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The Risks and Challenges of Using Blockchain to Power Your Customer Loyalty Program

Reefic Protocol — Mon, 26 Nov 2018 08:00:57 GMT

In our previous article of Blockchain for Loyalty Reward Programs, we looked at how this powerful technology (blockchain) can help realize the full value of customer loyalty programs. Nearly a dozen companies from around the world believe that blockchain technology, due to it’s distributed and secure nature, offers a solution to many of the problems that many large customer loyalty programs face right now. Issues such as complexity, the integration and alignment of a large network of suppliers and partners, the calculation of balance sheet liability as well as data protection and security issues.

As such, they see great potential with blockchain in the customer loyalty space but caution that there is both a lot of hype in this space right now and that the tools for managing blockchain and the technology itself are still immature.

In this article, we will explore further on “ The Risks and Challenges of Using Blockchain to Power Your Customer Loyalty Programs”.

Risk and Challenges

So. Much. Hype. Many of the announcements are not fully deployed systems, but rather a promise. In general, the blockchain space is brimming with more press releases than at-scale deployments (most enterprise blockchain projects are in PoC today). Some of these large companies are likely following the popular trend of tech startups launching ICOs (initial coin offerings) to raise funds.
Token fatigue, sigh: Consumers may soon feel overwhelmed by all the token offerings, and eventually become apathetic (as many have of current, disconnected loyalty programs)
“What’s Blockchain?” steep learning curve: Customers like loyalty programs — it’s unsure if they’ll see more value in a blockchain or token-based loyalty program.here are multiple steps to educate customers, as well as encourage them to download, setup, and manage token wallets and accounts.
But will it scale?: This remains an issue, particularly involving public blockchain networks or programs with high volume transactions, including other charges against the scaling issues with blockchain as an overall industry.
Hands off my data. Brands will have to collect less personally identifiable information (PII) data for these programs. Not only because of GDPR, and inability to scale, but will have to limit how much PII can be put on a shared network. This also means data aggregators and brokers become less relevant to loyalty programs.

In conclusion, there is no doubt that there are still a range of concerns that need to be addressed surrounding the use and application of blockchain technology. These include everything from environmental concerns to the maturity of the technology to the standards employed. However, we have no doubt that that these concerns will be addressed and it is only a matter of time before we see blockchain technology applications deliver value to both businesses and customers in the loyalty program space.

Source: http://www.web-strategist.com/blog/2018/03/09/analysis-should-blockchain-power-your-customer-loyalty-program/

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The Risks and Challenges of Using Blockchain to Power Your Customer Loyalty Program was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Reefic Blockchain - Smart Contract for Validating Loyalty Assets

Reefic Protocol — Sat, 10 Nov 2018 12:31:05 GMT

In the previous article, we shared more about Reefic Protocol — A Connected Loyalty Ecosystem and its key points where customers have the fluidity and security of exchanging reward points and vouchers across multiple loyalty programs and selected cryptocurrencies

Reefic Protocol will also be powered by a next-gen blockchain protocol.

This removes the costly gas fees required to process smaller transactions on conventional networks, thereby benefiting the merchants and customers. Solution providers can gain the ability to implement and administer their programs efficiently with accountability, building towards cost-savings that can be justified in the medium term.

Reefic Protocol also allows Smart contracts:-

Records are uniquely identified and automatically time-stamped, using consensus network protocols to agree upon the sequence of contract actions between multiple parties including legacy systems.
In Reefic Protocol, this would allow the tracking of loyalty points on the system to measure the effectiveness of rewards and redemptions.

How Reefic Protocol will change the validating Loyalty Assets

Rather than creating generalized smart contracts, Reefic Protocol has specific Smart Contracts to handle the exchange and validation of reward points. It is important to remember than Reefic Protocol is by itself not a loyalty or CRM solution, merely a facilitator for the exchange of unused reward points

Having a specific smart contract template, it will be easier and faster for other merchants and solution providers to be able to onboard onto Reefic with minimum development. This reduces the potential for smart contract bugs to occur and propagate throughout the blockchain network.

