Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Global affinity finance club winter 2012


Published on

The Global Affinity Finance Club is
Finaccord’s quarterly newsletter about
affinity financial services worldwide.
Through this, Finaccord publishes top
line information about key strategic
developments in affinity and partnership marketing of financial services
around the world, segmented between
affinity insurance news, bancassurance
news and affinity banking news.
This service differs from that provided
by other research companies because
its focus is genuinely global, often
translating news that only appears in
languages other than English. In addition, it concentrates exclusively on
affinity and partnership marketing
Affinity and partnership marketing
strategy is an important component of
general distribution strategy for a majority of large banks and insurance
companies serving consumers and
small businesses as successful partnerships potentially allow them to access
groups of customers that they cannot
always reach by themselves.
If you would like to join Finaccord’s
Global Affinity Finance Club, contact
us by telephone or send us an email to Thereafter, each
quarter, we will send you a link to the
page of our website with fresh news
and future editions of this document.

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

Global affinity finance club winter 2012

  1. 1. AFFINITY INSURANCE WINTER 2012 BANCASSURANCE Global Affinity AFFINITY BANKING Finance ClubFinaccord’s newsletter about affinity financial services worldwideWelcome back to your Club! There should be something for everyone in this latest edition of the Global Affinity Finance Club. In the sections about affinity insurance, items cover a broad range of new initiatives in affinity and partnership marketing including two about MAPFRE Asistencia in China and three from Swedish affinity specialist Solid Försäkringar. In the bancassurance arena, stand-out items include important di- vestments of formerly captive underwriters by HSBC in several countries and by KBC in Poland plus a new arrangement involving BBVA and Liberty Seguros in Spain. Finally, the ever-increasing number of partnerships in mobile pay- ments are most visible in the sections about affinity banking with key deals involving American Express and Lianlian Group in China, HDFC Bank and Movida in India, Visa and Vodafone on a world- wide basis, and Western Union and Wind in Italy. However, new ventures are also tracked in other fields such as automotive finance, co-branded cards, retailer cards and retailer finance. As ever, please get in contact if you would like us to include a new partnership involving your organisation in the next edition covering events in Spring 2012 With best regards, Alan Leach Director For our published reports, news and more please visit
  2. 2. Global Affinity Finance ClubTable of contentsAffinity Insurance News 4 NICHE INSURANCE 5 Bancassurance News 7ASSISTANCE 4 AXA links with Moneo Payment Solu- LIFE INSURANCE / RETIREMENT tions for new student-focused affinity SAVINGS 7Britannia Rescue wins road assistance scheme 5mandate from Brightside Group 4 Aviva winds down life insurance joint RSA secures pet insurance affinity deal venture with AIB 7NKSJ Holdings to enter Japan’s assis- with Home Retail Group 6tance services market 4 Legal & General cements partnership Solid Försäkringar secures partners for with the Yorkshire 7Road China Assistance broadens co- bicycle and missed event cover 6operation with Dah Sing 4 MOTOR INSURANCE 8 PRODUCT INSURANCE / WAR-Solid Försäkringar enters into partner- RANTIES 6 BBVA and Liberty Seguros co-operateship with Vianor for road assistance 4 for motor insurance in Spain 8 Assurant Solutions secures exclusiveBUSINESS INSURANCE 4 distribution contract with CARCHEX 6 GENERAL 8Gras Savoye becomes risk management MAPFRE Asistencia seals Chinese ex- HSBC sells off insurance businesses andpartner for the food industry in France 4 tended warranty tie with Toyota 6 signs ten-year bancassurance deals 8Solid Försäkringar signs a contract with SPB Italia extends its range of insurance Future Generali Life Insurance Compa-Hantverksförening 4 policies for Mediaworld and Saturn 6 ny creates new bancassurance deal 8Willis partners with US association of TRAVEL INSURANCE 6 MAPFRE acquires stake in bank-ownedsenior living organisations 4 non-life underwriter 8 MAPFRE Asistencia wins distributionHEALTH INSURANCE 5 in France through CEA deal 6 Nordea and Tryg agree to re-negotiate cross-selling partnership 8Catalan sports organisation renews acci- Solid Försäkringar wins travel insurancedent and health partnership with AXA 5 mandate with Lingmerths 6 KBC divests Polish bancassurance sub- sidiary to Talanx 8Cigna and TTK Group prepare for GENERAL 6launch of joint venture health insurer 5 ———————————————-- Chubb and Vistage International launches new partnership alliance to address CEO risks 6 Affinity Banking News 9with ActiveQuote 5 Gallagher Heath secures affinity distri- AFFINITY BANK ACCOUNTS 9MOTOR INSURANCE 5 bution deal with UIA 7 ADAC begins marketing savings prod-Swiss automotive group starts collabo- Lifestyle Services Group extends added ucts with DAB Bank 9rating with Allianz 5 value account tie with Co-operative Bank 7 AFFINITY CARDS 9Volvo and HDI link again to sell motorinsurance in Germany 5 Manulife and RSA reaffirm long- Société Générale’s charity cards pay over standing collaboration in Hong Kong 7 EUR 1 million since launch 9 ———————————————-- Italian bank develops multi-function university payment card 9 2
