Travel app Traveloka plans to offer financial services in Thailand, Vietnam

Indonesian travel app Traveloka is reportedly looking to roll out financial services in Thailand and Vietnam ahead of its US listing via a blank-cheque company.

In an interview to Reuters, Traveloka president Caesar Indra said: “Traveloka’s Vietnam business had surpassed pre-Covid-19 levels, is nearly back to normal levels in Thailand, and is at half of pre-Covid level in Indonesia.

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“The plan is to invest in fintech in a big way to allow more consumers to travel in the region.”

The company is planning to developing buy now pay later (BNPL) services for Thailand and Vietnam markets.

Indra added: “We recently formed a joint venture with one of the largest banks in Thailand to collaborate in the fintech space.”

The report added that Traveloka is also talking to potential partners in Vietnam, where it has smaller competitors.

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Last year, Traveloka introduced ‘Paylater’ credit cards in collaboration with some Indonesian banks. It also provides insurance and wealth management services in the country.

The company is considered to be Indonesia’s largest restaurant review app with over 40 million active monthly users. It also offers restaurant vouchers and a food delivery service, among others.

Indra added that Indonesia has huge potential for financial services, where only 6% of the population of 270 million uses credit cards.

He also hinted at plans of buying a local bank in Indonesia.

US Plans:

Traveloka is reportedly preparing for US listing and talking with potential special-purpose acquisition companies (SPACs).

Indra said: “US markets have become more appealing because there’s more and more appreciation of Southeast Asia as a flourishing region, and by listing in the US, we can also provide an opportunity for US investors to become part of Southeast Asia’s growth story.”

Traveloka’s backers include Expedia and China’s JD.com, Singapore sovereign wealth fund GIC and Indonesian venture firm East Ventures, among others.