A smart contract is initiated between two Parties — Cust(A) and Cust(B) who wants to have their points from two different CRMs — CRM(X) and CRM(Y) exchanged. Cust(A)’s points in CRM(X) is blockchained on CRM-Chain(X), while Cust(B)’s points in CRM(Y) is recorded on CRM-Chain(Y).

There are about 26 steps in the Smart Contract:

Source: https://www.reefic.io/wp-content/uploads/2018/10/Reefic-Whitepaper_EN2.pdf

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Reefic Blockchain - Smart Contract for Validating Loyalty Assets was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Blockchain for Loyalty Reward Programs

Reefic Protocol — Wed, 31 Oct 2018 08:59:39 GMT

Distributed ledger technology, also known as blockchain, has received a great deal of attention due to its capability of powering crypto-currencies such as Bitcoin. In fact, many are also looking into the technology’s ability to improve customer service, experience, engagement, including loyalty reward programs.

Loyalty reward programs are popping up in every corner of the retail space, and that’s because businesses understand the importance of retaining existing customers and increasing customer loyalty. However, not all loyalty programs are sailing at their full potential.

WHY?

Read our article (Troubles with Loyalty Reward Programs today) here to know more.

In this article, we will explore further on how this powerful technology (blockchain) can help realize the full value of customer loyalty programs.

How Blockchain Could Transform The Customer Experience?

Blockchain introduces cost-cutting efficiencies, including cutting out high customer acquisition costs for brands.
- Transaction costs related to the issuance and redemption of reward tokens are much lower on the blockchain since they do not require a third-party. Blockchain also significantly reduces system management costs, thanks to smart contracts that automise processes, all while reducing costs related to instances of error.
- On top of this, brands themselves benefit from having access to an ecosystem of already loyal customers, which again reduces acquisition costs.
Blockchain encourages increased customer engagement and points redemption.
- Throughout blockchain, loyalty points can be exchanged within the brand, with other brands, or for cryptocurrencies or fiat. Better still, the potential for loyalty points to rise in value and get the customer more attractive rewards creates excitement that was never before a part of the loyalty program experience.
- Thanks to an ecosystem connecting different programs, customers are also then driven to check their loyalty programs more frequently since the reward options are more varied.
Blockchain increases security and therefore encourages loyalty.
- All transactions recorded on the blockchain are cryptographically secured, meaning that participants of the network have their own private keys (akin to their own personal digital signature). Blockchain’s immutable and tamper-proof nature also means that every transaction is traceable, which eliminates the potential for fraud or other misuses of the system (which is, again, connected to costs).
Blockchain offers a one-stop shop for customers to collect and redeem points.
- Blockchain provides a frictionless system, whereby customers can conveniently store all of their collected points in a digital wallet and use the same to make transactions, therefore encouraging engagement.
- Blockchain also connects different owners of loyalty programs and makes the points they distribute inter-operable. Customers can also exchange their loyalty points with other users, which again increases their utility.
Blockchain offers real value outside of the brand context.
- With blockchain, tokens that brands give out are tied to other digital assets which renders them valuable in another sense: customers are no longer forced to spend their loyalty points with a specific brand, or even other brands within the ecosystem, as they can choose to sell their tokens for fiat and spend the money in the real world!

Overall, blockchain technology does offer a solution for the industry — as it provides a huge shot in the arm to loyalty programs and raise their performance to the next level.

Don’t forget to read our article on “Building Reefic Protocol — A Connected Loyalty Ecosystem” next to understand how building a connected loyalty ecosystem with the use blockchain technology can help.

Source: https://bitcoinexchangeguide.com/qiibee-ceo-explains-5-ways-blockchain-customer-loyalty-program-can-boost-business/

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Blockchain for Loyalty Reward Programs was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Event: The Asian Innovators

Reefic Protocol — Mon, 08 Oct 2018 08:17:27 GMT

Singapore, October 2nd 2018 —PLMP-Fintech and Equity Deals Asia partnered together and hosted an event that brought some of Asia’s best growth companies and innovations to showcase in Singapore, The Asian Innovators.

