Traveloka, which boasts of 40 million active monthly users, is seeking to develop ‘buy now, pay later’ services for Thailand and Vietnam
Southeast Asia’s largest online travel startup company- Traveloka has laid down its plans of introducing financial services in the provinces of Vietnam and Thailand as it looks forward to securing a significant position in the United States. This step would enable the company to witness a rebound in its business post the COVID-19 pandemic thumped demand.
It has been speculated that the company’s aim to invest in financial tech is expected to enable more consumers to travel in the region, as the travel business in the country returned to productivity in late 2020.
In fact, Traveloka had recently announced establishing a joint venture with one of the leading banks in Thailand to partner in the fintech space. Moreover, the firm is also in talks with potential partners in Vietnam. The company had also declared that it was seeking to design and create ‘buy now, pay later’ services.
Besides, the company had in 2020 unveiled ‘Paylater’ credit cards with some Indonesian lenders, which is considered to offer wealth and insurance management services. Speaking on this, Traveloka’s President- Caesar Indra mentioned that the business potential was huge in Indonesia where about 6% of the population of 270 million owns a credit card.
It has been claimed that Traveloka, financially funded by U.S’s Expedia, sovereign wealth fund GIC of Singapore, Jingdong of China, and Indonesia’s East Ventures, has grown its domestic lifestyle services in Indonesian states and cities, where it looks to offer restaurant vouchers and a food delivery services. In this case, it would be essential to mention that the firm is Thailand’s largest restaurant review application.