- Being a software-as-a-service based company, REFFIND primarily offers a unique employee experience technology platform, WooBoard.
- RFN also holds significant investment and shareholding in Loyyal Corporation to resell its Loyyal platform in Australia as well as New Zealand.
- Loyyal Platform streamlines complex transactions involving loyalty points across several loyalty programs and their partners.
In a technology-driven world and recent ecosystem created due to the COVID-19 led restrictions, information technology companies are deriving benefits from their unique offerings that facilitate daily organisational work.
Leading enterprise rewards and loyalty company, REFFIND LTD (ASX:RFN) is an Australia-based information technology sector player that offers its software-as-a-service based solutions, globally. The Company’s unique offering is employee experience technology platform, WooBoard, which is said to be a contemporary way to appreciate employees, connect teams, retain top talent and increase productivity.
More about WooBoard: REFFIND Leveraging WooBoard Platform to Seize Opportunities Amid COVID-19
In addition to WooBoard, RFN’s major investment and shareholding in Loyyal Corporation allows the Company to resell services of the Loyyal platform in Australia and New Zealand while hosting network support services.
What is Loyyal?
A privately held company positioned as the Internet of Loyalty, Loyyal Corporation has a product focus on reinventing the creation and rewarding of loyalty using its blockchain and smart contract technology. Loyyal’s interoperable loyalty and rewards platform assists the highly fragmented industry and provides several industries with an innovative way to enhance profitability while being customer centric.
RFN and Loyyal Agreement
REFFIND completed its strategic investment in San Francisco-based Loyyal Corporation during January 2018 by investing a total of US$2.3 million in Loyyal through the subscription of:
- US$ 1,500,000 worth of Series A-3 Preferred Stock, giving the Company 4,670,714 shares with an immediate equity interest of 9.38%% in Loyyal on a fully diluted basis; and
- US$ 800,000 worth of 2-year convertible promissory notes in Loyyal.
Under the agreement, RFN had agreed to the following licence terms:
- Incorporate Loyyal's blockchain technology into its own products, pursuant to limited use, non-transferable, non-assignable licence
- Resell Loyyal's platform within the Territory
Provide consulting services to parties in the Territory who use Loyyal's platforms
- Right to an exclusive licence to continue for five years, subject to several conditions
- An exclusive first right of refusal to negotiate with Loyyal for any licences of Loyyal's technology in countries and territories in the Asia-Pacific region, subject to complying with its obligations under the licence
REFFIND as Value-Added Reseller and Exclusive Network Operator for Loyyal
Loyyal Corporation extended its global reach into Australia and New Zealand by appointing RFN as the Value-Added Reseller, and exclusive Network Operator in the Territory for Loyyal’s blockchain platform, in May 2018.
Loyyal’s unique blockchain-based loyalty network was the world’s first to market in the year 2016 and through its agreement with REFFIND, Loyyal Corporation sought taking advantage of their regional strength and excellent management.
RFN has been engaged in promoting Loyyal in the Asia-Pacific region, offering benefits to the clients through the Loyyal platform by helping loyalty program operators in decreasing costs related with accounts reconciliation and payment management as well as introducing a standardised process for partner onboarding to reduce the time and cost for new loyalty partners.
Moreover, any program operator can have the advantage to augment brand loyalty as well as perception through an enhanced offering and increased simplicity in using program miles, by leveraging the Loyyal Product Suite.
Loyyal’s Agreement with Emirates Group
In February 2020, Loyyal entered into an agreement with The Emirates Group for the exclusive use of its blockchain loyalty and rewards platform, expected to bring fresh transparency, efficiency, and cost effectiveness to the prize-winning loyalty program of Emirates and flydubai with over 25 million members. The commercial production vendor agreement has been executed for a three-year period.
After being placed into production at Emirates Skywards, the blockchain-enabled loyalty and rewards platform of Loyyal had yielded several positive results, including the following:
- Improved transparency between Emirates Skywards and its partners
- Enhanced security
- Reduced instances of fraud
- Improved traceability and reporting capabilities
- Elimination of redundant reconciliation processes
Emirates is the first major airline rewards program to work with Loyyal’s blockchain platform, looking forward to improving customer experiences and reducing the financial liability that inherently comes with large-scale loyalty programs while ensuring operational cost-savings.
Overall, the Loyyal platform is designed as a solution to transform the management and delivery of countless forms of incentives by making use of smart contract technology and proprietary blockchain. While REFFIND currently aids the way in implementing the Loyyal platform across the Asia-Pacific region, RFN looks forward to achieving its strategic growth plan of getting recognised as a world leader in enterprise rewards, recognition, and loyalty solutions.
RFN stock was trading at a price of $0.001 on 17 June 2020 (AEST 01:42 PM).