Finture introduces cross-border financial solutions to enhance convenience of Hong Kong travelers and foreign domestic workers

HONG KONG SAR  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.”