AFFINITY INSURANCE QUARTER 3 2019

BANCASSURANCE Global Affinity AFFINITY BANKING Finance Club

Finaccord’s newsletter about affinity financial services worldwide Welcome back to your Club! The world of affinity and corporate partnerships in financial services is in constant evolution and this has never been more apparent than in this latest edition of the Global Affinity Finance Club. In particular, a significant proportion of the latest initiatives concern partner organi- sations that did not even exist a few years ago and these are most apparent in the fields of alternative mobility, the sharing economy and e-commerce.

New deals in alternative mobility include those of Europ Assistance with E-GAP for road assistance and NN Insurance Services with Cowboy for e-bicycle insurance. In respect of the sharing economy, which overlaps to some extent with alternative mobility, notable ventures comprise those of Allianz with MotoShare for motor cycle policies, AXA with Tier Mobility for e-scooter insurance, NTUC Income with Grab for critical illness cover, and Stride Bank with Lyft for a co-branded debit card.

As for e-commerce, stand-out agreements concern those of AXA with Fintonic for health insurance, CareCredit with Lighthouse 360 for dental treatment finance, ICICI Bank with Goibibo for a multi- currency card, Klarna with BigCommerce for consumer finance, MAPFRE with Snau for pet insurance, Visa with Rappi for a prepaid card, and Wirecard with AUTO1 for vehicle finance.

Hence, plainly it pays for those responsible for partnership develop- ment within banking, payments, insurance and assistance firms to think multi-dimensionally about the emerging opportunities.

Alan Leach, Director [email protected]

For our published reports, news and more please visit www.finaccord.com Global Affinity Finance Club Table of contents

Affinity Insurance AXA teams up with Spain-based Covéa extends partnership with digital financial assistant for be- John Lewis for branded motor in- ASSISTANCE 5 spoke insurance policies 7 surance 8

Europ Assistance invests in Ger- MAPFRE unveils strategic alliance NICHE INSURANCE 9 man provider of assistance services with SANTALUCÍA for funeral for older customers… 5 protection insurance 7 MAPFRE divulges plans to work with provider of dog-related ser- … offers international assistance to Icatu Seguros is chosen as life insur- vices in Spain 9 NGO employees through Italian not ance partner by pension fund for -for-profit organisation… 5 Brazilian lawyers 7 ARAG co-operates for legal pro- tection cover with HDI Global … and grows road assistance offer- SSQ Insurance to sell mortgage- Specialty in Australia… 9 ing in Italy through new ties with E- related life insurance to customers GAP and Kia 5 of nesto.ca 7 … and with Aegon in the Nether- lands 9 AXA XL works with IPRS Health MOTOR INSURANCE 7 for occupational health assistance ROLAND Rechtsschutz ties with proposition 5 Allianz rolls outs comprehensive WR Berkley for legal protection insurance for users of P2P motor insurance in Germany 9 COMMERCIAL INSURANCE 6 cycle sharing platform 7 PRODUCT WARRANTIES / Aon and CoverWallet establish Defend Insurance works with INSURANCE 9 international partnership focused HAVEX-auto for branded motor on digital insurance for SMEs 6 insurance in the Czech Republic 7 MediaMarkt Saturn appoints Zur- ich as provider of its extended war- MAPFRE collaborates with Span- ERGO Mobility Solutions secures ranty and insurance policies 9 ish association representing pro- comparable deal with NRW- ducers of fruit and vegetables 6 Garage in Germany… 8 Assurant renews partnership with Lowe’s for product protection 10 AXA XL allies itself with US-based … and introduces digital motor insurtech firm to sell marine cargo insurance app in conjunction with AXA launches Europe-wide initia- insurance online 6 Volvo 8 tive for e-scooters with Tier Mobil- ity 10 LIFE, HEALTH AND CREDI- AXA inaugurates long-term strate- TOR INSURANCE 6 gic partnership with BMW Bank in NN Insurance Services wins un- Germany… 8 derwriting mandate with manufac- NTUC Income introduces micro- turer of e-bicycles 10 insurance plan for critical illness … and introduces supplementary targeted at Grab drivers 6 insurance for French users of ride- Mercedes-Benz develops tyre in- sharing network BlaBlaCar 8 surance with Real Garant 10 nib works with Amazon’s Alexa in Australia for health services and in- MAPFRE and Vodafone partner surance 6 up for ‘connected’ motor cycle in- surance in Spain 8

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RETIREMENT PRODUCTS 10 TRAVEL INSURANCE 12 Bank of America launches co- branded credit card with internation- Tryg links with Danske Bank subsid- ERV sells stand-alone travel cover al hotel group 13 iary for pensions 10 through FOREX Bank in the Nor- dic region 12 Stride Bank launches co-branded TRAVEL INSURANCE 10 debit card for Lyft drivers in North GENERAL 12 America 14 Allianz Global Assistance insures Grand Circle travellers in the US 10 Scotiabank forms Latin American U.S. Bank acquires BMW’s pay- alliance with BNP Paribas Cardif ment card portfolio in the US 14 ERV Denmark introduces digital 12 travel insurance with mobile net- Visa converts Brazilian retail work operator 3 11 MAPFRE earns non-life bancas- group’s portfolio of over 2 million surance mandate with WiZink 12 private-label cards… 14 Europ Assistance renews travel in- surance partnership with Costa Cro- R+V works with Friendsurance for … develops new prepaid card with ciere 11 digital bancassurance to be sold Rappi (an app-based food delivery through co-operative banks 12 firm)… 14 GENERAL 11 UnionPay agrees to cross-sell se- … and works with Itaú Unibanco Generali and ÖKK roll out cross- lected insurance products from and the Ayrton Senna Institute for a selling initiative in Switzerland 11 PICC 13 new co-branded card 14

MAPFRE targets the Chinese Affinity Banking News ICICI Bank ties with online travel community in Spain with dedicat- booking company for multicurren- ed services 11 AFFINITY AND CO- cy travel card 14 BRANDED CARDS 13 Allianz takes on underwriting re- Alliance Data develops new co- sponsibilities for ERGO portfolio Barclays seeks to drives fan en- branding program for worldwide in Slovenia 11 gagement by working with For- resort operator 14 tress 13 Tokio Marine creates non-life in- AFFINITY SAVINGS 15 surance joint venture with Myan- Barclaycard unveils co-branded mar-based insurer 11 Saga rolls out savings partnership card with agricultural equipment distributor 13 with online banking brand run by Bancassurance Goldman Sachs 15

Mastercard joins forces with Pay- MOTOR INSURANCE 12 Pal for business debit card pro- AUTOMOTIVE FINANCE 15

gram 13 Santander Consumer Bank en- Wirecard initiates financial services hances motor insurance tie with American Express extends Delta Air partnership with digital automo- Garanta 12 Lines co-branded card partnership tive platform 15 through to 2029 13 Crédit Agricole Consumer Finance renews agreement for its joint ven- ture with Fiat Chrysler 15

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ALD extends its distribution net- INTERNATIONAL PAY- PAYMENT CARD ISSUANCE work by acquiring the vehicle leas- MENTS / REMITTANCES 17 AND ACCEPTANCE 20 ing portfolio of BBVA Automer- cantil 15 Western Union implements Visa Visa helps PagSeguro to offer ac- Direct platform on global basis 17 count-linked payment cards in Brazil Arval distributes vehicle leasing 20 proposition through Generali’s … and ties with UK Post Office tied agent network in France 15 for international payment services UnionPay forges ahead with card 17 issuance partnerships around the UniCredit Bank works with Cadillac, world… 20 Chevrolet and JAC Motors for car Mastercard joins forces with Canadi- loans in Russia 16 an network for international pay- … including new deals in Cambodia, ments 17 Malaysia and Zimbabwe 21 Synchrony Financial extends fi- nance partnership with Suzuki Mo- MOBILE / ONLINE PAY- Discover Financial secures card ac- tor in the US 16 MENTS 18 ceptance deal with La Banque Post- ale… 21 COMMERCIAL BANKING 16 Mastercard rolls out new partner- ships for mobile payments across … and unveils similar partnerships Crédit Agricole provides banking multiple countries… 18 with payment firms in several other services to members of French countries 21 hospitality network 16 … including ones with Apple and Xiaomi… 18 JCB enters into relationships with French cycling federation picks Crédit Mutual Arkéa, Viva Wallet CIC as its official banking partner … and another with ZIVELO and and Network International 21 16 Sonic Drive-In for AI-powered food ordering system 18 RETAILER CARDS AND FI- CONSUMER FINANCE 16 NANCE 22 Visa follows suit with several initia- Divido and Mastercard help last- tives of its own… 19 Klarna rolls out finance solutions minute.com to establish instalment for multiple retailers including Al- payment options 16 … including notable ones designed iExpress and BigCommerce 22 to facilitate use of public transport Banco BPM and Crédit Agricole systems… 19 Alliance Data embarks on new reinforce consumer finance joint card programs with three US-based venture in Italy 16 … an area in which American Ex- retail groups 22 press is also engaged 19 CareCredit commences partnership Wirecard facilitates instalment pay- with patient communication plat- UnionPay unveils new initiatives in ments for Singapore-based e- form for dental practices 17 Japan, Laos and Malaysia 19 commerce platform 23

