Traveloka plans to launch BNPL services in Thailand and Vietnam

By Leandra Monteiro

South East Asian online travel start-up Traveloka, announced plans to launch buy now, pay later services in Thailand and Vietnam to its 40 million active monthly users.

According to media reports, the start-up had recently set up a joint venture with a Thailand bank to further expand and establish in the FinTech space. Furthermore, Traveloka has also been in talks with several unnamed partners in Vietnam with the aim of entering these markets.

After having launched its “Paylater” credit cards with several local lenders along with insurance and wealth management services Traveloka has also launched financial services in Indonesia.

Despite the COVID-19 pandemic, according to media reports, Traveloka has rebounded with its business in Vietnam exceeding pre-COVID-19 levels. Meanwhile, its Thailand business returned to normalcy and its Indonesian figures are 50% of what it was before the pandemic.

According to various media outlets Caesar Indra, President of Traveloka said, “The worst has happened and now we’re well prepared for 2021. Domestic travel is driving recovery. The plan is to invest in FinTech in a big way to allow more consumers to travel in the region.”

He also added that Traveloka is currently preparing for an US listing with special-purpose acquisition companies (SPACs) and did not rule out the possibility of having an Indonesian listing in the future.

Traveloka is a technology company based in Jakarta, Indonesia. Founded in 2012 by ex-Silicon Valley engineers and aims to revolutionize human mobility with technology. Traveloka is looking at expanding its reach by operating in six countries and experimenting with new endeavours that aim to a create large impact in the markets and industries it touches.