  3. 3. Global Affinity Finance ClubAUTOMOTIVE FINANCE 9 MOBILE PAYMENTS 11 Western Union and Wind join forces to provide mobile transfers 14Ally Financial named preferred finance Afripay and Stanbic IBTC Bank linksource for the Vehicle Production with Globacom for mobile payments MONEY TRANSFERS 15Group 9 11 Wells Fargo and Western Union linkSsangYong selects GMAC as preferred American Express links with Chinese with Mexican retailer bank for interna-finance provider in the UK 9 mobile top-up provider 11 tional remittances 15BUSINESS BANKING 9 MasterCard ties with online mobile Western Union ties with UniCredit for payments specialist BOKU 11 remittance services 15BNL enters into further commercialaffinity deals in Italy 9 MasterCard links with QNB, Qtel and OFFLINE PAYMENTS 15 Oberthur Technologies for mobile pay-CO-BRANDED CARDS 10 ments in Qatar 12 Wirecard Bank and Lekkerland expand strategic payments alliance 15American Express creates new card MasterCard and Telefónica brand mo-distribution deal with Banco Espírito bile finance joint venture as ‘Wanda’ 12 RETAILER CARDS 15Santo... 10 MasterCard signs memorandum of Citi re-names US-based retailer credit... and ties with Morgan Stanley for co- understanding with China Unicom sub- card division... 15branded cards in the US 10 sidiary 12 ... and renews private label card dealBankia launches multi-function contact- MasterCard launches partnership pro- with fuel retail brand 15less card with Valencia transportation gram focused on under-banked con-agency 10 Citibank and Big C Supercenter intro- sumers 12 duce new Visa platinum card 15Bankia and BBVA launch contactless HDFC Bank co-operates with MovidaVisa card in Madrid 10 GE Capital acquires Toys“R”Us card for mobile payment service in India 13 program assets from JP MorganBarclaycard launches co-branded card Visa certifies six new smartphone mod- Chase... 16with Portuguese fuel retail brand 10 els for use with payWave 13 ... and renews private label card rela-Chase launches a new, premium credit Orange ties with Visa for prepaid ac- tionships with four retail chains 16card for long-time partner Disney 10 count features within Orange Money 13 Scotiabank gains access to retailer cardMasterCard enters into five-year agree- Visa and Vodafone initiate worldwide portfolio through Banco Colpatria ac-ment with prepaid card specialist 11 mobile payments partnership 14 quisition 16Santander extends commercial relation- Western Union enters into a strategic RETAILER FINANCE 16ship with Ferrari through to end 2017 partnership with Ericsson 1411 BBVA and Huawei announce technolo- Western Union and Millicom Interna- gy finance partnership 16Santander and Iberia Cards combine tional Cellular link for mobile moneyfor dual co-branded card program 11 GENERAL 16 transfers 14 BNP Paribas and Sberbank finalise Western Union and Roshan introduce point-of-sale finance joint venture 16 mobile money transfers in Afghanistan 14 3
  4. 4. Global Affinity Finance Club Affinity InsuranceAffinity Insurance News in October 2012. In the longer term, Gras Savoye have signed an agreement the company will likely seek to extend to improve risk management in this its product offering to include other industry. Gras Savoye will be the part-ASSISTANCE types of assistance, such as home assis- ner for ANIA for property and liability tance, that represent a natural fit with insurance, and will offer its expertise inBritannia Rescue wins road the group’s range of general insurance risk management, information andassistance mandate from products. training to members of ANIA; ANIABrightside Group consists of 22 national federations by Road China Assistance sector and 18 regional federations, thatIn the UK, Britannia Rescue, the road broadens co-operation with together represent over 10,000 compa-assistance subsidiary of LV=, has been nies in the food industry of all sizesappointed by Brightside Group to Dah Sing and specialities.provide breakdown recovery insurance In China, Road China Assistance, ato road assistance customers within its Solid Försäkringar signs a breakdown recovery subsidiary ofbroker division. The win has seen Bri- contract with Hantverks- MAPFRE, has extended its co-tannia Rescue take on around 90,000existing Brightside customers from the operation agreement with local insurer förening Dah Sing. Specifically, it will providestart of February 2012 in the context road assistance to customers of Dah In Sweden, Solid Försäkringar hasof a book that consists of a range of Sing with motor insurance policies signed an agreement withvehicles including cars and motor cy- plus an accident management service the Hantverkarföreningen to offercles, as well as commercial fleet busi- specifically designed for taxi drivers business insurance to members of theness. Policies underwritten by the fol- insured with the same company. Utilis- craft association. In addition to insur-lowing Brightside brands are included: ing its growing network, Road China ance providers, Solid Försäkringar willCommercial Vehicle Direct, Motor and Assistance is offering services such as also provide computer assistance ser-Home Direct including One Bike, One these to an increasing number of cli- vices. Hantverkarföreningen representsBusiness Insurance Solutions, Taxi ents in China including local insurers, over 4,000 entrepreneurs.Direct and You Choose. Britannia other financial institutions and carRescue believes that it is the fourthlargest road assistance company in the manufacturer brands. Willis partners with US asso-UK operating a network of over 3,000 ciation of senior living organ-technicians. Solid Försäkringar enters into isations partnership with Vianor forNKSJ Holdings to enter road assistance Willis has announced a partnershipJapan’s assistance services with the Assisted Living Federation of Solid Försäkringar