BC Card (President and CEO Jong Jin Chae, www.bccard.com) signed an agreement with UTU¹, a global loyalty and reward points operator, to promote a point partnership business.

The agreement was signed at the Singapore Tower Club on Tuesday, April 24, at 5pm local time. The ceremony was attended by Jong Jin Chae, President of BC card, Asad Jumabhoy, UTU President, Lee Han Boon, Senior Vice President of A*STAR(Science and Technology Research Institute under Singapore Ministry of Trade & Industry), local banks and credit card companies.

Under the terms of the agreement, BC Card and UTU will pursue ▲ UTU´s service alliance and operation in Korea, ▲ Co-operation on a mobile-based globally integrated loyalty program, and ▲ Joint marketing.

UTU is a global fintech company and a joint venture between Scotts Group, a Singapore-based investment company, and Korvac Holdings, a Singapore-based electronic payment specialized company. It is currently providing UTU services at more than 10 thousand merchants including ZARA and Tommy Hilfiger in Thailand.

The company plans to expand its affiliated merchant stores domestically and globally to Taiwan, UK, and the Netherlands.

A foreign tourist can receive reward points at the scene without showing a separate membership card if he/she registers their credit card information on the UTU app and pays with this specific card at domestic/overseas merchants. In the future, BC Card customers will be able to receive the same reward point benefits at domestic UTU merchants as well.

The UTU service is currently in use by members in more than 70 countries. By providing UTU service in Korea, BC Card will be able to attract foreign tourists, and ultimately help revitalize the Korean tourism industry.

Mr. Chae, CEO of BC Card said at the ceremony, “This agreement is a first stepping stone in a global alliance project, which relies on BC Card”s processing capabilities and know-how acquired from running Korea´s largest merchant network. BC Card will work hard to successfully promote these global loyalty integration services to foreign visitors in Korea.”

In the meantime, President Chae said in his inauguration speech, “By applying BC Card´s diverse solutions and platforms to domestic and overseas customers and companies, we plan to lead and support innovation in the payment industry.”

¹UTU : It uses the word “You, too” as the company name (UTU), meaning “service that everyone can enjoy”