FinTech Interview with Ameer Jumabhoy, Co-founder of utu

FTB News DeskMarch 4, 202523 min

The travel retail industry is evolving with new tech-driven solutions. Learn how a seamless tax-free shopping journey can increase revenue and enhance the traveler experience.

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Ameer Jumabhoy, Co-Founder of utu

Ameer Jumabhoy is Co-Founder of utu, a Singapore based travel tech company redefining the possibilities of the tourist retail experience by revolutionising tax-free shopping. His role involves leading business development and commercial operations, as well as driving innovation to support utu’s ambitious growth plans. He also oversees the overall strategy for the business in partnership with his Co-founder. Before co-founding utu in 2016, Ameer worked at McKinsey & Company and later played a key role in strategy development at The Scotts Group, an investment company. He also co-founded his first startup, Univisor, a platform connecting prospective college students with current students and alumni for admission guidance. He holds an MBA from the MIT Sloan School of Management and a BA in Political Science and Government from Rice University.

Ameer, as the co-founder of utu, can you walk us through your journey into the travel fintech space and what inspired the creation of utu?
My father, Asad Jumabhoy, and I co-founded utu. He’s a pioneer in the VAT refund sector with a pivotal role in building the two major companies in the tax-free shopping space—the industry leaders today that enable retailers to offer tax-free shopping. Before that, he operated the concessions in Singapore Changi Airport Terminal 2 for perfumes and cosmetics.

We leveraged his extensive experience in the duty-free and tax-free sectors to optimize the tourist shopping journey for both shoppers and retailers. Our goal was simple: make tax-free shopping even more beneficial for everyone involved.

The principle of VAT refunding means that VAT value leaves stores and crosses country borders. We saw an opportunity to keep that value within the country, boosting local retail sales and contributing to the tourism multiplier effect for governments.

In your opinion, how is the current state of travel retail evolving, and what key trends are driving change in the sector?
Travelers are demanding frictionless, tech-enabled shopping journeys. The industry is responding with innovations that integrate every stage of the retail experience, from pre-travel planning to in-transit and destination shopping. Technology is key to enhancing convenience and value.

Hyper-personalization, driven by AI and advanced data analytics, is another significant trend. By anticipating traveler needs, we can deliver tailored recommendations, offers, and experiences that feel intuitive and immersive, empowering travelers to make smarter purchasing decisions.

We’re also seeing tighter integration of retail and experiential spaces within airports. Airports are becoming destinations in their own right, offering value to all stakeholders. This shift drives innovation, with duty-free operators and airport retailers seeking new ways to enhance the customer journey.

Can you explain the unique fintech opportunity in travel retail, particularly in the context of tax-free shopping and VAT refunds?
Our technology addresses the billions of Euros in VAT refund value leaving airports. We allow tourists to transform those VAT refunds into valuable rewards redeemable at duty-free shops and even on additional purchases downtown.

This model drives sales for retailers, helps countries retain tourism revenue, and elevates the overall shopping experience for travelers. Our strategy is twofold:
1. Harness the untapped potential within the tax-free shopping industry by providing tourists with added value from their VAT refunds abroad.
2. Bridge the gap between city-side tax-free shopping and air-side retail, making duty-free an essential part of the traveler’s journey.

How do you see strategic partnerships, like the one with Avolta, influencing the future landscape of travel retail and duty-free shopping?
Our groundbreaking pilot program with Avolta, the world’s biggest airport retailer, maximizes duty-free shopping opportunities at Milan’s Malpensa Airport. By converting VAT refunds into duty-free vouchers redeemable at Malpensa, travelers get 20% more spending power.

Early results show significant growth in airside duty-free revenue for Avolta’s Milan operations. We’re excited to scale this model across Avolta’s global network and the broader industry. This model can serve as a blueprint for airports and retailers worldwide, driving multi-billion dollar growth.

What technological advancements do you believe are most crucial for bridging the gap between cityside and airside shopping experiences for travellers?
Technology bridges the gap between physical, digital, and in-transit retail environments, enabling seamless shopping on the move. Web apps and tech platforms offering real-time access to rewards, price comparisons, and product information are crucial. These unify touchpoints into a cohesive shopping journey.

The retail landscape will continue evolving to meet travelers wherever they are, ensuring every step feels connected and effortless.