has signed an agree- America (ALFA) to provide innovativemarket ment with Vianor to provide road as- insurance and risk management ser- sistance in Sweden. Vianor is a Nordic vices to ALFA’s members. ALFA isJapanese insurance group NKSJ Hold- specialist in automotive aftermarket the largest national association forings – which is the parent company of services with 79 workshops in Sweden professionally-operated, consumer-general insurers NIPPONKOA and and over 900 workshops across the driven senior living communities.Sompo Japan, among others – has Nordic countries and Russia com-announced its decision to enter the Under the terms of the deal, Willis will bined.assistance services market by launching be the sole endorsed risk managementa joint venture with Prestige Interna- ——————————————— adviser, insurance broker and employ-tional, a large private-sector assistance ee benefits consulting partner for AL-services provider. The new company BUSINESS INSURANCE FA and its members who will havewill be known as Prime Assistance and access to the expertise and resourceswill initially focus on providing road-side assistance services linked to the Gras Savoye becomes risk of the senior living practice group of management partner for the Willis via a web-based portal.motor insurance policies issued byNIPPONKOA and Sompo Japan. food industry in France This group has developed a number ofPending the relevant official and regu- specialised workers’ compensation andlatory approvals, roadside assistance In France, ANIA (Association Natio- occupational risk control programs foroperations are expected to commence nale des Industries Alimentaires) and this industry; its clients range from 4
  5. 5. Global Affinity Finance Club Affinity Insurancesingle location communities to large launches new for the distribution of motor insurancenational providers, covering continu- partnership with ActiveQuote through Volvo dealerships. In 2010,ing care retirement communities, inde- HDI Direkt had already started a part-pendent and assisted living communi- In the UK, has entered nership with Volvo Auto Bank whichties, Alzheimer’s care facilities, skilled a partnership with the health insurance was the car finance provider for Volvonursing facilities, and home healthcare comparison website ActiveQuote. This in Germany at the time. When Volvoorganisations throughout North Amer- par t ner sh ip wil l p ower Con- Car Germany changed its car financeica.’s private medical insurance partnership from Volvo Auto Bank to comparison service thereby widening Santander Consumer Bank in late 2011——————————————— customer choice in this field. In addi- the marketing partnership with HDI tion, has added Aviva’s Direkt became obsolete. The newHEALTH INSURANCE to its list of mo- agreement between Volvo Car Germa- tor insurance supplies and unveiled a ny and HDI Direkt therefore restoresCatalan sports organisation new three-month promotion with continuity from the point of view ofrenews accident and health Nectar, the UK’s largest coalition loy- Volvo’s customers.partnership with AXA alty program. ———————————————In Spain, AXA and the Catalan Feder- ———————————————ation of Cycling (FCC) have renewed NICHE INSURANCEtheir agreement by means of which the MOTOR INSURANCEinsurer is providing accident insurance AXA links with Moneo Pay-cover and medical insurance abroad to Swiss automotive group starts ment Solutions for new stu-the federation itself, plus cycling clubs collaborating with Allianz dent-focused affinity schemeand cyclists who are members of theFCC. This scheme offers cyclists’ in- AMAG, the Swiss importer of the Moneo Payment Solutions and AXAsurance in excess of the mandatory Audi, Seat, Škoda and Volkswagen have a launched a new affinity schemelevel, and higher levels of cover for brands has begun marketing motor for students in France, called AXAmedical insurance; it is being managed insurance in co-operation with Allianz Campus. This aims to offer to studentsthrough the broker Maresme 2.000. Suisse as part of an agreement reached insurance packages that they can buy in December 2011. As a result of the online with a Moneo student card.Cigna and TTK Group pre- partnership, AMAG’s 80 tied dealer-pare for launch of joint ven- ships and the 300 independent dealer- Nearly 1.5 million students in 22 uni- ships collaborating with AMAG are versities have a Moneo card, whichture health insurer they can use as an identity card, to pay offering motor insur- ance intermediated by Volkswagen for meals in university restaurants andCigna and Indian conglomerate TTK Versicherungsdienst (VVD) and un- cafeterias, at vending machines, forGroup have unveiled further details derwritten by Allianz Suisse at the photocopies and for other small pur-concerning their joint venture to sell point of sale. At the time of the an- chases. Now they can use it to buyhealth insurance products across India. nouncement Allianz Suisse emphasised insurance policies in the AXA CampusHeadquartered in Mumbai, Cigna TTK that the new partnership fits with the range, which consists of four packageswill develop and sell a suite of prod- insurer’s growth strategy as a rising designed for students’ needs (for ex-ucts and services including health ben- number of car buyers in Switzerland ample covering trips abroad, skiingefits for expatriates, individual private tend to take out insurance for their holidays, losing keys, accidents andmedical insurance and supplemental cars through dealerships. other risks), with suitable pricing. Mo-accident and health products. Pending neo Payment Solutions and AXA planapproval by India’s regulatory authori- Volvo and HDI link again to to promote this through marketingties, the joint venture is expected to sell motor insurance in Ger- initiatives including social networks,begin operations in early 2013 and will blogs and other Internet its workforce locally. many AXA Campus is only available via the Volvo Car Germany, the importer of internet and mobile phones, and stu- Volvo passenger cars in Germany, and dents can pay online using their Mo- HDI Direkt Versicherung, a subsidiary neo student card. of Talanx, have reached an agreement 5