Held at The Commons, this event also extended itself as a great opportunity for Reefic Protocol to grow the word about its advantages for all industries.

With blockchain being the most cutting-edge technology, it was important to have topics covering all aspects of blockchain and other innovative technologies such as genetics and digital marketing.

Events like this one are a unique opportunity for Reefic Protocol to gain invaluable contacts and showcase our project to a large and major players of the industry.

Dr. Koh, CEO & CTO of Reefic Protocol welcomed everyone with opening remarks. He also announced the project to the crowd.

Our CEO and CTO, Dr. Koh expressed the vision of Reefic Protocol and highlighted the importance of having focused on a decentralized platform, where customers can exchange reward points and vouchers across multiple loyalty programs and selected cryptocurrencies.

He also shared about how the industry is rapidly changing and how Reefic Protocol is set to create a sustainable community ecosystem and a sharing economy where businesses can benefit from data and contributions that are aggregated by an incentivised community.

Our goal is to get the community together, enable all to get a better understanding of Reefic Protocol and adapt it to best fit any form of business.

“ Reefic Protocol aims to synchronise the contrasting reward programs onto a networked loyalty platform with each maintaining an independent flow of operations to create a harmonious ecosystem. The platform will not interfere with the business strategies of participating programs to allow program providers to better regulate and tailor their rewards.”

The use of blockchain technology will allow the source of all loyalty points to be effortlessly authenticated, curbing fraud and deepening security. With its internal crypto-token economy, the system controls inflation and tracks the stream of loyalty points on the platform.

It was definitely a great opportunity for the team to get up close and meet live the Founders and CEOs of a portfolio of growth companies hand-picked by PLMP-Fintech.

A huge thank you to all expert speakers and attendees who joined us and we hope you benefited from the event!

About Equity Deals Asia

EquityDealsAsia is a new brand from Paul Anthony Zaman and Qualvin Advisory Pte Ltd. EquityDealsAsia is for making introductions between Founders/Entrepreneurs of Gorwth Companies and Exempt Investors (AI/PI/II). This compliments the professional consulting services offered by Qualvin Advisory in Investor Relations, Fund raising, Business Planning and Investment Thesis.

About PLMP Fintech

PLMP Fintech was founded in 2017 by Nicholas Lim, Peter Lim and Kym Kee as a financial technology startup embarking on the rising trend of Blockchain Technology and its multiple applications.

The founders and their core team of advisors are accomplished key executives in diverse industries who have the expertise and dedication to provide consultancy services to a wide range of international clients on Blockchain Solutions.

With an initial capital of $3 million from private investors and a constant flow of new funds, PLMP Fintech has established the first Blockchain Technology Centre in Singapore as a complete ecosystem that includes consultancy and marketing solutions for SMEs, OTC services and the biggest development and training hub in the region.

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Event: The Asian Innovators was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Reefic Protocol Airdrop Campaign Announcement

Reefic Protocol — Wed, 19 Sep 2018 05:18:06 GMT

About Reefic Protocol

Reefic Protocol is a decentralised reward exchange for next-gen customer loyalty programs. The platform gives customers the fluidity and security to exchange rewards across multiple loyalty programs that are linked up using blockchain.

As an integrated exchange habitat, Reefic Protocol links customers, merchants and solution providers together to enhance customer engagement.

https://medium.com/media/a0370555b2821ae45ec5e81668b83f98/href

We are thrilled to announce that we will be starting our Airdrop campaign very soon!

Be sure to follow us in order to stay updated on news, updates, events and other information from us. So stay tuned!