Klarna collaborates with UK-based Wirecard expands partnership with Resurs Bank strengthens retailer provider of finance for dental and Amway to Thailand… 20 financial services partnership with veterinary treatments 17 BAUHAUS in Sweden 23 … and begins working with NK department store in Sweden 20

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Affinity Insurance News The move marks another step in recharging services for electrical Europ Assistance’s mission to and hybrid vehicles. Through ASSISTANCE deliver high-quality health assis- this partnership, Europ Assis- tance and care solutions at an tance will make road assistance Europ Assistance invests in international level, and follows available to drivers who re- German provider of assis- the acquisition in 2017 of Car- charge their electric cars at E- tance services for older cus- eLinx, a leading digital nursing GAP charging points. E-GAP’s marketplace in the US with over service presently covers Rome tomers… 300,000 professional helpers. and Milan but plans exist to ex- In Germany, Europ Assistance pand further. While penetration has revealed that it has made a … offers international assis- of electric vehicles is relatively strategic investment in Pflegix, a tance to NGO employees low in Italy, the two partners company founded in 2016 and through Italian not-for-profit anticipate that by 2030, as many active in the field of assistance organisation… as 50% of vehicles on the road services for senior citizens. could have plug-in power and In Italy, Europ Assistance has up to 35% could be fully elec- Pflegix operates a digital market- renewed a partnership with Sis- tric. place with a nationwide network cos, a not-for-profit organisa- of more than 11,000 helpers tion which offers insurance Moreover, in a final initiative in supporting older customers in packages to non-governmental Italy, Europ Assistance has re- their own homes. The services organisations (NGOs) engaged newed its road assistance part- offered range from everyday in activities to further interna- nership with Kia. New vehicles household services to qualified tional cooperation. As a result are covered automatically for care and families can match in- of this partnership, which origi- three years after which road as- dividual needs with offers made nally began ten years previously, sistance is offered on a paid-for by helpers via the marketplace products being offered by Siscos basis. meaning that assistance can be include international assistance arranged that is well-suited to services from Europ Assistance. AXA XL works with IPRS personal requirements and Siscos works with over 350 Ital- Health for occupational budgets. ian NGOs, and Europ Assis- health assistance proposition tance states that in 2018 it dealt By means of the partnership, the with more than 5,100 incidents Meanwhile, in the UK, AXA XL two companies believe that they through this partnership. has unveiled a partnership with will be able to offer a unique IPRS Health, an occupational value proposition to both busi- … and grows road assistance health services provider, to in- ness partners and elderly cus- offering in Italy through new corporate a wellness, health and tomers by combining their re- ties with E-GAP and Kia injury rehabilitation service spective networks. Indeed, they branded as ‘AXA XL assert that there is a growing In addition, Europ Assistance HealthAssist’ within its regular need for home care services in will continue to boost its road employer’s liability insurance. Germany which is expected to assistance offering in the coun- ______reach more than 3.5 million sen- try through a partnership with E ior citizens by 2020. -GAP, a company that specialis- es in the provision of mobile

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COMMERCIAL INSURANCE members of COEXPHAL will partner drivers of Grab can gain access to a wide range of choose to pay between SGD Aon and CoverWallet estab- agricultural and other suitable 0.10 and SGD 0.50 in premiums lish international partnership insurance products to protect in return for a fixed sum assured focused on digital insurance their business activities. and can accumulate the corre- for SMEs sponding insurance cover in line AXA XL allies itself with US- with each trip completed. The In Australia, Aon has disclosed based insurtech firm to sell cover can be acquired via the that it has entered into a part- marine cargo insurance Grab app and, with each com- nership with CoverWallet, a online pleted trip, premiums are de- provider of digital insurance for ducted automatically from an in- small and medium-sized busi- In the US, AXA XL’s US ma- app cash wallet. The two com- nesses. Moreover, the parties are rine insurance business and Vin- panies state that the plan has in the process of expanding this dati, an insurtech firm offering been rolled out in response to partnership to additional geogra- specialty products, are teaming the high cost of medical care in phies, including the US. The up to offer marine cargo insur- Singapore. relationship provides Aon with ance for small and medium- additional access to the large sized enterprises via Vindati’s nib works with Amazon’s and growing market for insur- proprietary online platform. Alexa in Australia for health ance bought digitally by small ______services and insurance and medium-sized enterprises while CoverWallet benefits from LIFE, HEALTH AND CRED- In Australia, health insurer nib expanding its reach into new ITOR INSURANCE has launched a collaboration channels and geographies via with Amazon through which Aon’s international network. In NTUC Income introduces users of Amazon’s Alexa voice conjunction with the agreement, micro-insurance plan for crit- assistant will be able to locate CoverWallet also received a stra- ical illness targeted at Grab healthcare providers. Available tegic investment from Aon. drivers to both nib’s existing customers and others, Alexa can also be prompted to offer health tips MAPFRE collaborates with In Singapore, NTUC Income and information about nib’s Spanish association repre- (the country’s largest domestic health insurance policies. At senting producers of fruit and insurer) has partnered with launch, the program provided vegetables Grab, a transportation network access to more than 21,000 doc- company that offers taxi and tors and over 3,800 ancillary In Spain, MAPFRE has un- food delivery services, to offer a providers (such as dentists and veiled an affinity agreement for micro-insurance policy covering optometrists). commercial lines insurance with critical illness to the latter’s part- the Asociación de Organi- ner drivers. The plan, which is zaciones de Productores de Fru- branded as ‘Critical Illness: Pay tas y Hortalizas de Almería Per Trip’ (abbreviated to

(COEXPHAL), an association ‘CIPPT’), offers a flexible pay- representing producers of fruit per-trip proposition that fea- and vegetables in the Almería tures low premiums and accu- region. By means of the tie, mulative coverage. For example,

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AXA teams up with Spain- will extend to around 1,650 em- MOTOR INSURANCE based digital financial assis- ployees, 100 accredited cremato- tant for bespoke insurance riums and cemeteries, 400 fu- Allianz rolls outs comprehen- policies neral parlours and 750 hearses. sive insurance for users of P2P motor cycle sharing plat- In Spain, AXA and Fintonic, a Icatu Seguros is chosen as life form mobile app that helps over insurance partner by pension 600,000 users to organise their fund for Brazilian lawyers In Spain, Allianz and Mo- accounts and save money, have toShare, a Netherlands-based reached an insurance distribu- In Brazil, Icatu Seguros has signed platform that facilitates P2P mo- tion agreement. In particular, a contract with OABPrev-RJ, a tor cycle sharing, have signed an the aim of the partnership is for not-for-profit pension fund that agreement whereby the owners AXA to offer customised health serves lawyers and their families in who offer their bikes and the insurance whose premiums vary the state of Rio de Janeiro. Under users who hire them will have in line with the individual life- the terms of the agreement, mem- full Allianz coverage during the styles of Fintonic’s customers bers of OABPrev-RJ can pur- rental period. When concluding who acquire the cover. For in- chase life insurance from Icatu rental agreements through the stance, those who are keen par- Seguros and receive in return a platform, both parties will be ticipants in outdoor sports are 5% boost to the value of their insured by a bespoke insurance likely to benefit from lower pre- assets. Icatu claims to be one of policy included within the rental miums. Brazil's largest independent life price. This policy covers a num- insurers with over 6.5 million cus- ber of risks, including civil liabil- MAPFRE unveils strategic tomers across the country and ity up to EUR 50 million, dam- alliance with SANTALUCÍA around USD 44 billion in funds age to the bike and theft, among for funeral protection insur- under its management. others. Hence, the policy will ance supplement conventional mo- SSQ Insurance to sell mort- torcycle insurance which does Also in Spain, MAPFRE and gage-related life insurance to not typically provide coverage SANTALUCÍA have begun de- customers of nesto.ca for P2P rentals. veloping a funeral protection insurance product together. By In Canada, SSQ Insurance has Defend Insurance works with combining their operations in announced a partnership agree- HAVEX-auto for branded mo- this arena into a joint venture, ment with nesto.ca, a start-up tor insurance in the Czech Re- they will be able to offer insur- whose technology allows for public ance in every province and ex- mortgage transactions to be pect to organise around 70,000 completed entirely online. This In the Czech Republic, Defend funerals each year. With a 75% partnership will enable SSQ In- Insurance has agreed to provide a equity stake, SANTALUCÍA surance to offer its life insurance branded motor insurance solution will be the majority shareholder products to nesto.ca customers. (‘HAVEX Car Protect’) to dealer- in the joint venture with the re- ______ship chain HAVEX-auto. In addi- maining 25% held by MAPFRE tion, a GAP insurance product via its dedicated subsidiary FU- (‘HAVEX Gap’) is also being NESPAÑA. Together, their re- made available. sources in this specialised field