Could you shed some light on the inefficiencies within the current VAT refund process and how utu’s solution addresses these issues?
Traditional VAT refunds, processed at airports in cash or to credit cards, are typically consumed by tourists back in their home countries. utu empowers travelers to transform their refund value into something more valuable. Our technology allows them to receive more from their VAT refund if they spend it in duty-free stores and additional items at downtown retailers before departing. This enriches the end-of-trip experience and drives additional revenue for duty-free operators. So, have an EUR 100 refund? Our technology transforms this into EUR 120 of spending power in Milan Duty Free!

How significant do you think the role of tax-free and duty-free shopping is in enhancing the overall tourism experience?
Tax-free shopping schemes incentivize not only shopping but also travel itself. Refunds attract tourists to specific locations, benefiting other businesses and maximizing tourism sales.

The opportunity to receive VAT refunds or access duty-free deals provides travelers with a sense of added value, encouraging them to spend more and extend their stay.

These initiatives boost tourism sales and help destinations compete. Countries simplifying and enhancing tax-free and duty-free shopping processes often see increased foot traffic, particularly from high-spending tourists.

By bridging the gap between city-side tax-free shopping and airside duty-free experiences, the industry can create a more seamless and rewarding shopping journey for tourists. This boosts retailer sales and elevates the destination’s appeal, turning shopping into a key pillar of the tourism experience. This is where we see our role – to unlock even greater potential for what VAT refund value can do for the tourism shopping ecosystem of countries – that’s the big vision.

Tax-free and duty-free shopping isn’t just about retail; it’s a strategic tool for fostering tourism growth and enhancing traveler satisfaction.

What potential does utu’s pilot project with Avolta hold for global expansion, and how do you envision its impact on the travel retail industry?
We kicked off our pilot project with Avolta in June last year and seven months in, Avolta is reaping the benefits with the project providing them with “an opportunity to open up a new, substantial revenue and income stream.”

Avolta is a leader in embracing innovation within the duty-free sector. Increasingly, airport concessionaires are recognising innovation as a competitive advantage. This is raising the bar in terms of the concepts being implemented and the pace of innovation will only accelerate as companies seek to gain a competitive edge through enhanced customer experiences.

What is in store for 2025?…watch this space!”

From your perspective, how does utu’s model increase spending power for travellers, and what benefits does it bring to retailers and airports?
At utu our goal is to make tax-free shopping even more rewarding for everyone – tourists, retailers,airports – and even VAT Refund Operators. Why VAT Refund Operators? For our downtown business, we facilitate tourists recycling VAT refund value that was being taken out of the store on additional items. This means, basket sizes increase and even VAT Refund Operators stand to benefit from processing refunds on additional sales.

This approach enables tourists to receive more value than they would from a typical VAT refund in cash or to a credit card. It also gives them additional purchasing power without costing them anything more.

For retailers and airports, our model is opening up new revenue opportunities. By encouraging travellers to spend their refunds within duty-free stores or other shopping areas, we’re helping to boost both footfall and sales. Airports, often the final stop for tourists, become more appealing as shopping destinations. In short, travellers get better value, and retailers and airports enjoy increased revenue and customer loyalty.

Lastly, what are your aspirations for utu’s role in shaping the future of travel retail, and how do you plan to drive multi-billion dollar growth for the industry?
At utu, we’re transforming travel retail by making VAT refunds a key part of a smoother, more rewarding shopping experience. Our goal is to turn VAT refunds from a simple transaction into something that enhances the traveller’s entire shopping journey – from city-side shopping to airport duty-free. By bridging the gap between these traditionally siloed sectors, we’re opening up new opportunities for growth.

A core part of this vision is scaling partnerships with industry leaders like Avolta. Our pilot in Milan has already shown how our model can significantly boost revenue. As we expand globally, we want this model to become a standard for airports and retailers everywhere.

In the long term, we see utu helping shape the future of travel retail by maximising tech to create smarter, more connected systems. Our aim is to help travellers get more value, while also driving revenue growth for retailers and airports.

Quote from the author: “For those daring to innovate in the travel space, remember this: the traveler’s journey is more than just reaching a destination. It’s about the experiences they gather along the way. Focus on enhancing those experiences, smoothing out the wrinkles, and adding genuine value at every touchpoint. That’s where the true opportunity lies.”

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