  6. 6. Global Affinity Finance Club Affinity InsuranceRSA secures pet insurance and CARCHEX, an online provider of TRAVEL INSURANCEaffinity deal with Home Re- extended warranties for vehicles, have disclosed an exclusive strategic part- MAPFRE Asistencia winstail Group nership to benefit customers and cli- distribution in France ents of both companies. For AssurantIn the UK, RSA has been appointed Solutions, the agreement provides its through CEA dealby the Home Retail Group as the sole customers and clients with access toprovider of pet insurance for its Argos In France, MAPFRE Asistencia has the online capabilities of CARCHEX,and Homebase retail brands. The part- reported that it has concluded a strate- including proprietary technology andnership, which has a duration of five gic alliance with Compagnie Euro- other services from a company activeyears, commenced in January 2012 and peenne d’Assurances (CEA) whereby in the provision of extended vehiclemeans that both new and existing pet the former will take on responsibility protection directly to consumers forinsurance customers of the two brands for management and underwriting of over a decade. In return, the strategicwill be able to access a newly- travel insurance policies sold by the partnership provides CARCHEX withdeveloped product that provides them latter mainly through travel trade enti- a modest infusion of capital to acceler-with benefits such as vet fees cover of ties. In addition, more than 50 staff ate growth and further strengthen itsup to GBP 7,500, third party liability currently employed by CEA will be brand.cover of up to GBP 2 million; and transferred to MAPFRE Asistencia.access to Vetfone, a 24-hour hotline to MAPFRE Asistencia sealsqualified veterinary staff. Solid Försäkringar wins travel Chinese extended warranty insurance mandate withSolid Försäkringar secures tie with Toyota Lingmerthspartners for bicycle In China, MAPFRE Asistencia hasand missed event cover announced the creation of an agree- In Sweden, Solid Försäkringar and ment with Toyota for the distribution Lingmerths have entered into a part-In Sweden, Solid Försäkringar nership by means of which the insurer of extended warranty products. MAP-and bicycle retail chain Tvåhjulmästar- will provide comprehensive travel in- FRE Asistencia has been present inna have established a relationship by surance to the customers of Ling- China since 2005 with operationsmeans of which Solid will provide merths. This company was established headquartered in Shanghai.bicycle insurance to Tvåhjulmästarna in 1950 and is currently active across ashops and their customers. In addi- variety of travel-related activities with ation, Solid Försäkringar and sports SPB Italia extends its range particular specialisation in businesstour operator EuroTravel Sports have of insurance policies for Me- travel.entered into an agreement through diaworld and Saturnwhich the latter will promote ———————————————Solid’s missed event cov- As the insurance provider for the twoer to its customers. Eu- brands owned by Metro, SPB Italia has GENERALro Travel Sports was founded in previously offered insurance and war-1999and is today one of Sweden’s larg- ranty policies for televisions and Chubb and Vistage Interna-est tour operators specialising in sport phones sold in 110 Mediaworld and tional form alliance to ad-events. Saturn shops. Since the end of 2011 it has also offered an ‘outdoor protec- dress CEO risks——————————————— tion’ policy for mobile gadgets exclud- Insurance group Chubb and Vistage ing laptop PCs, which insures these International, an association of privatePRODUCT INSURANCE / goods against theft and accidental company chief executives with overWARRANTIES damage. 14,000 members worldwide, have ——————————————— formed an alliance to help the associa-Assurant Solutions secures tion’s members to address personalexclusive distribution con- and commercial risk managementtract with CARCHEX needs. As part of the alliance, Chubb will provide Vistage members with riskIn the US, Assurant Solutions, a global management education, programs andprovider of extended service contracts, 6
  7. 7. Global Affinity Finance Club Bancassuranceaccess to an array of products and added value accounts. Having already Bancassurance Newsservices tailored to their needs. been in place for three years, the new agreement will see Lifestyle ServicesChubb will offer a selection of services Group continue to provide forms of LIFE INSURANCE / RE-and benefits to Vistage members, in- cover such as breakdown recovery TIREMENT SAVINGScluding an annual premium reimburse- insurance, mobile gadget and phonement of up to 10% of the premium for insurance, and travel insurance as im-an employment practices liability poli- Aviva winds down life insur- portant features of these, for using one of more than 120 ance joint venture with AIBChubb pre-approved law firms, human Manulife and RSA reaffirmresources consulting firms or labour long-standing collaboration Aviva has revealed that its Ark Lifeeconomist statistical firms for loss joint venture for life insurance andmitigation and prevention services; up in Hong Kong pensions with Irish bank AIB will dis-to six free employee background inves- continue business in its