Skift Take
Klook's partnership with Krungsri signals its first step in growing its Pan-Asian travel marketplace footprint since its funding raise at the end of last year.
Asian travel marketplace Klook has confirmed its first strategic partnership for 2024 – a deal with Krungsri, the Bank of Ayudhya PCL in Thailand.
Krungsri customers will be able to book a range of activities through Klook via the bank’s personal banking app, UChoose.
The collaboration comes shortly after Klook’s latest funding raise of $210 million in December, which included Krungsri Finnovate, Krungsri’s venture capital arm.
The partnership includes the launch of a ‘Pay with Points’ benefit, allowing Krungsri credit card holders to redeem reward points when booking Klook travel offerings. Cardholders will also qualify for exclusive Klook bundles and special deals using their credit card installment plans to pay for these travel purchases.
Klook’s sales to Japan from Thailand in 2023 were nearly double 2019 sales.
East Versus West Market Analysis
Financial services companies have been teaming up with travel platforms.
Citi collaborated with Booking.com to create its own travel portal, providing customers with a more direct booking experience, as Booking.com looked to grow its U.S. presence.
In the UK, the fintech app Revolut has added Viator’s travel experiences to its platform, allowing users to book tours and activities in addition to accommodation and other financial services like insurance.
In a previous interview, Klook CEO Ethan Lin told Skift that he sees Klook as well positioned to design travel experiences for its growing regional travel audience.
“We’re not just led by major U.S. and European investors, but also bring a lot of regional capital as we continue to grow as a Pan-Asia company. And that also forges our connection with local partners and local traders,” said Lin.
Lin said he expects tours and experiences to evolve to meet the preferences of the emerging middle class within the region.
“Because of the total addressable market, you have significant spending power from the middle class in Japan, Korea, Taiwan, Hong Kong, and an emerging middle class from Southeast Asia with a very large population that will power growth in the next 10 to 20 years,” said Lin.
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Tags: booking.com, Citibank, credit cards, experiences, Klook, online booking, ota, partnerships, tours and activities, viator
Photo credit: From left: Pairote Cheunkrut, Krungsri Chief Strategy Officer, Phonganant Thanattrai, Krungsri Head of Retail and Consumer Banking, Eric Gnock Fah, Chief Operating Officer, and Co-founder of Klook, Michelle Ho, General Manager, Klook Thailand & Philippines Klook / Klook