Consumers will soon be able to consolidate their loyalty points and air miles with ease to redeem a host of dining, travel, entertainment and lifestyle rewards via Singapore's first multi-industry loyalty programme.
Jointly developed by StarHub and OCBC Bank, the Coalition Loyalty Programme - to be launched in the fourth quarter of the year - is an online tracking platform that allows consumers to consolidate their loyalty points, monitor expiry dates of all points, and redeem rewards from merchants across 10 industries.
The industries are: financial services, telecommunications, travel, insurance, retail, hospitality, food and beverage, grocery, petrol and transport.
There are currently seven confirmed partners. Joining OCBC and StarHub are AirAsia BIG Loyalty, Frasers Property Singapore, Great Eastern, Millennium Hotels and Resorts, and Robinsons Group.
The programme aims to increase redemption rates with its multi-industry feature and ease of point consolidation.
According to estimates from OCBC, the average redemption rate of a standalone loyalty programme is between 50 to 70 per cent. This is relatively low, given that there are over 400 loyalty programmes in Singapore with 70 per cent of consumers participating in one or more of them.
"Customers will be able to enjoy unparalleled flexibility in how they amass and utilise their points and miles, across programmes, partners and merchants," said StarHub chief marketing officer Howie Law in a press statement yesterday.
OCBC's head of group lifestyle financing Desmond Tan added: "There will be no more wastage. Consumers will now be able to get the maximum value out of each reward point."
Both companies are in talks with other market players to bring them into the programme progressively.