current format. After 18 years of bancassurance collab-tigations; one free hour of workplace It has also stated that it is exploring the oration in Hong Kong, Manulife andviolence consulting per incident, up to possibility of extending and continuing RSA (Royal & SunAlliance) have an-four times per year; a 50% credit on elements of the distribution and ad- nounced the renewal of their generalapproved vendor safety training; and a ministration business during the sepa- insurance distribution agreement for10% credit on corporate business trav- ration process and that it will work another five years. Under the extendedel accident policies. closely with AIB over the coming agreement, RSA will continue to be months to agree the separation pro- Manulife’s major general insuranceGallagher Heath secures af- partner. Manulife distributes a broad cess. Following that, employees cur-finity distribution deal with rently supporting the Ark Life business range of customised, co-branded per-UIA sonal lines insurance products under- will transfer to AIB or an agreed pro- vider. Nevertheless, AIB continues to written by RSA, including travel insur-In the UK, Gallagher Heath Insurance act as a partner to Aviva for motor and ance, domestic helper insurance andServices (GHIS) has disclosed the cre- health insurance. pet insurance. A business insuranceation of a five-year partnership with package is also available to protectUIA to provide motor and travel in- small and medium-sized companies Legal & General cementssurance to members of the UK’s lead- against unexpected losses arising from partnership with the York-ing trade unions. Launched in January property damage, burglary, fire and shire2012, both products are being provid- other eventualities.ed and serviced through the affinitybroker’s call centre in Wakefield. Mo- ——————————————— In the UK, Legal & General has ex-tor insurance is being sourced from a tended its relationship with the York-panel of underwriters and UIA’s cus- shire Building Society with the formertomers are also receiving a 40% dis- establishing itself as the latter’s maincount on breakdown recovery insur- provider of financial service advice andance from RAC. Meanwhile, the travel products. In recent years, the York-insurance proposition allows custom- shire has grown significantly as a resulters to tailor cover specific to their trav- of three mergers (with the Barnsley,el needs, simultaneously providing a Chelsea and Norwich & Peterboroughcomparison for single trip and annual building societies) plus the acquisitionpolicies. of the mortgage and savings books of Egg, an online bank. Legal & GeneralLifestyle Services Group ex- was already providing financial advice in the Barnsley and Yorkshire brandedtends added value account tie branches and contact centres and thiswith Co-operative Bank partnership will now be rolled out to the Chelsea branches and contact cen-Also in the UK, Lifestyle Services tre later in 2012. The two partnersGroup has announced the extension of anticipate taking advantage of oppor-its contract with the Co-operative tunities thrown up by the Retail Distri-Bank for insurance linked to the bank’s 7
  8. 8. Global Affinity Finance Club Bancassurancebution Review (RDR) which is sched- million. In a related deal, QBE will have reached an agreement for theuled for January 2013. also acquire Hang Seng General Insur- eventual purchase by the latter of a ance (Hong Kong) from Hang Seng 50.1% stake in Bankinter Seguros——————————————— Bank, in which HSBC holds a 62% Generales, a non-life underwriter ac- equity stake. tive in insurance for businesses plus creditor, funeral expenses and healthMOTOR INSURANCE insurance. Policies will be distributed Following completion of these sales, new ten-year bancassurance partner- through all of Bankinter’s channels andBBVA and Liberty Seguros ships between the various HSBC bank- managed on a day-to-day basis byco-operate for motor insur- ing brands (including Hang Seng Bank) Bankinter although the company will and AXA and QBE will come into continue not to operate in the motor,ance in Spain household or travel branches. force. AXA will become the exclusive provider of general insurance productsIn Spain, Liberty Seguros has disclosed distributed by HSBC’s banks to cus- Nordea and Tryg agree to re-the creation of an agreement with tomers in China (other than customers negotiate cross-selling part-BBVA Seguros (the bancassurance of Hang Seng Bank and HSBCs Chi-subsidiary of BBVA) focused on the nese rural banks), Hong Kong, India, nershipco-insurance and distribution of motor Indonesia (other than customers ofinsurance over a ten-year period begin- In Scandinavia, Nordea and Tryg have Bank Ekonomi Raharja) and Singa-ning in September 2012. Specifically, been co-operating for more than ten pore, and also non-life products dis-the two companies will collaborate to years in the field of bancassurance and tributed by HSBC’s banks to custom-design motor insurance policies have announced that the current part- ers in Mexico. Under similar arrange-adapted to different client needs with nership agreement is to be bench- ments, QBE will become the exclusiveLiberty Seguros responsible for aspects marked and re-negotiated before it provider of general insurance productsof service provision including claims terminates in mid-2013. Tryg’s non-life distributed by banks belonging tomanagement and roadside assistance. insurance products are offered by HSBC to customers in Argentina andPolicies will be sold through BBVA’s Nordea in the four Nordic countries by Hang Seng Bank to customers invarious distribution channels, including while Nordea’s life and pensions prod- China and Hong Kong.its network of