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AFFINITY INSURANCE
AUTUMN 2016
BANCASSURANCE
Global Affinity
AFFINITY BANKING
Finance Club
Finaccord’s newsletter about affinity financial services worldwide
Welcome back to your Club!
In addition to two major new bancassurance deals in Europe,
namely those of Allianz with HypoVereinsbank in Germany
(scheduled to replace the bank’s existing arrangement with ERGO
from the start of 2018) and of Matmut with BNP Paribas in France,
the autumn also witnessed a slew of initiatives in the automotive
sector that reflect the changing mobility habits of customers world-
wide when it comes to both buying and using vehicles.
New relationships with established automotive competitors included
those of Amaguiz (a subsidiary of Groupama) with DIAC (the
France-based vehicle finance arm of Renault) for telematics-enabled
motor insurance, Europ Assistance with the Portuguese arm of Ar-
val plus the RAC and VHD for road assistance, HDFC Bank with
Suzuki for ’two-wheeler’ finance, and UK General with Motorplus
for various automotive insurance, warranty and assistance products.
Meanwhile, those involving emerging partner organisations in this
field were those of Europ Assistance with the Italian branch of car
club DriveNow for road assistance, HDFC ERGO with online mo-
tor insurance platform RenewBuy in India, MasterCard with interna-
tional minicab app Uber in Sri Lanka, Mercedes-Benz Financial Ser-
vices with online vehicle finance specialist AutoGravity in the US,
Toyota Financial Services with peer-to-peer car sharing firm Ge-
taround in the US and Uber in India, Visa with taxi service firm
TABcab (also in India), and Wirecard with ADAC’s Europe Net for
prepaid cards for fleet vehicle drivers and managers in Germany.
Alan Leach, Director
aleach@finaccord.com
For our published reports,
news and more please visit
www.finaccord.com
Global Affinity Finance Club
Table of contents
Affinity Insurance international private medical in- PRODUCT WARRANTIES /
surance in Africa 6 INSURANCE 8
ASSISTANCE 5
Allianz Worldwide Care offers in- Asurion secures mobile device
Mondial Assistance works with ternational private medical insur- insurance partnership with KPN
Société Générale Insurance for ance to Steamship Mutual crew in the Netherlands… 8
health-related assistance app 5 members 6
… and appliance protection pro-
AXA Assistance pioneers digital Legal & General links with Ae- gram with US department store
assistance concept in Italy… 5 gon for individual annuities 7 chain 8
… and wins home assistance man- CNP Assurances creates funeral Assurant teams up with GamaSec
date with esure Group in the UK 5 policy in collaboration with ATD for cyber cover for small and me-
Quart Monde 7 dium-sized enterprises 9
Europ Assistance collaborates with
RAC and VHD to expand road NN Life and Sumitomo Life em- Opel co-operates with CarGaran-
assistance network… 5 bark on group life partnership 7 tie for extended warranties in the
Netherlands… 9
… and with Arval in Portugal and MOTOR INSURANCE 7
DriveNow in Italy, also for road … and BNP Paribas Cardif with
assistance… 5 DIAC combines with Groupama Santander Consumer Bank for
subsidiary for telematics-enabled the same product in Germany 9
… and with Carrefour for home insurance in France 7
assistance services in Italy 5 VW group works with Europ As-
HDFC ERGO launches motor sistance for approved used car
Hitachi Capital Vehicle Solutions cycle and scooter insurance extended warranties in Portugal 9
employs RAC for telematics- through online motor insurance
enabled driving service 6 platform 7 TRAVEL INSURANCE 9
COMMERCIAL INSURANCE NICHE INSURANCE 8 ERV commences multi-country
6 travel insurance partnership with
UK General wins mandates with TravelBird… 9
MAPFRE offers commercial risk Motorplus and British Cycling
mapping tool to members of (via Thistle Insurance Services) 8 …and unveils card-linked travel
Spanish trade federation… 6 insurance deals in Sweden and
Groupama Assicurazioni pro- Ukraine 10
… and ties with association of motes dog insurance through so-
‘gastro-tourism’ enterprises for a cial network for canine enthusi- Allianz earns ticket cancellation
similar purpose 6 asts 8 insurance partnership with DeNA
Travel in Japan 10
LIFE AND HEALTH INSUR- Generali Global Assistance links
ANCE 6 with third-party benefits adminis- Europ Assistance renews insurance
trator for identity protection con- relationship with Emma Villas 10
Cigna combines with Hollard for cept 8
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Global Affinity Finance Club
GENERAL 10 The Co-operators secures insur- MBNA UK credit card portfolio
ance partnership with First from Bank of America 13
AXA seals marketing deal with Credit Union 12
Spanish football club 10 Visa unveils multi-year partnership
Affinity Banking for airline co-branded cards 13
iA Financial Group broadens
automotive dealer distribution AFFINITY LOANS 12 Air Europa chooses Bankinter
network with acquisition of Consumer Finance for new co-
Groupe PPP 10 Westpac allies with micro-finance branded card launch 14
specialist to help refugees start
Bancassurance new business activities 12 Air Canada and CIBC link for
launch of prepaid multi-currency
HOUSEHOLD INSURANCE AUTOMOTIVE FINANCE 12 card 14
10
Toyota Financial Services estab- Synchrony Financial works with
ING rolls out home insurance lishes partnership with Ge- online travel brands for co-
for Australian mortgage borrow- taround in the US… 12 branded card programs 14
ers with Auto & General 10
… and trials scheme with Uber Wirecard launches prepaid card
LIFE INSURANCE AND RE- in India 12 for fleets with ADAC subsidiary
TIREMENT SAVINGS 11 14
Suzuki links with HDFC Bank
Manulife establishes 15-year dis- and Paytm for innovative ‘two- CONSUMER FINANCE 14
tribution partnership with Stan- wheeler’ finance scheme 12
dard Chartered in Hong Kong 11 Synchrony Financial’s healthcare
FCA Bank acquires majority finance arm earns seven-year re-
Barclays completes sale of risk stake in Ferrari’s financial ser- lationship with ADA 14
life insurance book in Spain to vices arm 12
VidaCaixa 11 Crédit Agricole Consumer Fi-
Mercedes-Benz Financial Ser- nance designs personal loans
GENERAL 11 vices makes vehicle finance avail- backed by employee savings
able via AutoGravity 13 plans 15
Allianz displaces ERGO as Hy-
poVereinsbank’s bancassurance Synchrony Financial sets up two COMMERCIAL BANKING 15
partner 11 finance schemes for power
sports products 13 American Express consolidates
BNP Paribas and Matmut com- partnership with owner of Quick-
bine for non-life insurance joint Targobank co-operates for Books accounting software 15
venture in France 11 online finance with distributor of
vehicle accessories 13 Bankinter and Avalmadrid com-