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ERGO Mobility Solutions tive immediately or from a start- insurance to cover the risk of secures comparable deal with ing date that can be chosen with damage to their own vehicle NRW-Garage in Germany… a flexible duration. Payment is with a maximum limit of EUR made directly via the app which 2,500. This is in exchange for In Germany, ERGO Mobility can be downloaded from Ap- receiving a premium of EUR 2 Solutions, an automotive and ple’s app store and for which an deducted from the payment mobility subsidiary of ERGO Android-compatible version is made by passengers for their Group, and NRW-Garage, a being developed. trip. Düsseldorf-based car dealer group, have signed a coopera- AXA inaugurates long-term MAPFRE and Vodafone part- tion agreement regarding the strategic partnership with ner up for ‘connected’ motor distribution of motor insur- BMW Bank in Germany… cycle insurance in Spain ance. Specifically, the dealer group, which belongs to the Another initiative in Germany In Spain, MAPFRE and Voda- Emil Frey Group (one of the sees AXA working with BMW fone are collaborating in the largest independent vehicle retail Bank to develop vehicle insur- field of ‘connected’ motor cycle groups in Europe), will offer ance solutions tailored to the insurance. Specifically, Voda- policies underwritten by ERGO needs of the latter’s customers. fone has designed a device that Versicherung to both private The agreement will draw on the can be fitted to motor cycles and commercial customers that strength of BMW’s workshop that transmits data concerning are branded as ‘NRW-Garage network and the personal advice both their location and working Autoversicherung’. This insur- available from AXA’s exclusive condition. By linking this to a ance has been developed jointly sales agents in Germany. The dedicated app, customers by the two partners, is available first jointly-developed products equipped with this device can to all buyers of new or used cars will be launched in 2020 and will both locate their motorcycles from NRW-Garage and can be be made available with all vehi- rapidly in the event of theft and bought in person at the dealer- cles sold by both franchised and obtain automatic assistance if ships themselves as well as by non-franchised BMW dealers. they experience an accident. In phone or online. total, MAPFRE insures around … and introduces supple- 600,000 customers with motor … and introduces digital mo- mentary insurance for French cycles in Spain, which consti- tor insurance app in conjunc- users of ride-sharing network tutes approximately 12% of its tion with Volvo BlaBlaCar total portfolio of customers with motor insurance in the country. Also in Germany, ERGO Mo- In France, AXA and BlaBlaCar, bility Solutions is working with a ride-sharing provider, are ex- Covéa extends partnership Volvo to devise a mobile app panding an agreement to co- with John Lewis for branded branded as ‘Volvo Car Protec- operate that has already existed motor insurance tion’ which enables customers for some time. Specifically, in to buy additional protection addition to free roadside assis- In the UK, Covéa has extended when driving abroad. The insur- tance and a guarantee that cus- its partnership with department ance is available for both private tomers will arrive at their in- store chain John Lewis for and business trips and policies tended destination, BlaBlaCar branded motor insurance. The purchased via the app are effec- will offer its drivers additional extension means that Covéa be-

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comes the retailer’s exclusive ing as risk carrier. Via the agree- Rechtsschutz-Versicherungs and partner for motor insurance. ment, ARAG Services Australia specialist insurer WR Berkley ______will be authorized by HDI have entered into a strategic Global Specialty to underwrite partnership by means of which NICHE INSURANCE its legal protection contracts and the latter is incorporating com- to handle claims processing on mercial legal protection cover MAPFRE divulges plans to behalf of the insurer. In fact, sourced from the former within work with provider of dog- ARAG Services Australia will be its D&O insurance portfolio related services in Spain offering various innovative legal that is targeted mainly at small protection products targeted at and medium-sized enterprises. insurance brokers and other in- Since a significant proportion of In Spain, MAPFRE has reached termediaries including both D&O claims are accompanied an agreement with Snau, a lead- commercial and family law pro- by criminal charges, companies er in the provision of dog- tection. face the risk of significant legal related services (such as groom- expenses when reputation- ing, kennels, training and walk- damaging headlines in the press ing), wherein the two companies … and with Aegon in the Netherlands disrupt their business opera- will cross-sell each other’s prod- tions. ucts. In particular, Snau will be- Meanwhile in the Netherlands, ______come a distributor of compre- ARAG has announced a new hensive dog insurance under- partnership with Aegon. As part written by MAPFRE that covers PRODUCT WARRANTIES / of the deal, ARAG will take up to 80% of veterinary expens- INSURANCE over a portfolio of around es incurred by owners of both 65,000 legal protection contracts dogs kept purely as pets and MediaMarkt Saturn appoints from Aegon with a sales volume ones employed as guard-dogs or Zurich as provider of its ex- of EUR 13.5 million as of the used in other work-related con- tended warranty and insur- third quarter of 2019. The ar- texts, apart from hunting. In ance policies rangement is designed to last for total, MAPFRE insures more five years and aims to provide than 70,000 pets in Spain of In Germany, Zurich has dis- which around 90% are dogs. Aegon’s clients in the Nether- closed that it has won the tender lands with advice and assistance to underwrite the extended war- in respect of legal issues. With ranty and insurance program of ARAG co-operates for legal gross premium of more than MediaMarkt Saturn, a leading protection cover with HDI EUR 150 million and over 600 retailer of consumer electronics. Global Specialty in Austral- employees, ARAG ranks third In this context, it is working ia… in the Dutch legal protection with AQILO, a provider of market. claims management services that In Australia, ARAG has an- specialises in this field. Accord- nounced that it is co-operating ROLAND Rechtsschutz ties ing to Zurich, it earned the man- with HDI Global Special- with WR Berkley for legal date because it convinced the ty. Specifically, ARAG Services protection insurance in Ger- retail group of its technical Australia will be acting as an many know-how and ability to take MGA (managing general agent) in the legal protection segment, over existing processes in a In Germany, ROLAND with HDI Global Specialty act- quick and smooth fashion. Pre-

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viously, MediaMarkt Saturn had NN Insurance Services wins from the date of purchase of the managed its own extended war- underwriting mandate with tyres (or vehicle itself). Howev- ranty with supplementary insur- manufacturer of e-bicycles er, damage caused by accidents, ance dealt with by an external normal wear and tear, or inten- provider. In an analogous partnership, tional or wilful acts (due to im- Qover, a digital insurance inter- proper use of the tyres) are ex- Assurant renews partnership mediary, has announced that cluded from coverage, as is with Lowe’s for product pro- NN Insurance Services will of- damage to tyre rims and damage tection fer theft and damage insurance for which a third party or sup- cover to owners of e-bicycles plier is liable. In the US, Assurant announced manufactured by Cowboy, a ______that it has extended an existing bike designer. The bike’s sen- product protection partnership sors are able to notify owners if RETIREMENT PRODUCTS with Lowe’s, a retailer of items for there are unauthorised move- the home. In particular, Assurant ments, as would occur in the Tryg links with Danske Bank will continue to provide protec- event of theft, and Cowboy can subsidiary for pensions tion and support beyond the man- also carry out remote diagnoses ufacturer’s warranty period for of a bike’s condition which In Denmark, Tryg has enlisted products including major house- speeds up the repair process. Danica Pension, a subsidiary of hold appliances, tools, outdoor These features mean that Qover Danske Bank, as its new partner power equipment, water heaters has been able to negotiate lower for the creation of a pension and more. The prior agreement premiums than might otherwise product that will bear the Tryg with Lowe’s had already lasted for have been the case. Cowboy is brand. Tryg states that the move close to ten years. currently active in Belgium, is motivated by a desire for econ- France, Germany and the Neth- omies of scale, savings on admin- AXA launches Europe-wide erlands. The insurance policy is istrative costs and a reduction in initiative for e-scooters with being made available first in Bel- prices for its customers. Tier Mobility gium and the Netherlands, with ______the other two markets to follow later. In line with recent legislation to TRAVEL INSURANCE

formally permit use of e- scooters by the Kraftfahrt- Mercedes-Benz develops tyre Allianz Global Assistance in- Bundesamt (Germany’s federal insurance with Real Garant sures Grand Circle travellers in motor transport authority), the US AXA has announced that it will Mercedes-Benz has begun work with Tier Mobility, a Ber- working with Real Garant to In the US, Allianz Global Assis- lin-based start-up enterprise that create a tyre insurance product tance has launched a travel in- hires out e-scooters. Specifically, for all of its cars and vans sold surance tie with Grand Circle it will provide comprehensive in selected European countries. Corporation, a travel group fo- insurance cover for all of Tier’s This covers the total cost of a cused on customers aged 55 and e-scooters being used across replacement tyre in the event of over. Through this partnership, Europe. damage in a range of circum- Allianz Global Assistance is of- stances. Coverage is valid for a fering comprehensive travel in- period of 24 months starting surance to customers of Grand