Reefic Protocol Airdrop Campaign Announcement was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

MOU Signing Ceremony between Reefic Protocol, veriTAG, Morpheus Labs, Y3 Technologies, Sakae…

Reefic Protocol — Thu, 13 Sep 2018 04:45:04 GMT

MOU Signing Ceremony between Reefic Protocol, veriTAG, Morpheus Labs, Y3 Technologies, Sakae Fintech and NULS

Chongqing, China, August 22nd 2018 — At a media briefing organised by Singapore’s Infocomm Media Development Authority (IMDA) at the recent Smart China Expo 2018, Memoranda of Understanding (MOUs) were signed by Reefic Protocol, veriTAG, Sakae Fintech, NULS, Y3 Technologies and Morpheus Labs to launch one of the first International Food Blockchain Alliance (“Foodchain”).

Under the agreement, the six parties will jointly:

Use blockchain technology to connect international resources and promote the development for the Chinese and international food industry;
Establish an international food industry blockchain ecosystem, serve international food and upstream and downstream industries, promote international cooperation among food-related enterprises, and provide safer, more reliable, rich and high-quality food for Chinese and international end consumers; and,
Help companies to develop blockchain technology and concepts and build a multinational cooperation platform for international F&B enterprises to share resources.

About Y3 Technologies

Y3 Technologies is a Singapore-based, award-winning software solutions provider. Y3 provides a full suite of omni-channel solutions — delivering analytics-based tools & capabilities, purpose-built supply chain management applications and customized eCommerce, CRM & loyalty services, to enabling companies to better plan, manage, optimize fulfilment and deliver winning customer experiences. Today, Y3’s proprietary solutions manage more than $50 billion in inventory across 120,000 different unique products every year and are integrated with more than 11,000 connected point-of-sales, handling over 50,000 transactions every day. Its clients include IKEA, Dell, Starbucks Coffee, and Infineon Technologies.

About veriTAG

veriTAG seeks to create a one-stop solution platform into China for food using its patented authentication system as the foundation, veriHUB, as a central database system with applications and a rules-based engine and veriSHOP to link customers to the products. Currently, veriTAG has more than 40 merchants, 100 unique products on board with strategic partners, which include ito yokado, Isetan, and G Super.

About Sakae Fintech

Sakae Fintech Pte Ltd, a subsidiary of Sakae Holdings Ltd, is committed to developing mobile solutions and ecosystems for consumers and businesses. Our services: Bitechain — Catering blockchain. Bitechain uses blockchain, Dapps and Bitechain Utilities Network (BUN) ecosystem to support consumers and businesses in the catering industry, providing opportunities for market expansion and integrating F&B data to make informed decisions, promote customer engagement through decentralized marketing, and give companies and individuals the role of tokens in the ecosystem.

About NULS

NULS is a global blockchain open-source project which is a highly customisable modular blockchain infrastructure; it consists of a microkernel and functional modules. NULS provides smart contracts, multi-chain mechanism and cross-chain consensus. It aims to break the technical barriers of blockchain, to reduce the cost of development, and to promote the usage of blockchain technology in the commercial field.

About Morpheus Labs

Morpheus Labs is an enterprise-level blockchain platform that integrates all of the blockchain development tools and resources needed to streamline the development process and modularize it, enabling organizations of any size to quickly design, deploy and operate distributed ledgers. Morpheus Labs’ BPaaS can be used both as a corporate B2B platform and or by a freelance or individual developer to quickly create their own ideas and projects, as well as a B2C model. The platform will support distributed management of blockchain network nodes and off-chain applications, while providing centralized platform services for developing, managing and managing blockchain networks. Morpheus Infrastructure Pass (MITx) is designed to be used for all services and products offered in the Morpheus BPaaS network, platform subscriptions, distribution licenses and token exchanges with other digital currencies or tokens.

About Reefic Protocol

Reefic Protocol is is an entrepreneurial company based in Singapore since 2008. The company specialises in the design and development of reliable and high-quality solutions to aid in various businesses and procedures. The company offers its services to those seeking innovation and hybrid designs for interactive entertainment and software technologies. One of the company’s biggest projects, Reefic Protocol, is a decentralised reward exchange for next-gen customer loyalty programs. The platform gives customers the fluidity and security to exchange rewards across multiple loyalty programs that are linked up using blockchain.

