Traveloka to launch fintech services in Thailand, Vietnam before 2021 listing via SPAC

Traveloka, Southeast Asia’s largest online travel startup, plans to launch financial services in Thailand and Vietnam as it eyes a U.S. listing through a blank-cheque company, its president said.

The 9-year-old Indonesian company, which counts Expedia and China’s JD.com among its backers, is seeing a strong rebound in its business after the COVID-19 pandemic pummelled demand.

The company’s president, Caesar Indra, told Reuters in an interview that 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. “The worst has happened and now we’re well prepared for 2021. Domestic travel is driving recovery,” he said.

“The plan is to invest in fintech in a big way to allow more consumers to travel in the region,” Indra said, adding that the travel business had…