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Circle’s travel brands, namely GENERAL translated into Chinese but also Grand Circle Travel, Grand Cir- the availability of advisers for cle Cruise Line, and Overseas Generali and ÖKK roll out whom this is their main lan- Adventure Travel. The travel cross-selling initiative in guage, and it is being promoted group reported that it served Switzerland not only by various agencies over 110,000 travellers each In Switzerland, Generali and used by the Chinese community year. ÖKK, a specialist health insur- to assist with administrative ance, have announced that they tasks required for settling in ERV Denmark introduces dig- will be selling each other’s prod- Spain but also via Facebook and ital travel insurance with mo- ucts as part of a long-term WeChat. Another element is the bile network operator 3 agreement. The co-operation provision of Chinese translation will allow Generali in Switzer- services for customers with In Denmark, ERV has joined land to expand its range of health insurance needing to visit forces with mobile network op- health insurance products and hospitals used by MAPFRE. In erator 3 to offer a branded trav- services while ÖKK will offer to total, MAPFRE believes that it el insurance product through its customer base both life and has a portfolio of around 20,000 mobile phones. This new prod- non-life insurance products un- Chinese customers in Spain, uct combines both comprehen- derwritten by Generali. Both many of whom are owners of sive travel coverage together companies believe that they will small enterprises. with protection in the event of benefit from gaining access to mobile phone theft. new distribution channels by Allianz takes on underwriting means of the initiative. responsibilities for ERGO Europ Assistance renews travel portfolio in Slovenia insurance partnership with MAPFRE targets the Chinese Costa Crociere community in Spain with In Slovenia, and because it has dedicated services decided to no longer underwrite In Italy, Europ Assistance has non-life insurance in the coun- extended its travel insurance In Spain, MAPFRE believes try, ERGO has signed a sales distribution partnership with that it has become the first in- and service agreement with Alli- Costa Crociere, a cruise opera- surer to develop services dedi- anz that will allow the former’s tor, for a further three years. cated to the Chinese community customers to start taking out This relationship was first estab- in the country, which is believed Allianz policies with similar con- lished in 2016 and covers cruise to number around 215,000 in ditions to those offered in their passengers from Belgium, total with the main concentra- ERGO contracts. France, Italy, the Netherlands, tions in larger cities such as Ma- Portugal, Spain and Switzerland drid and Barcelona. For exam- Tokio Marine creates non-life as well as the Nordic countries. ple, across multiple channels insurance joint venture with ______and starting in Madrid, it is roll- Myanmar-based insurer ing out a capability to deliver In Myanmar, Tokio Marine has insurance-related advice in Chi- formed a joint venture company nese language which it hopes with Grand Guardian Insurance will make it the preferred insurer (GGIH), a major non-life insur- for this constituency. The capa- er. Specifically, it has done this bility includes not only materials by purchasing a 35% stake in

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the non-life business of GGIH partnership builds on an existing nounced that it has begun work- and has subsequently become relationship that saw ERV ing with WiZink, an online bank the first firm in Myanmar to of- providing travel cover packaged originally set up by Banco Popu- fer marine cargo insurance. with the bank’s payment cards. lar (which has since been ab- Tokio Marine states that the The two companies announced sorbed by Santander) and that is joint venture is part of its re- that in future they hope to ex- now owned outright by Värde gional plan to diversify its port- tend the agreement beyond Partners, a private equity firm. folio and expand into develop- Sweden to the rest of the Nor- Specifically, it is distributing its ing markets. dic region across which the motor and household insurance ______bank has over 100 branches. products through the bank, us- ______ing both its online and phone Bancassurance News channels. These include a num- GENERAL ber of enhanced features such as digital verification of insured MOTOR INSURANCE Scotiabank forms Latin vehicles and automatic blocking

American alliance with BNP of mobile devices in case of Santander Consumer Bank Paribas Cardif theft or loss. enhances motor insurance tie

with Garanta Across Chile, Colombia, Mexico R+V works with Friendsur-

and Peru (also known as the ance for digital bancassurance In Austria, Santander Consumer Pacific Alliance countries), Sco- to be sold through co-operative Bank has enhanced a distribu- tiabank has entered a long-term banks tion agreement for motor insur- and strategic bancassurance alli- ance with Garanta, a subsidiary ance with BNP Paribas Cardif, of the German insurer Nürn- In Germany, Friendsurance and the insurance arm of BNP Pari- berger Versicherung. Having R+V Versicherung have revealed bas. This constitutes a part of been set up originally in January that they are jointly developing a Scotiabank's aim to deliver more 2019, the insurance offer is now digital bancassurance solution for and better services to its portfo- available to dealers with which the country’s total of around 875 lio of around 9 million custom- Santander works via autOnline, co-operative banks. In particular, ers in the region. The 15-year its used vehicle buying and sell- the VR-Versicherungsmanager strategic alliance if focused ing platform. concept is based on a modular mainly on the development of ______platform established by Friendsur- non-life insurance. As a part of ance. The product was launched the agreement, BNP Paribas in May 2019 with six pilot banks TRAVEL INSURANCE Cardif will also invest around and has since been expanded to

CAD 30 million to help develop other banks. The goal is to offer ERV sells stand-alone travel Scotiabank’s digital capabilities the digital service to all customers cover through FOREX Bank in in the region. of the Volksbanken Raiffeisen- the Nordic region banken network of credit co-

MAPFRE earns non-life operatives in Germany, who num- In Sweden, ERV has agreed to a bancassurance mandate with ber over 30 million in total. distribution arrangement with WiZink FOREX Bank whereby the bank will sell its stand-alone In Spain, MAPFRE has an- travel insurance products. This

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UnionPay agrees to cross-sell clubs to gain a greater under- online and offline purchases. selected insurance products standing of their supporters and The card includes a 0.5% cash- from PICC to generate additional revenues. back feature plus a flat fee of GBP 1 per transaction for cash In China, PICC has agreed to a Barclaycard unveils co- withdrawals around the world. strategic cooperation deal with branded card with agricultur- UnionPay whereby the latter will al equipment distributor American Express extends promote the sale of PICC’s Delta Air Lines co-branded products, beginning with agri- Also in the UK, Barclaycard has card partnership through to cultural insurance, major illness announced a partnership with 2029 insurance and liability insurance. AGCO, a worldwide manufac- Furthermore, in the near future, turer and distributor of agricul- In the US, American Express the two companies intend to tural equipment and solutions, has extended its co-branding begin developing a health- to launch a new Mastercard- partnership with Delta Air Lines related app that will be operated branded credit card for UK up to 2029. Having been by UnionPay. farming enterprises. The card is launched originally in 1996, Del- ______being launched through the ta Air Lines reported that the AGCO Parts operation, which deal had been worth USD 3.4 Affinity Banking News supports AGCO’s farm machin- billion in cumulative revenues ery brands including Challenger, since 1996 and that it expected AFFINITY AND CO- Fendt, Massey Ferguson and this to double by 2023. BRANDED CARDS Valtra. The card does not charge an annual fee and includes an Bank of America launches co- Barclays seeks to drives fan extended interest-free credit pe- branded credit card with inter- engagement by working with riod of up to 116 days (which national hotel group Fortress Barclaycard reports as being 60 days longer than that of a typical Also in the US, Bank of Ameri- In the UK, Fortress, a loyalty business credit card) when used ca has launched a Mastercard- and payment engagement tech- for purchases at participating branded credit card with Sones- nology firm that partners with AGCO dealers, provided that ta International Hotels Corpora- sports teams and leagues around the statement balance is paid in tion, a hospitality group that the world, is working with Bar- full and on time. operates around 80 properties clays to embed payment capabil- across seven countries. The card ities into team-branded mem- Mastercard joins forces with is linked to Sonesta’s ‘Travel bership cards for fans of Aston PayPal for business debit Pass’ rewards program and al- Villa and Harlequins. Supporters card program lows members to earn reward of both clubs will be able to points at its hotels and else- make purchases using these A further initiative in the UK where, and to receive free nights cards at their home grounds and has seen Mastercard and PayPal at its hotels in exchange for at any location where card pay- joining forces to launch the lat- points, as well as providing addi- ments are accepted, simultane- ter’s first UK business debit tional benefits. ously accumulating loyalty card. Paypal’s customers with points in line with expenditure. this card are able to use their The partnership will help the funds with PayPal for both