The signing of this Memorandum of Understanding marks the consolidation of a true partnership. It is our shared hope to establish a food chain alliance and create a global food ecosystem based on blockchain to share and maximise resources, in a collaboration with veriTAG, Morpheus Labs, Y3 Technologies, Sakae Fintech and NULS.

MoU Signing ceremony between Reefic Protocol, veriTAG, Morpheus Labs, Y3 Technologies, Sakae Fintech and NULS.

The signing ceremony was witnessed by Mr Li Qian, Deputy Secretary General, Chongqing Municipal Government and Mr Tan Kiat How, Chief Executive Officer, Infocomm Media Development Authority of Singapore (IMDA).

We will continue the strategic dialogue on our joint priorities, at all levels, so that we can complement and leverage each organization’s comparative advantage to promote healthy development of the Chinese and international food industries and help relevant enterprises develop together through blockchain technology.

Be sure to follow us in order to stay updated on news, updates, events and other information from us. So stay tuned!

MOU Signing Ceremony between Reefic Protocol, veriTAG, Morpheus Labs, Y3 Technologies, Sakae… was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Exhibition: Smart China Expo 2018

Reefic Protocol — Thu, 13 Sep 2018 03:52:45 GMT

The Reefic Protocol team had an exhibit at the recent the Smart China Expo, one of the largest infocomm technology (ICT) events the Chinese government has organised.

Chongqing, China, August 23rd 2018 —Reefic Protocol participated in the inaugural launch of Smart China Expo (SCE) 2018 held at Chongqing— one of the largest infocomm technology (ICT) events organised by the Chinese government and IMDA’s largest delegation to China to date.

With “Smart Technology: Empowering Economy, Enriching Life” as its theme, the expo ran from 23–25 August focusing on new products, technologies and modes in the global development of big data and intelligent industries.

Singapore is one of SCE’s two countries-of-honour and is also the largest foreign exhibitor at the three-day ICT fair, affirming the strong bilateral economic ties between Singapore and Chongqing.

Our goal is to get the community together, enable all to get a better understanding of Reefic Protocol and adapt it to best fit any form of business.

Global technology heavyweights, including Alibaba, Tencent, Baidu and Qualcomm, landed in southwest China attended the first Smart China Expo in Chongqing. It was a three-day-long event that displayed the most cutting-edge technology developed so far.

Highlighting science and technology, participation and interactivity, SCE featured a comprehensive exhibition and an exhibition of large enterprises. It was truly a great platform for us to reach out with other industry experts, enterprises and scholars from around the world.

Reefic Protocol will always continue its effort to create a sustainable community ecosystem and a sharing economy where businesses can benefit from data and contributions that are aggregated by an incentivised community.

Singapore companies who participated in Smart China Expo 2018

About Smart China Expo (SCE)

Held Chongqing, the Smart China Expo (SCE) is a world-class, national-level Expo that supports the development of Big Data and smart technologies in Western China. High-profiled guests joined the event including 4 political heavyweights, 22 national government officials that above ministerial-level, 58 persons who are in charge of institutions under national departments, and 407 senior representatives from top tier global brands such as Siemens, IBM, Microsoft, Qualcomm, Baidu, Alibaba, Tencent, Huawei and more.

Be sure to follow us in order to stay updated on news, updates, events and other information from us. So stay tuned!

Exhibition: Smart China Expo 2018 was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Reefic Partners with VMO one of the largest online event booking system in Malaysia with over 1,000…

Reefic Protocol — Tue, 11 Sep 2018 05:07:21 GMT

Reefic Partners with VMO one of the largest online event booking system in Malaysia with over 1,000 merchants

VMO Rocks Sdn Bhd became the first online event booking system company partner within the Reefic Protocol.