Danske Bank rolls out new insur- bine to increase funding to Ma-
ance products with Moderna CO-BRANDED CARDS 13 drid-based SMEs 15
Försäkringar 11
Lloyds Banking Group acquires
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Global Affinity Finance Club
Table of contents
INTE R NA T IO NA L PA Y - 18 Alliance Data renews private-
MENTS / REMITTANCES 15 label card programs with J. Jill
… and with multiple partners to and Restoration Hardware 20
Western Union provides mobile develop unified mobile payment
money transfer capabilities to UK app 18 GENERAL 20
-based Viber users 15
Wirecard forges mobile payment Belfius teams up with Bpost and
HomeSend discloses ties with agreement with VocaLink in the Proximus for multi-function app
Ericsson and Sri Lankan bank for UK… 18 in Belgium 20
mobile remittances 15
… and ties with ERGO for im- Finaccord country reports
MOBILE / ONLINE PAY- pulse travel insurance purchases
MENTS 16 in Austria 18 Finaccord publishes a variety of
reports about the following coun-
MasterCard works with Google to Wirecard allies with Conferma tries: Australia; Austria; Belgium;
boost usage of Android Pay and for virtual multi-currency pay- Brazil; Canada; Chile; China; Co-
MasterPass… 16 ment card in the Asia-Pacific re- lombia; France; Germany; India;
gion 18 Indonesia; Italy; Japan; Malaysia;
… and with multiple other partners Mexico; Netherlands; Peru; Po-
to expand MasterPass on a global Alibaba subsidiaries earn strategic land; Romania; Russia; South Af-
basis 16 partnerships for digital payments rica; Spain; Switzerland; Turkey;
18 the UK; and the US.
MasterCard works with banks in
Russia and Spain to extend reach of PAYMENT CARD ISSUANCE Alternatively, to see our full list
Apple Pay… 16 AND ACCEPTANCE 19 of reports organised by country,
with more than 60 countries cov-
… and for other initiatives with a JCB continues expanding interna- ered in total, please visit the
variety of organisations, including tionally through several major search-by-country page of our
Uber and FitPay 17 new partnerships 19 website at www.finaccord.com/
search-by-country.htm.
Visa expands utilisation of online UnionPay links with Westpac to
payment service in Brazil… 17 increase acceptance in Western
Australia 19
… and promotes Android Pay in
Ireland and Poland 17 RETAILER CARDS AND FI-
NANCE 19
Visa rolls out mobile payment
app with Ecobank in Africa and Synchrony Financial broadens
TABcab taxi service in Mumbai portfolio of retailer consumer
17 finance programs 19
BNP Paribas links with Alipay to Capital One acquires the captive
facilitate use of mobile payment payment card business of Ca-
app at partner stores in France… bela’s 20
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Global Affinity Finance Club
Affinity Insurance
Affinity Insurance News rolled out a service that allows the provision of international
users to receive remote technical road assistance services to auto-
ASSISTANCE assistance in the event of prob- motive manufacturers plus fleet
lems with any digital device they and leasing companies. Europ
Mondial Assistance works with own. The service is accessed Assistance is not present as a
Société Générale Insurance for through an app and includes direct provider of road assis-
health-related assistance app home visits by technicians in tance in either the Netherlands
cases where problems cannot be or the UK so these deals help to
In France, Mondial Assistance solved remotely. AXA Assis- expand its international network
(the national brand of Allianz tance reported that this service, and it hopes that similar agree-
Global Assistance) has launched launched in collaboration with ments will be reached with other
‘Ultralert’ as a health-related as- the technical support company national assistance providers in
sistance app which stores emer- Ennova, was the first of its kind future.
gency contact information and in the country.
allows the user to call for assis- … and with Arval in Portugal
tance services while transmitting … and wins home assistance and DriveNow in Italy, also for
relevant information to medical mandate with esure Group in road assistance…
staff as well as relatives. The app the UK
will be available to people with Separately, Europ Assistance
insurance policies for which Moreover, in the UK, AXA As- has announced that it will pro-
Mondial Assistance acts as assis- sistance has secured a partner- vide road assistance services for
tance provider. Société Générale ship for home emergency assis- around 10,000 Portuguese cus-
Insurance is the first insurer to tance with esure Group, a direct tomers of car leasing company
offer the service through its insurer. Specifically, AXA Assis- Arval and the Italian arm of car
‘Dépendance Garantie Autono- tance will provide home emer- sharing company DriveNow
mie Senior’ policy, which is dis- gency cover for customers buy-
tributed through Société Gé- ing household insurance … and with Carrefour for
nérale's banking network. through the esure and Sheila's home assistance services in
Wheels brands, with the latter a Italy
Mondial Assistance has also brand that is targeted at females.
strengthened its partnership In another initiative in Italy, Eu-
with Société Générale Insurance Europ Assistance collaborates rop Assistance has also dis-
by developing a new online por- with RAC and VHD to expand closed a partnership with super-
tal that provides information, road assistance network… market chain Carrefour for
advice and a social network for home assistance services. The
those over 50, as well as access Europ Assistance has an- arrangement is being introduced
to support services and remote nounced that it is collaborating in Turin first, and makes use of
assistance and monitoring. with the Netherlands-based the ‘Carrefour Market’ online
VHD and the UK-based RAC platform to put customers in
AXA Assistance pioneers digi- to provide road assistance ser- contact with professionals such
tal assistance concept in It- vices covering 26 European as electricians, plumbers and
aly… countries. The new agreement locksmiths.
builds on existing relationships
In Italy, AXA Assistance has involving these firms and entails
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5Global Affinity Finance Club
Affinity Insurance
Hitachi Capital Vehicle Solu- nances – and to identify and LIFE AND HEALTH INSUR-
tions employs RAC for potentially resolve their insur- ANCE
telematics-enabled driving ser- ance needs. CEPYME is itself
vice composed of over 100 member Cigna combines with Hollard
provincial, local and sector- for international private
Meanwhile, in the UK, the RAC specific associations present medical insurance in Africa
has begun working with vehicle across the whole of the country.