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Stride Bank launches co- cifically, the plan is to convert ICICI Bank ties with online branded debit card for Lyft an existing portfolio of over 2 travel booking company for drivers in North America million private-label cards to multicurrency travel card ones with much broader pay- In another initiative in the US, ment capabilities by virtue of In India, ICICI Bank has an- Stride Bank is working with their being linked to the Visa nounced the launch of a co- Mastercard to introduce a co- network. branded multi-currency card branded debit card and bank (the ‘the Goibibo ICICI Bank account to benefit drivers work- … develops new prepaid card Travel Card’) with Goibibo, an ing for Lyft, a ride-sharing com- with Rappi (an app-based online travel booking company. petitor to Uber that is active in food delivery firm)… The card offers several benefits around 650 cities and towns in to travellers including gift North America. The proposi- In a separate initiative in Brazil, vouchers for flight and hotel tion provides instant access to Visa has developed a new pre- bookings, discounts at restau- earnings, no-fee accounts, cash- paid card in conjunction with rants both in India and abroad, back benefits and linked savings Rappi, an app-based provider of and the ability to top it up in 15 accounts and, at launch, was home delivery of food and con- different categories. In addition, available in eight major cities in sumer goods. The objective is to it also incorporates a 40% dis- the US. enable individuals lacking a bank count on currency conversions account to make use of Rappi plus packaged comprehensive U.S. Bank acquires BMW’s since the prepaid card is linked travel and card protection insur- payment card portfolio in the to the company’s digital wallet. ance. Customers can apply for US the card either online on the … and works with Itaú Uni- Goibibo website or via the mo- Still in the US, BMW Financial banco and the Ayrton Senna bile app. Services has entered into a co- Institute for a new co-branded branding agreement with U.S. card Alliance Data develops new Bank wherein the bank will ac- co-branding program for quire the existing card portfolio In a further development in Bra- worldwide resort operator of BMW Bank. The program zil, Itaú Unibanco is working will continue to allow the manu- with the Ayrton Senna Institute, In the US, Alliance Data has facturer’s customers to earn a non-governmental organisa- signed a multi-year agreement to points that can be redeemed on tion set up to help create educa- develop a co-branded credit its vehicles and related services. tional opportunities for young card program (using the Master- Brazilians, to issue a new Visa- card network) for Interval Inter- Visa converts Brazilian retail branded platinum credit card. In national. This company operates group’s portfolio of over 2 line with card usage, this gener- a network of resorts amounting million private-label cards… ates donations to the Institute’s to more than 3,200 properties educational programs and incor- across over 80 countries. The Meanwhile, in Brazil, Visa is porates discounts for cinema intention is for the new credit working with Calcard, a card- and theatre tickets, alongside card scheme to drive loyalty for issuing entity that belongs to other benefits. Interval via a rewards program Grupo Studio Z, a retail group, that allows cardholders to earn for a co-branding program. Spe- points in line with their expendi-

www.finaccord.com 14 Global Affinity Finance Club Affinity Banking ture. These can then be re- sumer payment and banking leasing portfolio of BBVA Au- deemed on vacations with Inter- platform. Additionally, custom- tomercantil, the fleet leasing and val. ers of AUTO1 Group will be management business of BBVA. ______able to access them through The transaction includes an AUTO1 Fintech, the group’s agency agreement whereby AFFINITY SAVINGS specialised digital lending unit. BBVA will make a full-service At the time of the announce- leasing solution managed by Saga rolls out savings part- ment, AUTO1 Group had a ALD available to its corporate nership with online banking stock of more than 30,000 vehi- and private customers in the brand run by Goldman Sachs cles with over 1 million private country. The agreement also customers having used it. reinforces an earlier partnership Also in the UK, Saga, a compa- between ALD and BBVA in ny which specialises in products Crédit Agricole Consumer Spain that launched in 2017. At and services for those aged 50 Finance renews agreement the end of March 2019, ALD and above, has announced that for its joint venture with Fiat had a fleet of around 1.68 mil- Marcus (a digital banking brand Chrysler lion vehicles managed world- managed by Goldman Sachs) wide, including 21,000 in Portu- will become its new partner for In Italy, Crédit Agricole Con- gal. long-term savings accounts. sumer Finance and Fiat Chrysler Marcus was launched in the UK have agreed to carry on operat- Arval distributes vehicle leas- in September 2018 with an easy- ing FCA Bank, their joint ven- ing proposition through Gen- access savings account and had ture automotive finance compa- erali’s tied agent network in accumulated over 250,000 cus- ny in which each company holds France tomers by the time of its agree- a 50% equity stake, until the end ment with Saga. of 2024. Up until that time, In France, Arval has disclosed ______FCA Bank intends to expand its that it is making its vehicle leas- product range, in particular in ing products available to the AUTOMOTIVE FINANCE respect of vehicle leasing. individual, professional and Across a number of European small business customers of Wirecard initiates financial countries, FCA Bank offers au- Generali. The proposition in- services partnership with dig- tomotive financial products and cludes tailored motor insurance ital automotive platform services to brands belonging to and road assistance underwrit- FCA Group plus other brands ten by Generali and is being dis- In Germany, Wirecard has such as Aston Martin, Ferrari, tributed via the insurer’s net- teamed up with AUTO1 Group, Harley Davidson, Hymer, Jaguar work of tied agents who number an online car dealer backed by and Land Rover. around 700. Moreover, Generali Japan-based conglomerate Soft- has around 750,000 professional Bank, to develop digital financial ALD extends its distribution and small business customers in services together for AUTO1’s network by acquiring the ve- France while Arval’s fleet customers. These services will hicle leasing portfolio of amounts to around 1.2 million be focused on consumer and BBVA Automercantil leased vehicles across Europe. corporate finance, and will be primarily made available In Portugal, ALD has signed an through boon, Wirecard’s con- agreement to acquire the vehicle

www.finaccord.com 15 Global Affinity Finance Club Affinity Banking UniCredit Bank works with COMMERCIAL BANKING CONSUMER FINANCE Cadillac, Chevrolet and JAC Motors for car loans in Russia Crédit Agricole provides Divido and Mastercard help banking services to members lastminute.com to establish In Russia, UniCredit Bank has of French hospitality network instalment payment options been appointed as a partner for car loans for customers of JAC In France, Crédit Agricole has In the UK, Mastercard is work- Motors, a China-based automo- begun offering banking support ing with lastminute.com, an tive brand. Moreover, it has also for 2,200 independent hoteliers online travel company, and begun cooperating with Cadillac and restaurateurs within the Divido, a fintech company fo- and Chevrolet, both of which are Logis network. All members of cused on consumer finance, to owned by GM, for the same pur- the Logis chain in France will provide instalment payment op- pose. have a Crédit Agricole advisor tions for travel products and who is able to provide them services at the point of sale. Synchrony Financial extends with banking and insurance ser- Divido’s platform allows shop- finance partnership with Su- vices for their professional and pers to access credit from multi- zuki Motor in the US private needs, plus access to re- ple lenders when booking their gional experts. They also gain holiday online. In the US, Synchrony Financial access to events and infor- has renewed a multi-year financ- mation concerning develop- Banco BPM and Crédit ing agreement with Suzuki Mo- ments in the tourism sector. Agricole reinforce consumer tor, a manufacturer and distribu- finance joint venture in Italy tor of ATVs, motorcycles and French cycling federation scooters. In fact, Synchrony has picks CIC as its official bank- In Italy, following a binding been providing qualified Suzuki ing partner memorandum of understanding buyers with financing options signed in 2018, Crédit Agricole and exclusive offers since 2008. Also in France, CIC and the Consumer Finance has signed By means of the new agreement Fédération Française de Cy- an agreement with Banco BPM, Suzuki dealers gain access on a clisme (FFC), the French cycling the third-largest banking group 24/7 basis to Synchrony’s mo- federation, have signed a two- in Italy by assets, to strengthen bile-responsive business centre, year partnership that makes CIC their partnership in the consum- which recommends consumer the official banking partner of er finance sector in the country credit decisions, assists in con- the federation. As part of this through to 2033. In particular, tract preparation and builds a relationship, CIC will offer the transaction reinforces the bespoke dashboard for each banking products to all FFC leading position of Agos, which customer that helps them to regional committees, clubs and is co-owned by the two partners manage instalment loan applica- members. At the time that the with Crédit Agricole Consumer tions. partnership was announced, the Finance holding a 61% stake ______FFC had more than 2,600 affili- and Banco BPM one of 39%. ated clubs and nearly 120,000 Agos had loans totalling EUR members. 13.9 billion at the end of De- ______cember 2018 and achieved a net profit of EUR 323.2 million in the same year. As a part of the