VMO (pronounced vee-mo) is an instant booking platform for event venues and services with more than 1000 event venues across Malaysia on its vmo.rocks site. It has generated more than RM40 million (US$9,344,253) worth of inquiries since going in 2014, and the platform also lists supporting event services.

Reefic Protocol announced its new strategic partnership with VMO Rocks Sdn Bhd to develop cross brand rewards program

Loyalty program abandonment is a grave concern and major challenge for most businesses. With this in mind, Reefic Protocol, a connected loyalty ecosystem is offering a decentralized platform where customers have the fluidity and security of exchanging reward points and vouchers across multiple loyalty programs and selected cryptocurrencies. By partnering with VMO (MALAYSIAN instant event venue and services portal startup), Reefic Protocol provides an improved interactive experience and a platform for reward points to be easily traded.

Through this strategic alliance, the relationship will be deepen even further with an extensive strategic cooperation that covers several areas, including a loyalty program partnership and coordinated marketing.

The common objective is to develop cross brand rewards program and consequently drive real value to VMO’s brand network while deepening loyalty and engagement opportunities for their customers.

Picture credits to beam.biz. VMO has developed an online event booking system which help busy professionals, event organizers and party planners match people with the perfect venue for their event of choice.

VMO’s recent success in raising RM500,000 (US$116,818) in an equity crowdfunding campaign to further advance its business has seen an increase in listings to 1,000 establishments, and its expansion to the southern Malaysian state of Johor and the state of Sabah in East Malaysia.

Reefic Protocol expects to announce more strategic partnerships in future, as it continues to create innovative alliances for the benefit of its customers.

About VMO

Put an end to the pain of finding the perfect venue or service for your event. VMO makes it easy for you to find that rocking venue and caterers, musicians, magicians, canopy rentals, balloons, costumes so that you can have the event of your life your way. Whether it is a last minute corporate meeting at a 5-star hotel, a sales presentation, birthday party, children’s party or an alumni dinner or even finding a caterer who makes that special Baileys Chocolate Cheesecake, VMO will help you locate it.

To find out more about VMO, visit them on:

Website: http://vmo.rocks/

About Reefic Protocol

Reefic is a decentralized platform where customers can exchange reward points and vouchers across multiple loyalty programs and selected cryptocurrencies.

Be sure to follow us in order to stay updated on news, updates, events and other information from us. So stay tuned!

Reefic Partners with VMO one of the largest online event booking system in Malaysia with over 1,000… was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Reefic Partners with FBE Ventures to develop cross brand rewards program

Reefic Protocol — Tue, 11 Sep 2018 05:06:40 GMT

FBE Ventures became the first Asia Pacific’s Pioneer F&B Acquisition Company partner within the Reefic Protocol.

FBE Ventures is in the business of acquiring successful F&B businesses and brands that have a presence in the Asia Pacific region, with a particular focus on Southeast Asia and China. FBE Ventures comprises of renowned entrepreneurs and career F&B professionals coming together to form a dynamic team who will acquire, own, manage and scale regional F&B businesses and brands resulting in uplifting shareholder value.

FBE Ventures has been set up to establish Asia’s first F&B fund of USD100m, to acquire profitable, viable and growing businesses that have a presence in the Asia Pacific region, with a particular focus on Southeast Asia.

Loyalty program abandonment is a grave concern and major challenge for most businesses. With this in mind, Reefic Protocol, a connected loyalty ecosystem is offering a decentralized platform where customers have the fluidity and security of exchanging reward points and vouchers across multiple loyalty programs and selected cryptocurrencies. To do so, Reefic Protocol is combining its platform with the expertise of FBE Ventures its partner, in the food & beverage businesses.

This enables the companies to develop cross brand rewards program. Together, Reefic Protocol and FBE Ventures integrate an incredible opportunity to enhance the value of existing customer loyalty program and provide perks across brands.

About FBE Ventures

FBE Ventures is led by a team of leading global F&B entrepreneurs and professionals with a combined experience of

- More than 100 years,
- Exposure to 80 markets worldwide; and
- Owned, managed and operated thousands of outlets combined.

