Citi partners with MoneyBack to launch points conversion programme

Citi has partnered with A.S. Watson Group's loyalty programme MoneyBack to launch a points conversion programme, allowing credit card holders to use the points across the group's portfolio. By integrating the Citi rewards redemption functionality into MoneyBack's platform, Citi cardholders are able to convert credit card points into MoneyBack points on MoneyBack's website or mobile app. The MoneyBack points can then be used at over 600 partner outlets, including ParknShop, Fortress, and Watsons for cash discounts, coupons and product redemptions. In a statement Lawrence Li, head of cards and unsecured lending at Citibank Hong Kong said, “Enabling customers to access our products and services in the digital ecosystems where they are active will continue to be our priority in 2019. We will achieve this by building partnerships with like-minded companies and fully leveraging the power of application programming interface (API).” The launch of the API-enabled service with MoneyBack follows a series of partnerships announced by Citi in 2018, which involve the use of the bank’s proprietary APIs in various categories; covering cards, customers, money movement, and onboarding. In Hong Kong, Citi has so far published 37 APIs through the Citi Developer Portal for external partners to build innovative solutions centred on customers’ digital lives. The launch of the Citi Developer Portal and adoption of an open API architecture are part of Citi’s overall strategy to digitise its credit card business, since consumer habits and preferences evolve. Citi said that in Hong Kong, currently one in three new credit cards and over 60% of personal loans come from online applications, and over 80% of reward redemptions are performed through digital channels.