Bank of China Singapore Branch and Qoo10 Singapore have tied up to launch a co-brand Mastercard credit card, which caters to both working adults and students.
The Bank of China Qoo10 Mastercard card aims to bring greater value to online shoppers and drive e-commerce growth in the region.With the co-brand card, cardholders can enjoy up to 20% rebate on Qoo10, dining and transport including Grab, taxis and public transport spend, amongst others. The rebate will come in the form of Qmoney – Qoo10’s own currency – which can be used to offset future purchases, making for a unique rewards ecosystem for Qoo10 shoppers.
According to Qiu Zhikun, Bank of China's GM and country head, today's consumers are increasingly turning to online retail channels for better savings and the bank intends to help them maximise that value. Qiu said the partnership, which is the first between a bank and online retailer in Singapore, aims to reward and incentivise customer loyalty, bringing greater value to an ever-growing segment of savvy online shoppers.
He added that the card is the latest in Bank of China's payment innovation efforts, following the launch of its e-wallet app and customer service robot powered by artificial intelligence in 2017. The bank is also launching its first regional innovation centre this year, to showcase its latest fintech ideas and technologies.
"We will continue to use technology to create products that enhance the customer experience, while supporting Singapore’s vision for a Smart Nation," Qiu added. Bank of China Singapore Branch has a local network of 23 touch-points.
Qoo10 Singapore's country manager Cho Hyun Wook, said the partnership helps it elevate its offerings for over three million registered users in its database, adding that the company's goal is to continuously improve and evolve its value-added services to its members.
Recently, Qoo10 said it is cracking down on counterfeit products by putting in place various internal systemic protocols to check and deter the sale of those items. This move reinforces its business principle to ensure that all products sold on its platform are genuine, as well as its goal to be a responsible e-commerce player.