Finture introduces cross-border financial solutions to enhance convenience of Hong Kong travelers and foreign domestic workers
HONG KONG SAR - Media OutReach - 27 June 2023 - YUP, the credit payment platform created by Singaporean startup Finture, introduces a range of innovative financial products for Southeast Asia in Hong Kong.
These products facilitate the financial needs of Hong Kong residents and foreign domestic workers, who frequently travel to Southeast Asian countries, as well as respond to China's Belt and Road Initiative. During the initial stage, Finture will launch a "Remote Repayment" credit card designed for foreign domestic workers, allowing the cardholder's relatives to make local purchases in Indonesia, with the cardholder repaying the expenses in Hong Kong. As a result, it eliminates complex, costly, and time-consuming banking procedures, making it convenient for tens of thousands of foreign domestic workers and their families.
Foreign domestic workers promptly remit wages to their families back home in Indonesia. According to statistics, there are about 500,000 foreign domestic workers in Hong Kong, of which 98% are from Indonesia and the Philippines. Donny Zhang, Co-founder and CEO of Finture, said, "Individuals from Indonesia, the Philippines, and other South Asian countries have relatively modest spending patterns in Hong Kong and no income records in their home countries. They face challenges in acquiring bank accounts and credit cards, which affect the convenience and quality of life for themselves and their families. YUP's emergence aims to leverage financial technology to uplift people's living standards, ensuring that everyone is eligible to have access to easy, convenient, and affordable financial products."
Founded in 2021, Finture has emerged as a prominent provider of digital bank and credit payment services in Southeast Asia. Its first product, YUP, has quickly become one of the most popular consumer finance APPs in Indonesia. With the support of major investors such as MindWorks, YUP is now ready to introduce this widely accepted product to the Hong Kong market, implementing the integration of consumer finance under China's Belt and Road initiative.
In response to the popularity of Southeast Asian countries as favored destinations for Hong Kong travelers, YUP is developing an e-wallet that can be used in Southeast Asia, Hong Kong, and China. This new product aims to meet the diverse needs of individuals, enabling them to enjoy a hassle-free consumer experience wherever they go. Credit records, expenditures, telecommunications and other data would be integrated into a unified system that will facilitate comprehensive credit assessments. Gavin Guo, CFO of Finture, said, "YUP will also expand its capabilities to meet the investment and cryptocurrency-related needs of the target audience."
Hashtag: #Finture #YUP
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About Finture
Finture is a Singapore-based fintech company that has offices in Shanghai, Singapore, and Jakarta. Established in 2021, Finture operates its digital bank and credit payment business in Southeast Asia, and is set to expand its presence to Hong Kong in 2023. Finture believes everyone is eligible to have the access to easy, convenient, and affordable financial products. Cooperated with local financial institutions and fintech companies, Finture has achieved exponential growth since launching its first product YUP, which now has become one of the most popular consumer finance APPs in Indonesia,especially among the working class people.
Official Website：https://finture.id/
About Donny Zhang, Finture's co-founder and CEO
Co-founded Finture in 2021, Donny has over 15 years of working experience in Fintech, financial services and investments. Before that, Donny graduated from the University of Sheffield and worked in strategic consulting at Accenture. In 2015, Donny joined 360 Group as a strategic investment manager, focusing on the development of financial technology in markets such as China, Southeast Asia and South America. He has led investment and research on digital banking and startups in multiple global markets, contributing to the growth and fundraising of 360 Group's financial business, 360DigiTech. His efforts played a crucial role in facilitating the successful listing of the company on the NASDAQ stock exchange (NDAQ: QFIN) in 2018.
After that, Donny was appointed to the role of southeast business CEO of 360DigiTech, expanding business in Jakarta. Recognizing the untapped opportunities in Southeast Asian banking services, he embarked on the founding of Finture, focusing on digital banking as a means to provide consumer financial payment products tailored to the needs of the working class people.