more than 3,000 ucts are offered by Tryg in Denmarkbranches. and Norway. The partnership agree- Future Generali Life Insur- ment between Nordea and Tryg will——————————————— ance Company creates new continue unaffected until the agree- bancassurance deal ment expires in mid-2013.GENERAL In India, Future Generali Life Insur- KBC divests Polish bancas- ance Company and Karnataka State Co surance subsidiary to TalanxHSBC sells off insurance -operative Apex Bank have announcedbusinesses and signs ten-year a bancassurance partnership to providebancassurance deals an array of insurance protection ser- KBC has reached an agreement with vices to customers. Future Generali is Talanx International for the sale of a joint venture between the Future 100% of the shares of KBC’s PolishAs part of the bank’s on-going strategy insurance subsidiary TUiR Warta forto externalise its general insurance Group of India and Generali. This partnership will allow Future General- EUR 770 million. Closing of the trans-businesses and focus on its core bank- action is subject to the customary regu-ing activities, HSBC has agreed to sell i’s insurance products to be distributed to the Indian bank’s customers in the latory approvals and is expected to bearound USD 1.2 billion worth of its completed in the second half of 2012.general insurance subsidiaries to AXA Karnataka area.and QBE. In combined deals wortharound USD 444 million, AXA will The existing bancassurance collabora- MAPFRE acquires stake in tion between Warta and Kredyt Bankacquire various HSBC businesses in bank-owned non-life under-Asia, Hong Kong, Mexico and Singa- (KBC’s banking subsidiary in Poland)pore. QBE, on the other hand, will writer regarding the distribution of Warta’sacquire HSBC’s Argentine general life and non-life insurance productsinsurance operations for USD 784 In Spain, Bankinter and MAPFRE through the Kredyt Bank branch net- 8
  9. 9. Global Affinity Finance Club Affinity Bankingwork, will remain in place for the fore- AFFINITY CARDS Ally Financial will offer wholesale fi-seeable future. nancing, business insurance and re- marketing services for VPG dealers as Société Générale’s charity well as retail financing for their cus-Kredyt Bank itself is the subject of aseparate divestment process, and is cards pay over EUR 1 million tomers. In the US, Ally Financial isbeing merged with Banco Santander’s since launch already the preferred financing provid-Polish banking subsidiary, Bank er for Chrysler, Fiat, General Motors,Zachodni WBK. Following the pro- The success of charity payment cards Maserati, Saab and Suzuki vehicles.posed merger, Santander will hold in France can be measured by newsapproximately 76.5% of the merged from Société Générale for 2011. Socié- SsangYong selects GMAC asbank and KBC around 16.4%. The rest té Générale was an early leader in the preferred finance provider inwill be held by other minority share- issue of charity-related cards, which itholders. KBC intends to sell off its first launched in May 2008. By the end the UKremaining stake, mostly to external of 2011, it had issued 66,000 of theseinvestors although Santander has also cards in support of 22 organisations, SsangYong Motor in the UK has se-committed to acquire up to 5% of the with the Emmaüs Solidarité associa- lected GMAC, a subsidiary of US-merged bank to assist KBC’s exit from tion scheduled to be the next. It pays based Ally Financial, to be its preferredPoland. these charities EUR 0.05 for every financing provider for SsangYong ve- transaction, and these donations had hicles. GMAC will provide wholesale——————————————— exceeded EUR 1 million by the end of financing for SsangYong’s 54 dealers 2011 – with almost EUR 500,000 of and motor finance for customers. this amount paid in 2011 alone. GMAC is already the preferred financeAffinity Banking News source for Chevrolet, Saab and Vaux- hall dealers and their customers in the Italian bank develops multi- UK, as well as the accredited providerA FF I NI TY BA N K AC- function university payment of consumer financing for MG vehi-COUNTS card cles.ADAC begins marketing sav- In Italy, UBI Banca and the Università ———————————————ings products with DAB Carlo Cattaneo have created a multi-Bank function payment card designed for BUSINESS BANKING use by both staff and students for banking and university-related services.ADAC, Germany’s largest automotive BNL enters into further com- The card uses contactless technologyassociation, has partnered up withDAB Bank for the marketing of sav- and can be used both within the cam- mercial affinity deals in Italy pus as well as in both national andings products. Munich-based DAB is a international contexts. In Italy, several new agreements havedirect bank owned by the UniCreditgroup. The two partners will offer been established by BNL with tradethree products, namely ADAC Flex- ——————————————— associations with the aim of providingSparen, ADAC Führerschein-Sparen finance to small and medium-sizedand ADAC Traum-Sparen to ADAC’s AUTOMOTIVE FINANCE enterprises. Firstly, BNL has estab-17.8 million members. Previously, lished a partnership with Confagricol-ADAC was offering savings products tura, a national federation of agricul-in collaboration with Deutsche Bank. Ally Financial named pre- tural businesses, which includes the ferred finance source for the provision of finance worth up to EUR Vehicle Production Group 1 billion. Secondly, the same bank is——————————————— working in a similar context with Lega- coop, an association with around The Vehicle Production Group (VPG) 14,000 members, all of which are co- which manufactures and distributes operatives. In a separate deal, BNL is vehicles that are accessible to wheel- providing EUR 10 million to support chairs has chosen Ally Financial as its around 1,200 enterprises in the service preferred financing provider in the US. and tourism sectors that belong to 9
