PETALING JAYA: Rakuten Trade Sdn Bhd has inked an agreement with Boost in a move to ramp up its rewards ecosystem to focus more on cashless transactions.
The collaboration will see Rakuten Trade shifting towards providing its digital retail investors with more immediate gratification through reward points being converted into affiliate rewards that can be turned into Boost e-wallet coins.
Rakuten Trade’s CEO Kazumasa Mise said constant evolution is crucial for the company’s business development and growth.
“The current environment has dictated the need for digital transations to be an integral part of our day to day existence. A key benefit of online trading, besides the low brokerage fees, is the reward. With the profile of retail investors continuously evolving, rewards must be flexible to adapt to their changing expectations,” he said in a joint release.
Rakuten Trade, which launched its Rewards Eco System in August 2017, issues an average of 4.3 million RT points monthly. As at Dec 31, 2020, revenue generated from its rewards ecosystem stood at RM16.3 million and has been on an upward trend each year.
Boost CEO Mohd Khairil Abdullah added the collaboration will drive interoperability between digital providers and push the envelope on Boost’s capabilities as an omni-channel platform that is both rewarding and functional, moving beyond just digital payments.
With this new partnership, Rakuten Trade clients can convert their RT points on a point to coin basis (1 RT point = 1 Boost coin). Boost coins can be redeemed for everyday essentials like food and beverages, household items, groceries, bill repayment and even conversion into e-wallet cash.