www.finaccord.com 16 Global Affinity Finance Club Affinity Banking agreement, Agos is acquiring Klarna collaborates with UK- Visa that enables instant money Banco BPM’s ProFamily subsid- based provider of finance for transfers. The aim of this part- iary, a consumer credit specialist dental and veterinary treat- nership is to make cross-border which will be renamed ProAgos. ments payments faster and more relia- In addition, Agos will be enti- ble across more than 200 coun- tled to distribute its products Returning to the UK, Klarna tries and in over 130 currencies. across the entire Banco BPM has begun offering its ‘Slice It’ In 2018, Western Union com- network, consisting of around payment option to customers of pleted over 800 million money 1,750 branches, for the duration Finance4Group, a provider of transfers for consumers and of the agreement. financial products for the den- businesses combined. tistry and veterinary markets. CareCredit commences part- The arrangement means that … and ties with UK Post Of- nership with patient commu- dental and veterinary practices fice for international payment nication platform for dental signed up to Finance4Group services practices will now be able to offer their clients the option of dividing Furthermore, in the UK, West- In the US, CareCredit, a provid- their bills into monthly instal- ern Union has begun collaborat- er of health, wellness and per- ments, making treatments more ing with the Post Office to offer sonal care credit products that is accessible and affordable. The both consumers and businesses owned by Synchrony Financial, new partnership is intended to an expanded range of digital in- has launched a partnership with help consumers who need to ternational payment services via Lighthouse 360, a patient com- pay for significant interventions, a co-branded online portal. munication software platform where cost could otherwise be a focused on dental practices barrier to making the best deci- Mastercard joins forces with wherein customers of the latter sions for themselves, their fami- Canadian network for interna- can apply for finance to pay for lies or their pets. In fact, the tie tional payments dental costs. Information con- is the first step in a wider part- cerning the new facility is also nership as Klarna and Fi- In Canada, Mastercard has an- being incorporated into the mar- nance4Group intend to intro- nounced a partnership with In- keting communications of duce further innovative payment terac, a payment network, to Lighthouse 360. CareCredit be- options in the future. allow consumers to send money lieves that a combination of ______to recipients in other countries consistent reminders about the via their mobile phone using a importance of dental care with INTERNATIONAL PAY- combination of its Send propo- proactive information concern- MENTS / REMITTANCES sition and Interac’s own plat- ing associated financing options form. The agreement initially will be beneficial for both pa- Western Union implements covers remittances only to Eu- tients and the dental practices to Visa Direct platform on global rope-based bank accounts and, which they turn for treatment. basis at launch, was available to Mas- tercard’s customers with Na- As part of a global agreement, tional Bank. ______Western Union has announced that it will implement Visa Di- rect, a payment platform run by

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MOBILE / ONLINE PAY- prepaid cards are available both receive contactless payments. MENTS online and from tobacconists and newsagents across France. Meanwhile, in the field of con- Mastercard rolls out new part- Moreover, in a separate multi- tactless payments for public nerships for mobile payments country initiative, Mastercard transport users, Mastercard has across multiple countries… has signed an agreement with joined the SimplyGo initiative Pagantis, a fintech company, to introduced by the Land In line with its activity in previ- launch a virtual credit card in Transport Authority (LTA) in ous quarters, Mastercard has each of France, Italy, Portugal Singapore, which allows card- rolled out multiple new partner- and Spain. holders to pay for public ships in the mobile payments transport using either contact- space. For example, via a pan- … including ones with Apple less payment cards or mobile or European partnership with Ap- and Xiaomi… wearable devices linked to its ple, and in conjunction with mobile wallets. Mastercard leading local banks, it has ena- Turning to Russia, Mastercard states that it is the first interna- bled both online and contactless has signed a strategic partner- tional payments network to mobile payments through Apple ship with Xiaomi, a China-based partner with the LTA in this Pay across a number of coun- manufacturer and retailer of context. tries, namely Bulgaria, Croatia, smartphones and other consum- Cyprus, Estonia, Greece, Latvia, er electrical products. The deal … and another with ZIVELO Lichtenstein, Lithuania, Malta, includes the launch of the Mi and Sonic Drive-In for AI- Portugal, Romania, Slovakia and Pay digital payment service that powered food ordering system Slovenia. Respectively, its bank- Xiaomi operates, allowing users ing partners for these countries of its mobile and wearable de- Finally, in the US, Mastercard are Banca Transilvania, boon, vices to make mobile payments has partnered with ZIVELO, a Edenred, J&T, mBank, Monese, using Mastercard digital wallets. self-service kiosk technology N26, Revolut, Slovenská Xiaomi entered the Russian company, to develop an AI sporiteľňa and Unicredit Bank. market in October 2018 and (artificial intelligence) voice as- Meanwhile, in Switzerland, Mas- reported at the time of the sistant that will be available at all tercard has linked with Google agreement that it had 29 official restaurants in the Sonic Drive- and four card issuers (namely shops of its own in the country In fast food chain. Upon arrival Cornèrcard, Revolut, and Swiss and that, in terms of smart at a Sonic Drive-In outlet, con- Bankers and Cornèrcard) to en- phone sales, that it ranked sumers will be prompted to or- able Google Pay through An- fourth in the country. der from an AI-powered voice droid smartphones. ordering assistant, which is inte- In addition, in Turkey, Master- grated with a dynamic menu In neighbouring France, Master- card has started collaborating display. The menu will automati- card has enabled Samsung Pay with ING Bank to allow small cally update using a proprietary as a mobile payment service for and micro enterprises to use AI solution developed by Mas- holders of prepaid payment Android smartphones as point- tercard which enables it to be cards issued by Prepaid Finan- of-sale payment terminals. In customised either for specific cial Services (PFS), a firm spe- particular, merchants who are customers or in line with exter- cialising in the provision of elec- customers of ING can conse- nal factors such as weather, time tronic payment solutions. These quently use Android phones to of day, seasonality and location.

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Visa follows suit with several contactless payments. Visa re- UnionPay plans to increase its initiatives of its own… ports that New York’s public penetration in Japan by growing transport network is the first in its acceptance network and Like Mastercard, Visa has also the US to enable Visa contact- broadening the availability of its been active in a plethora of initi- less payments. mobile app. atives in the field of mobile pay- ments. These include a collabo- … an area in which American Likewise, in Laos, UnionPay has ration in south-east Asia with Express is also engaged started working with BCEL, the Razer, a producer of hardware, largest commercial bank in the software and associated services Likewise, American Express has country by assets, to launch its for online gamers, to enable partnered with the same author- mobile payment service. This payments through the latter’s e- ity in New York as part of its partnership will enable tourists wallet. In fact, the companies drive for a unified, contactless with UnionPay cards to make have agreed to develop a pre- fare system (‘One Metro New payments to thousands of local paid solution that allows Razer’s York’). At launch, the contact- merchants via the mobile app to make payments wherever Vi- less network covered a number and UnionPay claims that this is sa payments are accepted, begin- of key subway and bus routes, the first such initiative in the ning with Malaysia and Singa- with plans to extend across all Laotian market. It also asserts pore. Ultimately, the aim is to routes by late 2020. that it has become one of the target unbanked online gamers preferred payment means in in the region before expanding UnionPay unveils new initia- Laos with acceptance at all ma- globally. tives in Japan, Laos and Ma- jor outlets and with over 1 mil- laysia lion cards in circulation. Indeed, … including notable ones de- around eight out of ten local signed to facilitate use of pub- China-based payments firm Un- bankcards carry the UnionPay lic transport systems… ionPay has also been very proac- marque. tive in building and maintaining In Brazil, Visa has partnered partnerships in the mobile and Meanwhile, in Malaysia, Union- with MetrôRio, as well as with digital payments sector. Pay has entered into a partner- Banco do Brasil, Bradesco and ship with U Mobile, a mobile Cielo, to enable contactless pay- In Japan, it has made its mobile network operator. Users of U ments for journeys on Rio de payment app available across the Mobile’s e-wallet (branded as Janeiro’s metro system. Visa’s country, with the first merchants ‘GoPayz’) can now synchronise customers in Rio can also pay accepting the service consisting UnionPay cards to their phones for metro rides through their of international airports, promi- and make mobile payments. In Apple Pay and Samsung Pay nent department stores and well addition, U Mobile is also mak- digital wallets. -known duty-free shops. Citing ing a physical prepaid UnionPay data from the Japan Tourism card available to its customers, Moreover, in a comparable initi- Agency which stated that China who are understood to number ative in the US, Visa has part- was Japan’s largest tourist more than 6 million in total. nered with Chase Bank and the source in 2018, UnionPay be- Metropolitan Transportation lieves that the move will help Authority to allow bus and sub- local merchants to attract Chi- way users in New York to make nese shoppers. Going forwards,