FBE Ventures ‘s team has the experience to create and grow own brands, acquired brands, franchises, expand and able to create exit on a higher multiple.

Concepts and brands created, built or managed by the team

To find out more about FBE Ventures, visit them on:

Website: http://fbeventures.com/

Be sure to follow us in order to stay updated on news, updates, events and other information from us. So stay tuned!

Reefic Partners with FBE Ventures to develop cross brand rewards program was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.

Reefic Partners with The Great Fundamentals to power the rewards program for brands like Wingstop…

Reefic Protocol — Tue, 11 Sep 2018 05:05:11 GMT

Reefic Partners with The Great Fundamentals to power the rewards program for brands like Wingstop, Majapahit

The Great Fundamentals became the first full-fledged, operational F&B restaurant company partner within the Reefic Protocol.

The Great Fundamentals Sdn Bhd (GreatFUN) established in the year 2017, has quickly become a serious player in the industry with the wildly successful Fuze in operation; and it has also since secured Wingstop’s master franchise rights for Malaysia and opened 3 outlets within 9 months period. With the latest success of The Majapahit @ Arcoris, GreatFUN has proven to be on the right track to success.

Reefic Protocol, a decentralized platform where customers can exchange reward points and vouchers across multiple loyalty programs and GreatFUN, a leading operational F&B restaurant company, today announced a first-of-its-kind partnership to power Reefic.

Loyalty program abandonment is a grave concern and major challenge for most businesses. With this in mind, Reefic Protocol, a connected loyalty ecosystem is offering a decentralized platform where customers have the fluidity and security of exchanging reward points and vouchers across multiple loyalty programs and selected cryptocurrencies. To do so, Reefic Protocol is combining its platform with the expertise of GreatFUN, a leading operational F&B restaurant company in the food & beverage businesses.

These two companies will now deepen their relationship even further with an extensive strategic cooperation that covers several areas, including a loyalty program partnership and coordinated marketing.

The common objective is to develop cross brand rewards program and consequently drive real value to GreatFUN’s brand network while deepening loyalty and engagement opportunities for their shared customers.

About The Great FUNdaMENTALS Sdn Bhd

The Great FUNdaMENTALS Sdn Bhd owns and operates FBE (food, beverage & entertainment) establishments including a fast casual restaurant brand; a restaurant & bar brand; and a club brand. The name The Great FUNdaMENTALS aptly describes the essence of the company; focused on laying a strong foundation for the company in the FBE market and ensuring that the fundamental purpose of the company is maintained — to deliver fun experiences to consumers through its brands.

Delivering FUN is in the core of GreatFUN’s ethos; the management team’s vast experience in the entertainment industry and their keen appetite for fulfilling market demands have made them the leading curators of concepts which deliver fun — a quality everyone can resonate with. The key people behind GreatFUN have had experience in building and rolling out more than 100 outlets across both homegrown brands and international franchised brands.

GreatFUN is a full-fledged, operational F&B restaurant company, and its management team possesses the core competencies to set GreatFUN for great success. Their current portfolio includes WingStop, Majapahit, Tail & Fin, Nest as well as various bars and pubs.

Reefic Protocol expects to announce more strategic partnerships in future, as it continues to create innovative alliances for the benefit of its customers.

To find out more about GreatFUN and its portfolio, visit their brands on:

Wingstop Malaysia: https://www.facebook.com/MyWingstop/
The Majapahit: https://www.facebook.com/TheMajapahit/

About Reefic Protocol

Reefic is a decentralized platform where customers can exchange reward points and vouchers across multiple loyalty programs and selected cryptocurrencies.

Be sure to follow us in order to stay updated on news, updates, events and other information from us. So stay tuned!

Reefic Partners with The Great Fundamentals to power the rewards program for brands like Wingstop… was originally published in Reefic on Medium, where people are continuing the conversation by highlighting and responding to this story.