leasing company Hitachi Capital Cigna Global Health Benefits
Vehicle Solutions for a telemat- … and ties with association has announced that it has begun
ics-enabled driving service of ‘gastro-tourism’ enter- working with Hollard Insurance
(‘RAC Telematics’), building on prises for a similar purpose as part of an initiative focused
an existing partnership for road on countries in sub-Saharan Af-
assistance generally. The new In addition, and also in its Span- rica. The two companies have
service can record and provide ish home market, MAPFRE has created ‘Hollard Cigna Health’
data about the condition of ve- also begun working with the as a new suite of international
hicles as well as data concerning AEE (Asociación Española de private medical insurance prod-
their location and the behaviour Enoturismo), an association rep- ucts which aim to meet the
of drivers. resenting more than 180 entities health insurance needs of both
involved in ‘gastro-tourism’ ac- expatriates and key nationals
__________________________ tivities, for the same purpose. working for large firms with op-
erations in the region. To begin
COMMERCIAL INSURANCE Towergate wins UK commer- with, the concept is being rolled
cial lines affinity deal offering out in Botswana, Ghana, Mo-
MAPFRE offers commercial access to 27,000 contractors zambique, Namibia, South Af-
risk mapping tool to mem- rica and Zambia.
bers of Spanish trade federa- In the UK, Towergate has an-
tion… nounced that it has entered into Allianz Worldwide Care offers
an agreement with Alcumus international private medical
In Spain, MAPFRE has entered SafeContractor, a health and insurance to Steamship Mutual
into an agreement with safety assessment scheme, to crew members
CEPYME (the Confederación offer bespoke commercial lines
Española de la Pequeña y Medi- insurance cover to around In the same field, Allianz
ana Empresa), a trade federation 27,000 contractor members. Worldwide Care has announced
for small and medium-sized en- __________________________ an agreement with Steamship
terprises. Among other meas- Mutual, a provider of protection
ures, it will provide its and indemnity insurance to the
‘MAPFRE Empresas 360º’ maritime industry (i.e. a P&I
commercial risk mapping tool to club). Through this arrange-
them. This allows enterprises to ment, Allianz Worldwide Care is
measure the main risks to which offering international private
they are exposed – namely those medical insurance to crew mem-
associated with their property, bers of shipping firms that ac-
their staff, their customers and quire cover from Steamship Mu-
other third parties, and their fi- tual.
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6Global Affinity Finance Club
Affinity Insurance
Legal & General links with continue to subscribe to the pol- sidiary of RCI Banque, and
Aegon for individual annui- icy until the age of 80 and the Amaguiz, a company belonging
ties guarantee then remains valid to Groupama, have created a
until the end of the year during new telematics-enabled insur-
In the UK, Legal & General has which the customer turns 90 ance product available via the
signed a distribution agreement with the payout fixed at EUR ‘Renault Assurances Connec-
for individual annuities with 2,500. This policy is underwrit- tées’ mobile app. This product
pension and investment com- ten by CNP Assurances and ad- will be introduced initially to
pany Aegon. The agreement ministered by CIPREV, a sub- buyers of ZOE cars, Renault's
began in October 2016 when sidiary of the Victor Hugo new electric vehicle brand.
Aegon stopped writing new an- provident institution.
nuity business itself. This fol- Using telematics, the policy
lowed on from Legal & General NN Life and Sumitomo Life keeps track of kilometres driven
having acquired a GBP 2.9 bil- embark on group life partner- plus the time and duration of
lion annuity portfolio from Ae- ship driving in order to establish a
gon several months previously daily score. Furthermore, per-
with approximately 27,000 in- In Japan, Sumitomo Life has sonalised advice is given to driv-
payment policyholders. entered into a long-term col- ers to limit the risk of accidents
laboration agreement with NN so that policyholders can im-
The partnership is expected to Life, the local insurance arm of prove their driving style and
generate sales of around GBP NN Group. By means of this earn rewards paid in vouchers
190 million of individual annui- deal, Sumitomo Life will sell with a value of up to 36% of
ties within the first 12 months. NN Life’s group life insurance their insurance premium which
products to small and medium- can then be spent across a wide
CNP Assurances creates fu- sized enterprises through its range of partner brands.
neral policy in collaboration agency network across the coun-
with ATD Quart Monde try. The agreement also provides HDFC ERGO launches mo-
a framework for collaboration tor cycle and scooter insur-
In France, CNP Assurances and on future product initiatives. ance through online motor
health network ATD Quart insurance platform
Monde have unveiled the launch __________________________
of a funeral insurance policy for In India, online motor insurance
individuals living beneath the MOTOR INSURANCE platform RenewBuy has
poverty line. In contrast to tradi- launched a multi-year, compre-
tional policies, monthly premi- DIAC combines with Grou- hensive insurance plan for own-
ums are not based on the age of pama subsidiary for telemat- ers of motor cycles and scooters
the subscriber at the time of ics-enabled insurance in in partnership with HDFC
payment but instead on the age France ERGO, itself an insurance joint
range of the person at the time venture of HDFC Bank and
of purchase. Payments vary A year after the original launch ERGO. The policy provides
from EUR 0.50 per month for of their partnership and with coverage against risks including
individuals aged under 30 to around 20,000 insurance con- accidental damage, theft and
EUR 13 per month for those tracts having been sold to date, third-party liability for between
aged over 70. Customers can DIAC, the France-based sub- one and three years.
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7Global Affinity Finance Club
Affinity Insurance
NICHE INSURANCE Generali Global Assistance sees the development of two
links with third-party benefits mobile device protection plans
UK General wins mandates administrator for identity pro- for Dutch customers, namely
with Motorplus and British tection concept the ‘Totaal’ protection plan
Cycling (via Thistle Insur- which covers loss, theft, damage
ance Services) In the US, Generali Global As- and out-of-warranty malfunc-
sistance has announced a part- tion, and the ‘Schade’ plan
In the UK, niche personal lines nership with National Benefit which is limited to cover for
insurer UK General has stated Services, a third-party benefits accidental damage only. Both
that it has been selected by spe- administrator which manages plans provide customers with
cialist intermediary Motorplus to retirement and flexible benefit 24-hour delivery of a replace-
continue underwriting its five programs for more than 20,000 ment device and come with As-
core schemes, namely those for US employers. Through this urion’s premium support service
family, key, legal expenses, sub- link, National Benefits Services which includes app-based access
stitute vehicle and excess pro- will offer to its end customers to live, personalised technical
tection cover. In addition, it has the newly-conceived ‘NBS Iden- assistance.
