SINGAPORE - Catalist-listed property developer Hatten Land and proptech start-up FundPlaces will form an 85:15 joint venture to operate a blockchain platform for hotels and malls.
Hatten Land said it will be South-east Asia's first hospitality blockchain platform.
Called StayCay, it will allow the Malaysia-headquartered company to issue "hotel tokens" that can be exchanged for discounted hotel packages in the hotels managed by Hatten Land as well as major shareholder Hatten Group conglomerate.
StayCay will also operate a blockchain-based rewards programme whereby points can be used in Hatten Group's retail, F&B and wellness or hospitality outlets.
The platform is expected to go live by December 2018 with more than the 3,400 hotel rooms and 5,000 retail outlets by Hatten Land and Hatten Group.
The aim is to boost brand loyalty and eventually expand to include other third-party hotels and retail merchants in Malaysia as well as the South-east Asia region, said Hatten Land.
Its executive chairman and managing director Colin Tan said: "This initiative represents a strategic shift by Hatten Land to incorporate leading technologies and open new frontiers in hospitality, retail and e-commerce. We believe this will not only boost tourism in Melaka but also in the region."
Brian Wee, chief executive officer of FundPlaces, said: "Hatten Land is a highly innovative developer that has adopted new technologies to deliver a world-class experience for their clients. StayCay underscores the forward-looking approach of Hatten Land's management team in re-imagining the consumer experience."
Hatten Land on Tuesday (May 22) also announced the incorporation of a new wholly-owned, indirect subsidiary called Hatten Technology, which will be involved in the development of software, programming activities and e-commerce applications.
The company ealier this month launched a new mall management arm to complement its core property development business and drive recurring revenue. Hatten Land currently has two completed malls in Melaka - Elements Mall and Vedro by the River. It is also building three other malls in the city.