  10. 10. Global Affinity Finance Club Affinity BankingMediocom Liguria, a regional associa- ion. Barclaycard launches co-tion. branded card with Portu- Bankia launches multi- guese fuel retail brand——————————————— function contactless card with Valencia transportation Barclaycard and Cepsa, one of theCO-BRANDED CARDS agency largest energy and oil companies in Portugal and Spain, have launched aAmerican Express creates new co-branded credit card in the for- In Spain, in collaboration with thenew card distribution deal mer country. The Cepsa Porque EU Agencia Valenciana de Movilidad (aVM), Bankia has launched the Volto card offers users a discount ofwith Banco Espírito Santo... between 4% and 5% on petrol pur- Bankia Mobilis card which allows both chases and also awards points to cus- the purchase of tickets and storage ofIn Portugal, American Express and tomers equivalent to 1% of all pur- transport information on a contactlessBanco Espírito Santo, have unveiled a chases, which can be used in exchange payment card. The card will be usablenew partnership that will enable Banco for additional discounts on petrol, and on metro trains, trams and buses inEspírito Santo to issue its own range gifts and services from Cepsa. Valencia as well as for bicycle hire,of American Express credit cards in with ongoing discussions to expandPortugal. The new cards issued by the program to commuter trains serv- Chase launches a new, premi-Banco Espírito Santo will be designedto meet the financial requirements and ing Valencia. The Bankia Mobilis card um credit card for long-time will also act as a normal debit card, as partner Disneylifestyles of its customers and will fea- well as featuring contactless paymentture both the American Express and technology allowing payments up toBanco Espírito Santo logos on the Chase has extended its collaboration EUR 20 at merchants equipped with afront of the cards. Under the terms of with The Walt Disney Company by contactless card reader, with no needthe agreement, Banco Espírito Santo introducing a premium co-branded for a signature or PIN. Payments overwill be responsible for creating the credit card (the Disney Premier Visa EUR 20 may still be made using con-products, issuing the cards, overseeing card), which will be linked to the Dis- tactless functionality but require PINcredit management and managing the ney Reward Dollars loyalty scheme. authentication.customer accounts. Chase has been issuing and managing a regular co-branded credit card for Dis-... and ties with Morgan Stan- Bankia and BBVA launch ney since 2003, although the arrival ofley for co-branded cards in contactless Visa card in Ma- this premium version – whose annualthe US drid fee is USD 49 – will allow cardholders to earn reward points at double the Bankia and BBVA, collaborating with normal rate. Disney Dream RewardIn the US, American Express and Dollars can be redeemed against Dis- Visa Europe, have developed a con-Morgan Stanley have combined for the ney hotel stays, theme park tickets, tactless Visa card for the use of bothlaunch of two co-branded cards, one cruises, movie tickets and merchan- banks’ customers in Spain. The cardsof which carries platinum status. The dise. Points earned via the premium work on a network of 7,000 new con-new cards offer exclusive benefits for cards can also be used to fund air trav- tactless terminals, used by merchantsMorgan Stanley Smith Barney clients el, and the cards feature complimen- in and around Madrid, with a specialwith eligible brokerage accounts and tary travel accident insurance along focus on establishments with a highaccess to the Membership Rewards with cover for delayed baggage. Fur- percentage of low-value transactions,program of American Express. Key thermore, premium cardholders will such as fast food outlets, bars, cafés orfeatures also include the opportunity qualify for additional perks within the restaurants. The cards allow for trans-to earn bonus Membership Rewards group’s theme parks, resorts and retail actions up to EUR 20 without thepoints for the first USD 1,000 of ex- locations, including private meet-and- need to enter a PIN or provide a signa-penditure with the cards. According to greet sessions with Disney characters. ture; payments for amounts over EURMorgan Stanley, the new cards ad- 20 may be authorised with a PIN. Thevance its commitment to serving its banks’ stated goal is to bring contact-clients wealth management needs, less cards to 2 million customers byincluding investment, credit and cash the end of, in a comprehensive fash- 10
  11. 11. Global Affinity Finance Club Affinity BankingMasterCard enters into five- are also linked to Iberia’s loyalty pro- ers can use to top up mobile phoneyear agreement with prepaid gram, incorporate a variety of travel minutes, pay bills and purchase prod- insurance and assistance benefits and ucts or services. American Express hascard specialist generate a single card statement, irre- also made an equity investment in spective of which card is being used. Lianlian Pay, an overseas companyWith a focus on Europe, MasterCard within the Lianlian Group.and Vincento Payment Solutions have ———————————————extended their relationship by signing a Founded in 2004, Lianlian Group hasnew five-year strategic agreement, served approximately 300 million mo-which will see continued collaboration MOBILE PAYMENTS bile phone accounts. It operates a net-to develop prepaid solutions. Indeed, work of over 300,000 small businessfrom March 2012 onwards, the exclu- Afripay