also started working with Thistle tity Protection’ product which
Insurance Services to launch a makes use of the proprietary … and appliance protection
cycling-based travel insurance ‘Iris OnWatch’ identity protec- program with US department
product that will be distributed tion system developed by Gen- store chain
via British Cycling, the UK’s erali Global Assistance. This will
largest sports organisation for provide protection against the In addition, Asurion has linked
cyclists. risks associated with identity up with the US department
theft. store chain JC Penney to de-
Groupama Assicurazioni pro- velop an appliance protection
motes dog insurance through __________________________ program for customers who
social network for canine en- purchase major kitchen and
thusiasts PRODUCT WARRANTIES / laundry appliances sold at the
INSURANCE latter’s stores. The move coin-
Dogalize (a social network for cides with JCPenney unveiling
canine enthusiasts in Italy) has Asurion secures mobile de- dedicated appliance showrooms
introduced a liability insurance vice insurance partnership across 500 stores in the US.
policy for dog owners under- with KPN in the Nether- Specifically, the program pro-
written by Groupama Assicura- lands… tects appliances from mechani-
zioni. For every policy taken cal and electrical failures includ-
out, a free meal will be donated Mobile device protection and ing those caused by normal wear
to a dog staying in any of the support specialist Asurion has and tear, power surges and gen-
kennels that Dogalize has part- announced a new partnership eral product defects.
nered with. with KPN, the Netherlands-
based telecoms company. Asu-
rion has customers across 19
countries in total, including
France, Spain and the UK
within Europe. The agreement
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8Global Affinity Finance Club
Affinity Insurance
Assurant teams up with Ga- … and BNP Paribas Cardif or the equivalent of 100,000
maSec for cyber cover for with Santander Consumer kilometres driven and cover for
small and medium-sized en- Bank for the same product in major components up to eight
terprises Germany years or 150,000 kilometres.
Moreover, cars up to three years
Also in the US, Assurant has In Germany, Santander Con- old that are sold through the
disclosed that it has been se- sumer Bank has begun offering ‘Audi Approval Plus’ program
lected by online security com- its ‘Santander AutoCare’ ex- will benefit from a warranty for
pany GamaSec to provide sup- tended warranty to customers as up to four years or 150,000 kilo-
port for the latter’s warranty a stand-alone product in addi- metres.
product issued to small and me- tion to as an option to be incor-
dium-sized businesses. The porated into automotive finance TRAVEL INSURANCE
‘GamaCyber’ warranty helps contracts. Underwritten and ad-
businesses to recover from cy- ministered by BNP Paribas Car- ERV commences multi-
ber attacks and covers losses of dif, vehicle owners can protect country travel insurance part-
up to USD 50,000 arising from themselves from unexpected nership with TravelBird…
data restoration, customer noti- repair costs arising from mal-
fication, credit monitoring and functions of vehicle engines, As part of a deal covering Aus-
public relations. gearboxes and electrics for up to tria, Denmark, France, Ger-
24, 36, 48 or 60 months. The many, the Netherlands and
Opel co-operates with CarGa- bank believes that the product is Switzerland, specialist travel in-
rantie for extended warranties also beneficial for the automo- surer ERV (a subsidiary of
in the Netherlands… tive trade as it potentially pro- ERGO so owned ultimately by
vides an on-going stream of Munich Re) has announced a
In the Netherlands, automotive work for repair shops. partnership with online travel
brand Opel and extended war- specialist TravelBird. This en-
ranty specialist CarGarantie VW group works with Europ tails an offer for trip cancella-
have created a series of new Assistance for approved used tion insurance plus other op-
products for Opel’s customers. car extended warranties in tions as part of the booking
The policy for new cars has two Portugal process.
variants, depending on distance
driven by customers. On the In Portugal, Europ Assistance …and unveils card-linked
other hand, the policy for nearly has disclosed that it is working travel insurance deals in Swe-
new cars can be selected with a with VW group for extended den and Ukraine
duration of 12, 24 or 36 months, warranties for approved used
even while the car is under the Audi, Seat, Skoda and Volks- ERV has also announced two
original two-year factory war- wagen vehicles sold through new agreements to provide
ranty. Meanwhile, a third policy VW's ‘Das WeltAuto’ and ‘Audi travel cover packaged with
covers used cars at the point of Approved Plus’ programs. Spe- banking products. In Sweden, it
sale, with a choice of cover last- cifically, the ‘Das WeltAuto’ will provide travel insurance
ing 12 or 24 months for cars warranty proposition, which bundled with MedMera Bank's
aged up to seven or eight years. also incorporates road assis- debit and credit cards. Mean-
tance, includes the provision of while, in the Ukraine, it will pro-
regular cover of up to five years vide annual family travel insur-
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9Global Affinity Finance Club
Bancassurance
ance for customers with Privat- tween AXA Exclusiv, the advi- __________________________
bank payment cards with cover sory arm of AXA in Spain, and
at ten different levels ranging the Reus Deportiu football club, Bancassurance
from basic cover for specific people connected to the club
visa requirements to more com- (whether as supporters, direc- HOUSEHOLD INSURANCE
prehensive policies. tors, officials or players) can
now enjoy access to the full ING rolls out home insurance
Allianz earns ticket cancella- range of AXA's products on for Australian mortgage bor-
tion insurance partnership with preferential terms. This includes rowers with Auto & General
DeNA Travel in Japan personal and family protection,
savings, wealth management and In Australia, ING Direct has
In Japan, the local subsidiary of pension products plus free fi- launched online home and con-
Allianz Worldwide Partners has nancial advice. In addition, the tents insurance in partnership
signed an agreement with club's professional players gain with Auto & General, a subsidi-
DeNA Travel for optional ticket access to AXA's specialist life ary of Budget Insurance Group.
cancellation insurance for both insurance for professional The cover is being made avail-
domestic and international sportspeople. able initially to mortgage cus-
flights, as well as for holiday tomers acquired through the
bookings. iA Financial Group broadens bank’s broker network (which
automotive dealer distribu- account for around 90% of total
Europ Assistance renews in- tion network with acquisition home loan customers) and a
surance relationship with of Groupe PPP variety of options are available
Emma Villas including cover specifically for
In Canada, iA Financial Group landlords, floods, accidental
In Italy, Europ Assistance has (formerly Industrial Alliance) damage and personal valuables.
