According to external research, the loyalty programs market capitalization in 2020 was valued at USD 1.6 trillion, with only a 7% redemption rate. This means billions of dollars in reward points expire and go to waste every year. A call for an unique and open platform to utilize the reward points begin to raise from the customers. AsiaTop is established to help the merchants and customers to solve the needs for loyalty point consumption.
By not having these loyalty points redeemed, not only are the customers forfeiting valuable benefits, but the merchants are also losing the opportunity to do remarketing and creating stickiness and loyalties from their customers, something they tried to achieve when they rolled out the loyalty points in the first place. There is certainly a need for an open platform to resolve these industry pain points.
About AsiaTop Loyalty:
AsiaTop Loyalty is a solution to the aforementioned problems, AsiaTop not only help customers on loyalty consumption, but not target itself as one of the loyalty solution company for B2B . This year, AsiaTop has successfully launched Asiatop 2.0 App with an innovative loyalty-as-a-service model to merchants to launch their CRM and membership programme in no time. This great ecosystem will bring benefits from all parties involved.
Business Model:
A: Saas software – Loyalty-as-a-service
Our loyalty-as-a-service incorporated with customized services such as a bespoke membership system, O2O marketing, rewards program, e-Voucher services, which saves merchants millions of dollars to develop its loyalty program from scratch. With the launch of our 2.0 services, Asiatop is expected to go quadruple.
B: Buy now pay later
AsiaTop Loyalty is partnering with a large Asian money lender to launch a buy-now-pay-later (“BNPL”) service, this short term financing offers customers a flexible way for their spending. BNPL is a new customer needs which expects to lead the industry to rack up $680 billion in transaction volume worldwide in 2025. Its expected BNPL will bring in new customers in 2022.
C: Pre-Paid Card
It is reported that prepaid-card market amounted to for USD 2137.07 billion in 2020 and will register to grow at a CAGR of 14.5% during the forecast time frame. If it is 2020 and beyond, we probably should not use future tense on the CAGR as two years has lapsed. AsiaTop Loyalty has launched its co-brand union pay cards. So that users can earn rewards among its 50,000 outlets across the 11 cities in Greater Bay Area (“GBA”) and aggregate the points across countries and spend it in any Union pay merchant outlets. Therefore, the usage of idling loyalty points can be maximized.
D: Partnerships:
At present, AsiaTop Loyalty has a comprehensive B2B models providing the most convenient universal points exchange platform and digital loyalty management platform in China and connecting reputable banks such as CITIC Bank, BOC, GGB, PING AN Bank, GBC Bank, Standard Chartered Bank, Hang Seng Bank, etc. Shopping malls and merchants in 2022, AsiaTop Loyalty will expand its services to other Southeast Asia countries, such as Thailand, Philippines, Malaysia and Singapore.
Milestones, Fundraising and Listing Plan:
AsiaTop Loyalty stood out and ranked first in the 2021 Deloitte Hong Kong Technology Fast & Rising Star Program. In addition, AsiaTop Loyalty also embraced prestigious awards including IFTA. These awards recognize Asiatop’s rapid growth and continuous innovation as well as its leading position and growth potential in specific sectors.
It is worthwhile to notice that AsiaTop Loyalty closed its Series A investment in December 2020 with a pre-money valuation of USD45 million. It is also noticeable that Asiatop Loyalty has closed a USD 90 million Series B investment round in Q4 2021, and its new round of fundraising target sets around USD$10 million. If so, may consider not use phrase as “fundraising target sets”. Mainly used for M&A and business expansion.
As one of the unicorns in Fintech space, AsiaTop Loyalty not only seeks its development among Southeast Asia countries but also progresses with listing plan in US via SPAC soon. Let’s look forward to witnessing the success!