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Wirecard expands partner- Gothenburg. Specifically, Wire- with PagSeguro, a fintech com- ship with Amway to Thai- card will enable the two NK pany providing digital accounts land… department stores in Sweden to to business owners, to offer its accept important mobile pay- customers payment cards linked Across Europe, Wirecard has ment means used by Chinese to their accounts. These cards also continued to expand its dig- customers. The integration is enable both contactless and ital payments reach. being facilitated by means of a online purchases. At the time of cooperation between Wirecard the arrangement, PagSeguro re- First, it has announced the ex- and Cimple Marketing, a Nordic ported that it had around 4 mil- pansion of a long-standing busi- marketing and payment special- lion active sellers. ness partnership with Amway, a ist with expertise in helping or- multi-level marketing company ganisations to target Chinese UnionPay forges ahead with that sells health, beauty, and consumers. Wirecard states that card issuance partnerships home care products, to provide the move was influenced by the around the world… digital payment services to the findings of a study produced latter’s customers in Thailand. jointly by Alipay and Nielsen In addition to its international ac- This means that Amway’s cus- which showed that department tivity in mobile payments, Union- tomers there can pay for both stores are one of the top shop- Pay has also created new partner- online and point-of-sale pur- ping destinations for Chinese ships aimed expanding issuance chases using instalment plans. tourists, along with duty-free and acceptance of its cards out- This agreement follows Wire- shops and large supermarkets. side of China. card’s implementation of an in- In addition, these three retailer tegrated e-commerce platform categories are also those where In Italy, it has signed a letter of for Amway across multiple loca- mobile payments are used most intent with UniCredit to assist tions throughout the Asia- frequently by Chinese tourists. with the issuance of UnionPay- Pacific region, including in Bru- branded cards across the country. nei, Malaysia and Singapore. Lastly, in Slovakia, Wirecard has The letter of intent also includes Since the e-commerce platform enabled the use of Apple Pay plans to introduce UnionPay- was set up, Amway claims to through boon, its payment app. branded cards in some other Eu- have more than tripled the num- Wirecard customers in Slovakia ropean countries in which ber of transactions processed by can now top up their boon ac- UniCredit is active, namely Bosnia Wirecard across those three count using any Mastercard or and Herzegovina, Bulgaria, Croa- countries. Visa credit or debit card and via tia, the Czech Republic and Ser- bank transfer. bia. … and begins working with ______NK department store in Swe- In addition, UnionPay is collabo- den PAYMENT CARD ISSU- rating further with Worldline, one ANCE AND ACCEPTANCE of the largest acquirers in Europe, In Sweden, Wirecard had started to enable around 46,000 merchant working with NK (Nordiska locations in Belgium, Luxem- Visa helps PagSeguro to offer Kompaniet), a high-end depart- bourg and the Netherlands, to account-linked payment cards ment store that welcomes over 9 accept its cards, thus increasing its in Brazil million shoppers annually to its overall acceptance rate in these two branches in Stockholm and three countries to approximately In Brazil, Visa has joined forces

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90%. first time that UnionPay-branded … and unveils similar partner- credit cards have been issued by a ships with payment firms in Meanwhile, in Russia, UnionPay local bank in Malaysia and Union- several other countries has reached an agreement with Pay anticipates that the platinum VTB Bank to enable Russian Rail- cards in question could account Discover has also begun co- ways, the state-owned railway for as many as 20% of all credit operating with Spanish payments company, to accept its cards is- cards issued by AmBank in three service provider Redsys to in- sued outside of Russia itself. The years. crease acceptance of Discover, arrangement means that tourists Diners Club and affiliated cards. can now book or purchase train Turning to Africa, UnionPay has Indeed, the new agreement makes tickets for all lines serviced by signed a comprehensive co- it possible for Discover to con- Russian Railways through its offi- operation agreement with Steward nect with more merchants in cial website and at its physical sale Bank, one of the largest banks in Spain that are interested in accept- outlets, using UnionPay cards is- Zimbabwe. As a consequence of ing its cards. Likewise, it has sued outside Russia. One effect of this, Steward Bank will issue the sealed comparable partnerships this partnership is that Chinese first UnionPay card in the country with payment processing firms in tourists will be able to easily plan and launch UnionPay’s mobile several other countries. These in- cross-border rail tours from Chi- payment service. Ultimately, Un- clude Geoswift in China, FOMO na. ionPay hopes that acceptance of Pay in Singapore and Sage in the its cards in Zimbabwe will rise to UK. … including new deals in around 80% of card-accepting Cambodia, Malaysia and Zim- merchants. JCB enters into relationships babwe with Crédit Mutual Arkéa, Viva Discover Financial secures Wallet and Network Interna- Turning to the Asia-Pacific region, card acceptance deal with La tional UnionPay has initiated a partner- Banque Postale… ship with Cambodia-based Japan-based JCB has also con- ACLEDA, which asserts that it is In France, La Banque Postale has cluded a number of strategic alli- the largest domestic bank and signed an agreement with Discov- ances to increase acceptance and card issuer in the country by as- er Financial that allows cardhold- issuance of its cards across inter- sets and size of customer base. ers of Discover, Diners Club and national markets. ACLEDA will issue UnionPay- affiliated card networks to make branded debit cards enhanced by purchases at merchants that the In France, it has formed an alli- a variety of cross-border privileg- bank has acquired, and to with- ance with Crédit Mutual Arkéa, a es, including access to airport VIP draw cash from its ATM network. co-operative banking group, lounges plus travel insurance and As a result of this agreement, La whereby the latter’s corporate assistance. Banque Postale offers its mer- merchant customers can now ac- chant clients the chance to cap- cept JCB cards on their physical Crossing the Gulf of Thailand to ture expenditure from a larger and payment terminals as well as Malaysia, UnionPay has estab- more international client base, online. Furthermore, all of its lished a partnership with Am- especially tourists. ATMs will allow cash withdrawals Bank, for the issuance of Union- using JCB cards. Pay-branded platinum credit cards. The agreement marks the In addition, it has forged an agree-

www.finaccord.com 21 Global Affinity Finance Club Affinity Banking ment with Viva Wallet, a cloud- and ‘Pay in 4’ schemes with re- by China-based conglomerate based digital payments firm that tailers from different sectors, Alibaba Group, can now use enables JCB cards to be used at including the fashion segment. Klarna’s ‘Pay later’ solution. The the point of sale and online with For example, it has begun work- first phase of the agreement will more than 100,000 merchants in ing with Superdry to provide the be valid in Austria, Finland, Belgium, Cyprus, France, Germa- latter’s customers in the UK Germany and the Netherlands, ny, Greece, Italy, the Netherlands, with access to its ‘Pay in 3’ and plans exist to expand to ad- Poland, Portugal, Romania, Spain scheme wherein the first pay- ditional countries in due course. and the UK. This is scheduled to ment is taken at the point of In a similar vein, Klarna has ex- launch in 2020. purchase, either via debit or panded its co-operation with credit card, with the second and BigCommerce, an e-commerce Moreover, as part of its push into third taken automatically on platform for fast-growing and the Middle East, JCB has also suc- days 30 and 60, with no interest established brands across differ- cessfully enabled contactless ac- or fees applied as long as they ent industries. This now extends ceptance in the UAE in partner- are paid on time. The agreement beyond the US to include ship with Network International, also enables Superdry’s custom- Klarna’s European core markets a payment solutions specialist in ers in the US to make payment which means that BigCommerce the region. Thus, JCB cardholders in four instalments, under simi- merchants in Austria, Germany, can now pay at Network Interna- lar terms and conditions. the Netherlands, the Nordic re- tional's extensive network of gion, Switzerland and the UK physical and online merchants Klarna has also linked with the are able to integrate all of based in the UAE including at US operations of three other Klarna’s deferred payment op- duty free shops in Abu Dhabi and fashion retailers (Abercrombie tions, including ‘Pay Dubai, as well as in metro stations & Fitch, H&M and rue21) for Later’ (which permits deferred and taxis in Dubai. similar partnerships that allow payments) and ‘Slice It’ (which ______customers to defer payments facilitates payment by monthly across three or four instalments. instalments). RETAILER CARDS AND FI- The Abercrombie & Fitch con- NANCE sumer finance scheme has also Finally, in the UK alone, Klarna been extended to Germany albe- has started working with Klarna rolls out finance solu- it in a different form, wherein iSmash, a UK-based iPhone re- tions for multiple retailers in- shoppers are allowed to defer pair service, to enable the latter’s cluding AliExpress and payment for up to 14 days after customers to use ‘Pay in 3’. BigCommerce their order has been delivered. With regard to its agreement Alliance Data embarks on Across different territories, with H&M, Klarna has activated new card programs with three online payment and finance firm its ‘Shop Now, Pay Later’ offer- US-based retail groups Klarna has established a slew of ing, and will continue collabo- new agreements with retailers rating with the retailer on its Turning to the US, Alliance Da- for the provision of consumer loyalty program. ta has signed new agreements finance. with several retailers for co- Meanwhile, some European branded or private-label card In particular, it has been rigor- shoppers at AliExpress, a global services. ous in promoting its ‘Pay in 3’ retail online marketplace owned