renewed its partnership with has signed an agreement to ac- Over time, this digital insurance
inbound tour operator Emma quire Groupe PPP, a company proposition will also be made
Villas for the provision of travel that was originally founded in available to borrowers acquired
insurance for customers book- 1980 and that specialises in the directly with insurance price es-
ing holiday villas. This agree- provision of insurance and war- timates automatically generated
ment, which has been extended ranty products to the automo- and emailed upon formal ap-
for a further year, includes auto- tive trade including creditor in- proval of home loan applica-
matic cancellation insurance as surance, replacement (GAP) tions.
well as optional cover for medi- insurance and extended warran-
cal costs and assistance. ties. Already a significant com- __________________________
petitor in this arena, iA will
__________________________ benefit from Groupe PPP’s own LIFE INSURANCE AND RE-
extensive distribution network TIREMENT SAVINGS
GENERAL which is focused on the prov-
ince of Quebec albeit it is in-
Manulife establishes 15-year
AXA seals marketing deal tended that Groupe PPP’s ac-
distribution partnership with
with Spanish football club tivities will be integrated with
Standard Chartered in Hong
the those of iA’s dealer services
Kong
Owing to a new agreement be- division.
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10Global Affinity Finance Club
Bancassurance
In Hong Kong, Manulife and try’s retail financial services mar- services, to be offered to the
Standard Chartered have an- ket. bank’s individual, professional,
nounced that they have entered small business and not-for-
into a 15-year distribution part- GENERAL profit clients. To begin with,
nership which gives Manulife these services will be sold via
the exclusive right to offer its Allianz displaces ERGO as the main retail bank but they
MPF (Mandatory Provident HypoVereinsbank’s bancas- will then extend to BNP Paribas
Fund) product, a compulsory surance partner Personal Finance and eventually
retirement savings scheme, to to third parties as part of a
the bank’s customers in Hong In Germany, and in the wake of multi-channel distribution strat-
Kong. a long-standing relationship, egy.
ERGO will be replaced by Al-
As part of the arrangement, lianz as the strategic insurance Danske Bank rolls out new
Manulife acquired Standard partner of HypoVereinsbank, insurance products with
Chartered’s existing provident which belongs to the UniCredit Moderna Försäkringar
fund and retirement scheme Group, from the beginning of
businesses plus its related in- 2018. The move means that In Sweden, and in the wake of a
vestment management entity. both retail and corporate cus- partnership first established in
The two firms believe that the tomers of the bank will gain ac- 2014, Danske Bank has an-
partnership paves the way for a cess to insurance products and nounced that it has launched
long-term alliance that aims to services from Allianz which en- pregnancy and pet insurance
offer retirement solutions man- compass a wide range of life, products in association with
aged by Manulife to customers health and non-life policies pro- Moderna Försäkringar. The
of Standard Chartered through vided via both face-to-face and pregnancy insurance policy of-
the latter’s extensive distribution digital distribution channels. fers basic protection for expec-
network. tant mothers, their partners and
BNP Paribas and Matmut their children for the duration of
Barclays completes sale of combine for non-life insur- pregnancy, and also provides
risk life insurance book in ance joint venture in France cover in the event of pregnancy-
Spain to VidaCaixa related medical costs or death
In France, BNP Paribas and plus emergency assistance.
In Spain, Barclays has com- Matmut, a major mutual insurer,
pleted the sale and transfer of its have signed a memorandum of The Co-operators secures in-
Spanish risk life insurance book understanding for the creation surance partnership with
to VidaCaixa, a subsidiary of of a joint venture insurance First Credit Union
banking group La Caixa. Specifi- company to be launched in
cally, around 105,000 insurance 2018. This company, 66% of In Canada, insurance group The
policies have been transferred to whose share capital will be Co-operators and First Credit
the purchaser. In fact, Barclays owned by BNP Paribas and Union have announced that
had previously completed the 34% by Matmut, will specialise they will create a partnership to
sale of its Spanish retail bank to in non-life insurance with an develop insurance products and
CaixaBank in January 2015 thus initial focus on motor, house- services to be marketed to cus-
this divestment represents the hold, legal protection and acci- tomers living in British Colum-
end of its presence in the coun- dent insurance, plus assistance bia and on Vancouver Island.
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11Global Affinity Finance Club
Affinity Banking
Specifically, the Co-operators ness mentoring. Suzuki links with HDFC
will be the exclusive provider of Bank and Paytm for innova-
both personal and commercial __________________________ tive ‘two-wheeler’ finance
policies offered through First scheme
Credit Union's insurance sub- AUTOMOTIVE FINANCE
sidiaries, First Insurance and Also in India, Suzuki has an-
Westview Agencies. Toyota Financial Services es- nounced an innovative finance
tablishes partnership with scheme for customers buying
__________________________ Getaround in the US… motor cycles and scooters in
partnership with Paytm, a pay-
Affinity Banking In the US, Toyota has revealed ments company based in New
that it will offer new Lexus vehi- Delhi, and HDFC Bank. With
AFFINITY LOANS cles via Getaround, a peer-to- old INR 500 and INR 1,000
peer car sharing provider based bank notes having been phased
Westpac allies with micro- in San Francisco. In addition, out, the new scheme means that
finance specialist to help and in a related move, Toyota customers can acquire Suzuki
refugees start new business Financial Services is also allow- motor cycles and scooters by
activities ing customers who buy a vehicle paying INR 20,000 through
to finance it through a direct Paytm and financing the remain-
As a result of a new partnership link to the monthly income that ing amount, hence eliminating
involving Australian banking they earn by renting it out to the need for any cash transac-
group Westpac and not-for- peers through Getaround. tion. Customers also benefit
profit, micro-finance specialist from cashback from Paytm
Thrive, refugees settling in Aus- … and trials scheme with worth INR 3,000 following de-
tralia are now being given bank- Uber in India livery of the product acquired.
