HSBC and K11 Group have joined hands for the first time, allowing HSBC credit card holders convert RewardCash (RC) to K Dollar at over 500 designated merchants under New World Development (NWD)’s ecosystem. The partnership enables HSBC and K11 to leverage each other’s large membership base to better understand consumer preferences and maximise the impact of engagement activities for customers of different lifestyles. Through API connection, the conversion will be completed instantly on mobile.
Customers will have exclusive privileges at NWD malls, hotels and merchants, such as discounts and free products and services. The mediums used to promote the partnership include online banners on HSBC website, as well as involvement of influencers in their video ads. The partnership comes at a time of gradual improvement in local consumption from the fifth wave of COVID-19. HSBC said it saw a significant rebound in credit card spending in May and June, recording nearly 150% and 50% increase in dining and shopping spend respectively compared to during the fifth wave of Covid this year.
Amy Lam, head of cards and personal lending, wealth and personal banking at HSBC HK, said: “We are pleased to bring our partnership with NWD and K11 to the next level through this first-in-rewards integration. This partnership will help widen RewardCash usage to cover an array of exlusive shopping, lifestyle benefits and hotel privileges.”
Justin Chu, GM at K Dollar Programme, said: “We strongly believe this partnership with HSBC will be a remarkable milestone for K Dollar Programme to co-create with financial sector for shared value. This partnership not only hugely benefits our members by providing a more pleasing shopping experience when they shop at our physical stores and digital channels within the NWD’s ecosystem, but also creates numerous business opportunities for our merchants. Moving forward, we will continue to actively expand our partnership and enhance the customers’ perceived value and satisfaction of K Dollar to a new height.”