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First, it has agreed to provide for Carter's that will integrate Resurs Bank strengthens re- both co-branded and private- with the company's rewards tailer financial services part- label credit card services to program (known as ‘Rewarding nership with BAUHAUS in Sportsman's Warehouse, an out- Moments’) to provide further Sweden door specialty retailer with over value to Carter's customers. 90 retail locations across the Moreover, in keeping with the In Sweden, Resurs Bank has country. The Alliance Data card Sportsman’s Warehouse agreed to renew its agreement program will integrate with and scheme, the Carter’s program for payment cards and consum- enhance the existing Sports- allows customers to apply for er finance with BAUHAUS, a man's Warehouse loyalty credit in store through their mo- retailer that specialises in DIY, scheme, which has a member- bile phones. gardening and home products. ship of nearly 2 million custom- The two companies plan to con- er accounts, making up approxi- Finally, Alliance Data has signed tinue improving the shopping mately 50% of the brand's reve- a near-identical agreement with experience for BAUHAUS cus- nue. Burlington Stores, a fashion re- tomers and to boost loyalty by tailer with around 675 stores introducing a wider range of The program will feature a sim- located across 45 states and financing and payment options ple acquisition process and al- Puerto Rico. The partnership to be developed by Resurs low cardholders to earn points will see it providing private-label Bank. towards future purchases which credit card services for Burling- ______can be redeemed either in stores ton’s customers both online and or online. Furthermore, in-store at its physical stores. Finaccord country reports kiosks and tablets will be de- ployed to integrate with the re- Wirecard facilitates instal- Finaccord publishes a variety of tailer’s consultative sales process ment payments for Singapore reports about the following coun- to make it easy for customers to -based e-commerce platform tries: Australia; Austria; Belgium; apply for credit at multiple Brazil; Canada; Chile; China; points throughout a store. In Colombia; France; Germany; In Singapore, Wirecard has de- addition, customers will also be India; Indonesia; Italy; Japan; vised an instalment payment able to apply for consumer cred- Malaysia; Mexico; Netherlands; plan for customers of Shopee, it from their mobile device via a Peru; Poland; Romania; Russia; an e-commerce platform that new scheme powered by Alli- South Africa; Spain; Switzer- offers a wide selection of prod- ance Data. land; Turkey; the UK; and the uct categories including con- US. sumer electronics, fashion, fit-

Secondly, it is providing private- ness, health and beauty, and Alternatively, to see our full list label credit card services for home improvement. The new of reports, with more than 60 Carter's, a retailer of apparel for feature means that customers of countries covered in total, please babies and young children that Shopee who purchase items visit the www.finaccord.com/ also owns the OshKosh B'gosh worth over SGD 200 on the Home/Reports page of our brand and that, in addition to its platform can now make de- website. branded websites, also operates ferred payments over periods of more than 800 stores across the six or 12 months. US. Alliance Data is creating a data-driven credit card program

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Organisations in this issue

3, 11 Delta Air Lines, 13 NRW-Garage, 8 Abercrombie & Fitch, 22 Diners Club, 21 NTUC Income, 6 ACLEDA, 21 Discover Financial, 21 OABPrev-RJ, 7 Aegon, 9 Divido, 16 ÖKK, 11 AGCO, 13 E-GAP, 5 PagSeguro, 20 Agos, 16 ERGO, 11 PayPal, 13 ALD, 15 ERGO Mobility Solutions, 8 PICC, 13 AliExpress, 22 ERV, 11, 12 Pflegix, 5 Alliance Data, 14, 23 Europ Assistance, 5, 11 Qover, 10 Allianz, 7, 11 Fiat Chrysler, 15 Rappi, 14 Allianz Global Assistance, 10 Finance4Group, 17 Razer, 19 Amazon, 6 Fintonic, 7 R+V Versicherung, 12 AmBank, 21 FOREX Bank, 12 Real Garant, 10 American Express, 13, 19 Fortress, 13 Resurs Bank, 23 Amway, 20 Friendsurance, 12 Revolut, 18 Aon, 6 Garanta, 12 ROLAND Rechtsschutz-Versicherungs, 9 Apple, 8, 20 Generali, 11, 15 rue21, 22 AQILO, 9 Goibibo, 14 Saga, 15 ARAG, 9 Goldman Sachs, 15 Samsung, 18 Arval, 15 Google, 18 SANTALUCÍA, 7 Assurant, 10 Grab, 6 Santander Consumer Bank, 12 AUTO1 Group, 15 Grand Circle Corporation, 10 Scotiabank, 12 AXA, 7, 8, 10 H&M, 22 Shopee, 23 AXA XL, 5, 6 HAVEX-auto, 7 Siscos, 5 Ayrton Senna Institute, 14 HDI Global Specialty, 9 Slovenská sporiteľňa, 18 Banca Transilvania, 18 Icatu Seguros, 7 Snau, 9 Banco BPM, 16 ICICI Bank, 14 Sportsman’s Warehouse, 23 Banco do Brasil, 19 Interac, 17 SSQ Insurance, 7 Bank of America, 13 Interval International, 14 Steward Bank, 21 Barclaycard, 13 IPRS Health, 5 Stride Bank, 14 Barclays, 13 iSmash, 22 Superdry, 22 BAUHAUS, 23 Itaú Unibanco, 14 Suzuki Motors, 16 BBVA Automercantil, 15 J&T, 18 Synchrony Financial, 16 BCEL, 19 JAC Motors, 16 Tokio Marine, 11 BigCommerce, 22 JCB, 21 Tier Mobility, 10 BlaBlaCar, 8 John Lewis, 8 Tryg, 10 BMW Bank, 8, 14 KIA, 5 UK Post Office, 17 BNP Paribas Cardif, 12 Klarna, 17, 22 U Mobile, 19 Bradesco, 19 La Banque Postale, 21 UniCredit, 21 Burlington Stores, 23 Lastminute.com, 16 UniCredit Bank, 16 Cadillac, 16 Lighthouse 360, 17 UnionPay, 13, 19, 20, 21 CalCard, 14 Logis, 16 US Bank, 14 CareCredit, 17 Lowe’s, 10 Vindati, 6 Carter’s, 23 Lyft, 14 Visa, 14, 17, 20 Chase Bank, 19 MAPFRE, 6, 7, 8, 9, 11, 12 Viva Wallet, 21 Chevrolet, 16 Mastercard, 13, 16, 17, 18 Vodafone, 8 CIC, 16 mBank, 18 Volvo, 8 Costa Crociere, 11 MediaMarkt Saturn, 9 VTB Bank, 21 Covéa, 8 Mercedes-Benz, 10 Western Union, 17 CoverWallet, 6 Monese, 18 Wirecard, 15, 20, 23 Cowboy, 10 MotoShare, 7 WiZink, 12 Crédit Agricole, 16 N26, 18 Worldline, 20 Crédit Agricole Consumer Finance, 15 Network International, 21 WR Berkley, 9 Crédit Mutual Arkéa, 21 nib, 6 Xiaomi, 18 Danske Bank, 10 NK, 20 ZIVELO, 18 Defend Insurance, 7 NN Insurance Services, 10 Zurich, 9

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About GAFC About Finaccord Does your organisation have The Global Affinity Finance Club is Finaccord is a market research, news about its affinity or Finaccord’s quarterly newsletter publishing and consulting compa- partnership marketing rela- about affinity financial services ny specialising in financial services. tionships that we missed in It is part of Aon Global Opera- worldwide. Through this, Finac- this newsletter? To produce tions (Singapore Branch), a part of cord publishes high-level infor- it, we systematically research mation about key strategic devel- Aon plc (NYSE: AON). We pro- over 350 major financial ser- opments in affinity and partnership vide our clients with insight with a vices institutions from marketing of financial services particular focus on marketing and around the world, segmented be- distribution strategies, including around the world each quar- tween affinity insurance news, affinity and partnership marketing. ter. However, if you would bancassurance news and affinity also like us to include your banking news. Our areas of expertise include: af- company in this research, finity and partnership marketing; please send an e-mail to in- This service differs from that pro- automotive financial services; [email protected] and we vided by other research companies bancassurance; commercial non- will ensure that it is tracked because its focus is genuinely glob- life insurance brokers and markets; in future quarters. al, often translating news that only consumer intelligence; creditor appears in languages other than insurance; D&O and professional To access the archive of news English. In addition, it concen- indemnity insurance; distribution from the Global Affinity Fi- channels; energy and power insur- trates exclusively on affinity and nance Club please visit ance; extended warranties; home partnership marketing strategy. www.finaccord.com/Home/ emergency insurance and assis- Global-Affinity-Club. Affinity and partnership marketing tance; insurance and assistance strategy is an important compo- linked to payment cards and bank nent of general distribution strate- accounts; mobile gadget and phone gy for a majority of large banks and insurance; retailer financial ser- insurance companies serving con- vices; road assistance; small busi- sumers and small businesses, as ness financial services; surety successful partnerships potentially bonds and trade credit insurance; allow them to access groups of and travel insurance and assistance. customers that they cannot always reach by themselves. © Finaccord, 2019

If you would like to join Finac- The Aon Centre cord’s Global Affinity Finance Club, The Leadenhall Building contact us by telephone or send us 122 Leadenhall Street an email to [email protected]. London, EC3V 4AN Thereafter, each quarter, we will send you a link to the page of our Phone: +44 207 086 0100 website with fresh news and future editions of this document.

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