ing support to set up their own
business. In particular, Westpac Moreover, in India, Toyota had FCA Bank acquires majority
has been named as a principal experimented with a short-term stake in Ferrari’s financial
banking partner to Thrive and partnership up to the end of services arm
will provide AUD 2 million in 2016 with international minicab
funding towards micro-finance app Uber that was focused on In Italy, FCA Bank (a joint ven-
loans and support for refugees end-to-end vehicle buying solu- ture co-owned by Fiat Chrysler
who want to start their own tions. Under the scheme, Toy- and Crédit Agricole Consumer
business. Eligible applicants will ota Financial Services India Finance) has acquired a majority
be identified with the assistance (TFSIN) had been providing stake in Ferrari Financial Ser-
of existing refugee settlement finance for up to 90% of the vices (an indirect subsidiary of
service providers, AMES and value of its Etios and Ferrari) for a total purchase
Settlement Services Interna- Liva models acquired by new price of EUR 18.6 million. As a
tional. Thrive will then provide Uber drivers. Moreover, the result of the transaction, Ferrari
loans to refugees through a scheme included insurance and Financial Services and FCA
business start-up package, as service elements as well as fi- Bank will continue the opera-
well as assist with further educa- nance and was available from tions of Ferrari Financial Ser-
tion programs, qualifications Toyota’s dealerships across the vices as fellow shareholders,
and apprenticeships, and busi- entire country. supporting the sales of Ferrari
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12Global Affinity Finance Club
Affinity Banking
cars in Germany, Switzerland In addition, and by means of a America’s MBNA credit card
and the UK through vehicle fi- similar multi-year agreement in business, thereby inheriting a
nancing solutions. the US, Synchrony Financial has very large portfolio of affinity
been appointed as the exclusive and co-branded products in-
Mercedes-Benz Financial provider of consumer finance cluding those with football clubs
Services makes vehicle fi- for all new and used power such as Arsenal, Chelsea, Liver-
nance available via AutoGrav- sports products sold by pool, Rangers, Tottenham Hot-
ity CFMOTO, a China-based spur and West Ham, and airlines
manufacturer. The deal enables such as American Airlines,
In the US, Mercedes-Benz Fi- qualifying buyers to access pro- Emirates, Etihad and Virgin At-
nancial Services, has announced motional instalment financing lantic. The transaction is ex-
that it has begun working with offers through CFMOTO’s net- pected to close by the middle of
online vehicle finance firm work of dealers. 2017, subject to regulatory ap-
AutoGravity to introduce fi- proval.
nancing options through its Targobank co-operates for
partner’s digital platform. Cus- online finance with distribu- Visa unveils multi-year partner-
tomers using AutoGravity to tor of vehicle accessories ship for airline co-branded
acquire vehicles will be able to cards
choose from a selection of loan In Germany, Targobank has
and lease options backed by signed a co-operation agreement Visa has announced a multi-year
Mercedes-Benz Financial Ser- to provide sales finance via partnership for co-branded
vices by using AutoGravity’s ATU Auto-Teile-Unger Handels cards with Global Loyalty Com-
dedicated app. (ATU), a distributor of vehicle pany, the firm which manages
accessories. The four-year con- the Etihad Guest, JetPrivilege,
Synchrony Financial sets up tract commenced in October MilleMiglia and topbonus fre-
two finance schemes for 2016 and made Targobank the quent flyer programs which to-
power sports products exclusive financing partner via gether are used by eight airline
ATU’s online shop. ATU oper- brands, namely Air Serbia, Air
Also in the US, Synchrony Fi- ates more than 600 branches in Seychelles, airberlin, Alitalia,
nancial has announced a multi- Austria, Germany and Switzer- Etihad, Regional, Jet Airways
year renewal of its program to land and generates annual sales and NIKI. The deal paves the
provide consumer finance for worth more than EUR 1 billion. way for the issuance of relevant
power sports products manufac- co-branded cards in each of
tured by Kawasaki Motors. The __________________________ Germany, India, Italy, Saudi
agreement extends an existing Arabia, Serbia and the UAE.
relationship between the two CO-BRANDED CARDS
firms that began in 2010 and Air Europa chooses
qualifying buyers will continue Lloyds Banking Group ac- Bankinter Consumer Finance
to enjoy access to special financ- quires MBNA UK credit card for new co-branded card
ing options and exclusive offers portfolio from Bank of Amer- launch
for Kawasaki products through ica
the latter’s dealer network across In Spain, Air Europa has se-
the country. In the UK, Lloyds Banking lected Bankinter Consumer Fi-
Group has acquired Bank of nance for the development of a
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13Global Affinity Finance Club
Affinity Banking
new co-branded Visa card Financial to launch a co- time guaranteeing payment. A
(‘Europa SUMA’). The card al- branded credit card program. pre-defined balance can be
lows customers to earn miles According to the partners, this made available to the driver
through both everyday and large is the first credit card program promptly via the prepaid card.
purchases. Moreover, other ad- originating from the online In addition, the specification of
vantages include priority status travel sector that includes a fi- chosen merchants ensures that
on Air Europa waiting lists and nance option dedicated to man- payments can only be made for
baggage claim, check-in at busi- aging travel costs. Qualifying the intended purpose.
ness class counters, and one ex- cardholders will receive intro-
tra piece of checked luggage. ductory benefits including a spe- __________________________
First-time customers automati- cial six-month financing option
cally earn 50,000 free miles for purchases of USD 399 or CONSUMER FINANCE
which amount to the equivalent more made via CheapOair or
of a flight to the Balearic Is- OneTravel, a USD 50 statement Synchrony Financial’s health-
lands. The card can be acquired credit after making purchases care finance arm earns seven-
via the websites of either Air worth USD 500 or more, and year relationship with ADA
Europa or Bankinter and are accelerated earning of
available to both existing cus- CheapOair and OneTravel loy- In the US, Synchrony Financial,
tomers of Bankinter and indi- alty program points. via its CareCredit healthcare fi-
viduals who are not existing cus- nance arm, has announced a
tomers. Wirecard launches prepaid seven-year agreement with ADA
card for fleets with ADAC Business Enterprises, the for-
Air Canada and CIBC link for subsidiary profit subsidiary of the ADA
launch of prepaid multi- (American Dental Association).
currency card In Germany, and ahead of a This agreement, which helps
planned introduction elsewhere families manage out-of-pocket
In Canada, Air Canada and in Europe, Wirecard has dental expenses by providing
CIBC have unveiled the intro- launched a new prepaid card in flexible financing options that
duction of a prepaid multi- partnership with Europe Net, a may not be covered by insur-
currency Visa card that allows subsidiary of ADAC, the coun- ance, means that the ADA will
customers to purchase and store try’s largest automotive club. continue recommending
up to ten currencies that can be The card can be used for break- CareCredit to its member den-
used internationally wherever down and workshop services as tists.
