Reffind set to profit from Loyyal stake, in the wake of a key commercial deal with Emirates Airlines
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Special Report: The landmark deal is validation for Loyyal’s market-leading blockchain solution to improved efficiencies in the loyalty & rewards industry.
For ASX-listed software company Reffind (ASX:RFN), a strategic investment in blockchain-enabled technology is about to pay dividends.
The company announced this morning that Loyyal – the blockchain-enabled loyalty & rewards platform headquartered in San Francisco – has signed a three-year commercial production vendor agreement with Emirates, the world’s largest international airline.
The deployment of Loyyal’s upgraded technology offering follows a successful pilot trial, which allowed Emirates to see evidence first-hand of demonstrable cost savings and improved efficiencies.
The new deal is expected to deliver a material uplift to Loyyal’s valuation. And that’s great news for shareholders in Reffind, which had the foresight to acquire a major shareholding in Loyyal just over two years ago.
“We are very pleased to see our investment in Loyyal continuing to deliver value for our shareholders through engagements with world leading organisations like Emirates Airlines,” Reffind non-executive director Declan Jarrett told Stockhead.
“Loyyal’s blockchain loyalty rewards platform was recognised by the World Economic Forum last month as one of the leading case studies for how blockchain is improving loyalty programs around the world.”
The technology works by streamlining processes around account reconciliation and payments, which can quickly become complex due to the number of customers and Loyalty partners.
Reffind said the application of the technology has already resulted in increased security and a reduction in instances of fraud, resulting from improved traceability and the elimination of redundant reconciliation processes.
“From the earliest conception phase through to production, we have been inspired by Emirates Skywards and the team’s ability to act on vision,” said Greg Simon, CEO of Loyyal.
“As the first major airline rewards program to work with Loyyal’s blockchain platform, Emirates will achieve operational cost-savings, improve customer experiences and reduce the financial liability that inherently comes with large-scale loyalty programs.”
The net result is that Reffind’s foresight around practical blockchain solutions is poised to deliver material value to its shareholders.
“We are excited by Loyyal’s ability to attract other top-tier partners like Emirates, and look forward to further commercial success in the coming months,” Jarrett said.