’s inclusive and collaborative, which can allow you to develop. I hope that there might be extra girls becoming a member of the Fintech business and YouTrip might be most supportive of them.