Visa is accepted and that is man- well as at domestic and interna-
aged via a mobile app. tional petrol stations. Moreover, Over and above this specific
fleet managers can top up bal- deal, CareCredit also reports
Synchrony Financial works ances in real time allowing driv- having expanded its acceptance
with online travel brands for ers to make onsite payments in network to hit its goal of more
co-branded card programs emergencies. Together with than 200,000 healthcare provid-
Europe Net, which offers a 24- ers and health-focused retailers,
In the US, CheapOair, an online hour breakdown hotline for including the pharmacy chain
flight booking service, and truck drivers, assistance can now Rite Aid, which has approxi-
OneTravel, an online travel site, be arranged in the event of mately 4,600 stores across 31
have linked up with Synchrony breakdown while at the same states.
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14Global Affinity Finance Club
Affinity Banking
Crédit Agricole Consumer whereby cardholders can add The amount can then be re-
Finance designs personal receipts, tags and notes to trans- trieved in cash across more than
loans backed by employee actions logged in QuickBooks. 500,000 Western Union agent
savings plans locations.
Bankinter and Avalmadrid
Amundi, an asset manager combine to increase funding HomeSend discloses ties with
jointly owned by Crédit Agricole to Madrid-based SMEs Ericsson and Sri Lankan bank
and Société Générale, and for mobile remittances
Crédit Agricole Consumer Fi- In Spain, Avalmadrid, a financial
nance have combined forces to institution supervised by the HomeSend, a joint venture co-
offer customers personal loans Bank of Spain, and Bankinter owned by BICS, eServGlobal
backed by their employee sav- have renewed a partnership and MasterCard, has announced
ings plans. Indeed, since the be- agreement that makes up to a partnership with Ericsson to
ginning of October 2016, em- EUR 25 million of funding facilitate international remit-
ployees of Amundi's corporate available to small and medium- tances across over 200 coun-
clients have had access to the sized enterprises based in Ma- tries. This relationship allows
loan on favourable terms which drid under preferential condi- around 50 million users of
allows them to borrow up to tions. This aims to strengthen Ericsson mobile wallets to ac-
90% of the value of their eligible the business community in Ma- cess HomeSend's international
employee savings. drid and to create new opportu- remittance network.
nities for them to grow in fu-
__________________________ ture. The two partners will share Moreover, in a separate devel-
the associated credit risks. opment limited to Sri Lanka,
COMMERCIAL BANKING HomeSend has also announced
__________________________ a partnership for international
American Express consolidates remittances with National De-
partnership with owner of INTERNATIONAL PAY- velopment Bank, whereby the
QuickBooks accounting soft- MENTS / REMITTANCES latter's e-remittance service will
ware be connected to HomeSend.
Western Union provides mo- HomeSend has reported that
In the UK, American Express bile money transfer capabili- this partnership will reach
has linked with Intuit to allow ties to UK-based Viber users around 3 million Sri Lankans.
small business customers using According to the World Bank,
the QuickBooks accounting In the UK, Western Union has remittances to Sri Lanka in 2015
software of its partner to access introduced a money transfer totalled around USD 7 billion of
finance via its ‘OPEN Business’ capability embedded in Viber, a which more than a half origi-
payment card. This initiative mobile messaging app with 754 nated from the Middle East re-
follows on from a previous one million unique users worldwide. gion.
in 2015 which saw the launch of This agreement enables Viber
the ‘Connect to Quickbooks’ users in the UK to send individ- __________________________
app for customers with ‘OPEN ual payments worth up to GBP
Business’ cards. In addition, the 400 to recipients both within the
new initiative includes an ex- UK and internationally to over
pense management facility 200 countries and territories.
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15Global Affinity Finance Club
Affinity Banking
MOBILE / ONLINE PAY- allowing such payments, and customers by 2020. Lastly, Mas-
MENTS that it is the second country in terPass has also been launched
Europe after the UK to see the in India, beginning with a part-
MasterCard works with Google rollout of this service. Further- nership with RBL Bank. The
to boost usage of Android Pay more, AIB and KBC are the system is integrated with RBL
and MasterPass… first banks to be involved in the Bank's ‘OnGo’ digital wallet and
Irish equivalent of this scheme. is aimed at allowing the smallest
At a worldwide level, Master- As for the second initiative, merchants to receive cashless
Card remains very proactive in MasterCard reports that Master- payments.
working with numerous firms to Pass is available in 33 markets
expand its reach in the fast- worldwide, with plans to expand MasterCard works with banks
expanding market for digital to 35. in Russia and Spain to extend
payments. reach of Apple Pay…
… and with multiple other
For instance, it has linked up partners to expand MasterPass Furthermore, MasterCard has
with Google in two fields: on a global basis been working with a variety of
firstly, to introduce the Android partners to make its services avail-
Pay contactless payments ser- In addition, MasterCard has able through Apple Pay, the digi-
vice to Hong Kong, Ireland and signed a number of agreements tal wallet program operated by
Poland; and secondly, to allow to boost usage of MasterPass, Apple. For example, in Russia, it
users of Google’s digital wallets independent of the deal with has established a partnership with
to make online payments Google. First, it has teamed up Sberbank that allows customers
through its MasterPass system. with B Infinite, a Malaysian re- with MasterCard-branded cards
With regard to the first initia- wards program operated by issued by the bank to use Apple
tive, the rollout in Hong Kong BLoyalty (itself a subsidiary of Pay for contactless and online
is the third in the Asia-Pacific Berjaya Corporation). By means payments. MasterCard has also
region, following earlier of this deal, B Infinite's rewards introduced Apple Pay in Spain in
launches in Australia and Singa- app will incorporate a payment partnership with a number of en-
pore, and involves MasterCard function using MasterPass, al- tities including Banco Santander
cards issued by organisations lowing more than 5 million (the first bank to enable the ser-
such as Bank of East Asia, Dah members of the program to vice for its cards) plus Carrefour
Sing Bank, DBS Bank, Hang make purchases online and to and Ticket Restaurant.
Seng Bank, HSBC and Standard claim associated rewards.
Chartered. … and for other initiatives with
Secondly, it has signed a memo- a variety of organisations, in-
Meanwhile, in Poland, the ar- randum of understanding with cluding Uber and FitPay
rangement allows Android mo- Ecobank to introduce Master-
bile phone users to make pay- Pass across 33 countries in Af- Outside of these large-scale ex-
ments through an app linked to rica. This arrangement expands pansion strategies, MasterCard
cards issued by Alior Bank, on the existing use of Master- has also entered into various
Bank Zachodni WBK and T- Pass by Ecobank’s customers in agreements with other organisa-
Mobile Banking Services. Nigeria. Ecobank has stated that tions. First, it has partnered with
MasterCard reports that Poland it views the arrangement as part Wells Fargo to make its Master-
has around 425,000 terminals of its goal to reach 100 million Card ‘Send’ payments service
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16Global Affinity Finance Club
available to the bank’s custom- partnership with Cielo, a pay- example, it has begun working
ers. This service was created so ments company. In total, 15 with Ecobank to roll out mVisa
that businesses, merchants, gov- partner card issuers work with across 33 African countries in-
ernments, not-for-profit entities, Visa Checkout in Brazil, namely cluding Ghana, Nigeria, Kenya
financial institutions and other Agillitas, Banco BRB, Banco do and Tanzania. This app enables
enterprises can send money to Brasil, Banco do Nordeste, consumers to pay for everyday
both consumers and small busi- Banco Neon, Bancoob, Ban- goods and services by simply
nesses. Allstate Insurance will be risul, Bradesco, Brazil Prepaid, scanning a code on their smart-
the first to make use of this ser- BV Financeira, Caixa, Citi, Itaú, phone or entering a merchant
vice via Wells Fargo. Porto Seguro and Santander. identification number. The ser-
vice has been set up to address
Secondly, Uber users in Sri … and promotes Android Pay the need for a convenient, low-
Lanka will now be able to claim in Ireland and Poland cost service for everyday pay-
free rides when registering a ments across Africa. mVisa is
MasterCard as their preferred In another move (mirroring that also being introduced to Indian
payment option and, for a lim- by MasterCard), Visa has been consumers via the TABcab taxi
ited time, every fourth ride paid collaborating with Google to en- service in Mumbai and, in addi-
for with a MasterCard-branded able the use of the Android Pay tion, is being made available
card will be free. Last but not service in Ireland and Poland. through a range of apps includ-
least, users of FitPay, a brand of Through an arrangement with ing those of Axis Bank, Bank of
wearable payment devices, can AIB, Visa cardholders can access Baroda, Bank of India, HDFC
now make contactless payments Android Pay in Ireland. Visa be- Bank, ICICI Bank, State Bank
using MasterCard. FitPay has lieves that more than 80% of con- and Udio Payments.
announced that it expects to sumers in Ireland aged between
enable payments through more 18 and 24 already use a mobile BNP Paribas links with Ali-
than 2.5 million wearable de- device to monitor their money or pay to facilitate use of mobile
vices in 2017, rising to more make payments and predicts that payment app at partner stores
than 9 million in 2018. mobile payments could account in France…
for 50% of all transactions by
Visa expands utilisation of 2020. Likewise, in Poland, Visa BNP Paribas has announced
online payment service in has linked up with Bank Zachodni that it has started working with
Brazil… WBK to allow the bank's Visa Alipay, a payments company
cardholders to use Android Pay. owned by Alibaba, to enable the
Like MasterCard, Visa has also 16 million Chinese tourists who
been very active in establishing Visa rolls out mobile payment travel outside Asia each year to
agreements with a diverse range app with Ecobank in Africa pay for their purchases with an
of organisations. In particular, it and TABcab taxi service in Alipay mobile app at partner
has been expanding Visa Check- Mumbai stores. Initially available in
out, its online payment service, France only, it is intended that
throughout Brazil, and this is Furthermore, Visa has also con- this service will extend over
being used by merchants such as cluded deals with several other time elsewhere in Europe.
Easy, eduK, iFood and Ricardo organisations to encourage the
Eletro as well as more than use of its services, notably its
15,000 small online stores in a mVisa mobile payment app. For
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17Global Affinity Finance Club
… and with multiple partners of Scotland, Barclays, Halifax, ferma will integrate Wirecard’s
to develop unified mobile HSBC and Lloyds Bank have ‘virtual supplier payment card
payment app signed up to launch the ‘Pay by product’ into its own delivery
Bank’ app. Barclays will be the platform. Initial plans are to roll
Also in France, BNP Paribas is first bank to make it available to out the card first in the Asia-
collaborating with Auchan, Car- its consumers. Pacific region before expanding
refour, Crédit Mutuel, Master- subsequently to Australia.
Card, Oney and Total to offer a … and ties with ERGO for
unified mobile payment app. impulse travel insurance pur- Alibaba subsidiaries earn
This move follows the success chases in Austria strategic partnerships for
of two separate apps devised by digital payments
BNP Paribas and Carrefour, Meanwhile, Wirecard’s deal with
respectively called Wa! and ERGO in Austria provides Two subsidiaries of China-based
Fivory. The new app enables credit card acceptance for sin- e-commerce group Alibaba have
both in-store and online pur- gle-trip travel insurance cover entered into strategic partner-
chases as well as allowing cus- that will make it easier for the ships in the realm of digital pay-
tomers to claim loyalty benefits, insurer’s customers to buy poli- ments. First, Ant Financial has
and it also facilitates mobile pay- cies online. In particular, it has forged a tie with Thailand-based
ment services such as peer-to- been conceived for customers Ascend Money as it seeks to
peer money transfers. taking spontaneous weekend expand its footprint beyond
skiing trips but who wish to be China. By means of the agree-
Wirecard forges mobile pay- fully covered for the associated ment, Ant Financial will assist
ment agreement with Vo- risks. The cover is activated one Ascend Money in growing both
caLink in the UK… hour after being taken out and its online and offline payments
ends automatically without any and financial services ecosystem
Germany-based payments firm need for notice after the maxi- in Thailand by providing strate-
Wirecard has announced a vari- mum validity of 14 days. gic and technical support.
ety of agreements in the mobile
payments arena in Austria and Wirecard allies with Con- In a separate development, Ali-
the UK, as well as in the Asia- ferma for virtual multi- pay has disclosed the addition of
Pacific region. currency payment card in the a further 930,000 merchants to
Asia-Pacific region its European network following
In the UK, Wirecard is integrat- a series of partnerships made
ing ‘boon’, its mobile payment Lastly, Wirecard has also teamed with Barclays, BNP Paribas, SIX
solution, into the ‘Pay by Bank’ up with virtual payment card Payment Services and
app operated by VocaLink. As a specialist Conferma to introduce UniCredit, respectively with a
result of the partnership, ‘boon’ a card targeted at business trav- focus on the UK, France, Swit-
is the first mobile payment ellers that can make payments in zerland and Italy.
method that can be uploaded multiple currencies and that will
via mobile banking and creates a also support travel management __________________________
fully digital mobile-only solution companies with reconciliation
without the need for a tradi- and data to support their own
tional credit or debit card. Vo- clients’ travel programs. By
caLink has announced that Bank means of the agreement, Con-
www.finaccord.com
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