and Stanbic IBTC agents across China where customerssive partnership has enabled all new Bank link with Globacom for can top up minutes on their mobilecustomers with Kalixa prepaid cards to phones. A portion of that network alsobenefit from MasterCard’s PayPass mobile payments facilitates customer payments for air-technology. Vincento is one of the first line tickets, utility bills and video gam-issuers of prepaid cards to introduce In Nigeria, mobile operator Globacom ing credits. American Express intendsthe new technology and plans to roll it has announced that it has teamed up to work closely with Lianlian Group toout across the whole of Europe. with United Bank of Africa (via its better serve both agents and consum- subsidiary Afripay) and Stanbic IBTC ers in China by delivering a convenient Bank to launch the country’s first mo-Santander extends commer- digital payment technology. bile money service, called GloTxtcash.cial relationship with Ferrari The new service enables mobile sub-through to end 2017 scribers to use their mobile numbers to Moreover, with Serve powering its store money, which can be transferred new digital wallet, Lianlian Group ex-Santander has announced that its com- to any mobile number or used to pay pects to offer customers a fast and for goods, as well as to buy airtime for convenient way to handle day-to-daymercial agreement with Ferrari has themselves and others. The service is transactions, beginning with mobilebeen extended to the end of 2017.This relationship entails a number of planned to be available across the top-up minutes and over time expand-activities including not only the bank’s whole of the country in line with the ing into other financial products and Nigerian government’s objective of services. It anticipates that it will alsosponsorship of the prestige vehicle enhancing financial inclusion through help to build new business for localbrand’s Formula 1 motor racing opera-tions but also the management of co- a secure, convenient and reliable mo- merchants.branded Ferrari credit cards which bile money accounts.have been launched in Brazil, Germa- MasterCard ties with onlineny, Mexico, Portugal and Spain with American Express links with mobile payments specialistmore than 300,000 cards having been BOKU Chinese mobile top-up pro-issued. vider MasterCard has announced a partner-Santander and Iberia Cards ship with BOKU, a provider of online American Express has announced ancombine for dual co-branded operating agreement with Lianlian mobile payments, that aims to enhancecard program Group which will allow the mobile top the shopping experience for consum- -up provider to use Serve, a next- ers by allowing them to make pay- generation commerce technology, in ments, receive discounts and targetedIn Spain, Santander has launched co- products and services it develops for offers, and monitor spending via theirbranded American Express and Mas-terCard cards in association with Iberia its consumer and business customers mobile phones anywhere that Master- in China. Card is accepted. Offered through aCards, a card issuing entity part-owned mobile subscriber’s mobile networkby airline Iberia. This is the first time operator, BOKU accounts with a Mas-that dual cards have been made availa- The Serve platform, which Americanble in Spain that carry both payment terCard prepaid functionality endow Express will license to Lianlian Group, consumers with a convenient way ofbrands and guarantee maximum ac- is expected to help power a new Lian- paying while travelling. Specifically,ceptance around the world. The cards lian Group digital wallet that consum- account holders use a MasterCard pre- 11
  12. 12. Global Affinity Finance Club Affinity Bankingpaid card or PayPass-enabled device to MasterCard and Telefónica sumers worldwide to gain access tomake contactless purchases anywhere brand mobile finance joint formal financial services through theirthat MasterCard is accepted. The pre- mobile phones. In this context, it ispaid card is issued by IDT, a regulated venture as ‘Wanda’ working with three platform partners -bank based in Gibraltar. Comviva, Sybase 365 and Utiba - to MasterCard and Telefónica have an- enable consumers to purchase goods nounced that their joint venture com- and services via their mobile phonesMasterCard links with QNB, pany that aims to lead the develop- across both physical and online mer-Qtel and Oberthur Technolo- ment of mobile financial solutions in chants worldwide, as well as to paygies for mobile payments in 12 markets in Latin America will be bills and transfer funds.Qatar branded as Wanda, using ‘Tu dinero móvil’ as its tagline. The two partners According to MasterCard, only about a anticipate that this company will pro- half of the world’s households haveIn Qatar, MasterCard is collaborating vide mobile payment solutions to over bank accounts, with this proportionwith Oberthur Technologies, QatarNational Bank (QNB) and Qtel for the 87 million Movistar customers in the falling in developing markets, although 12 markets where it will operate. These around 70% of consumers worldwidecountry’s first mobile payments pro- mobile payment services will be linked have a mobile phone.gram using its PayPass contactless to a mobile wallet or prepaid accountNFC technology. In essence, the initia-tive means that customers of QNB that will allow for money transfers, mobile airtime reload, bill payment and By working with Comviva, Sybase 365and Qtel in Qatar who use the new and Utiba, the first companies to join retail purchases, among other services.Qtel NFC SIM will soon be able to use the program, MasterCard aims to helptheir mobile phone as a credit card, both financial institutions and mobilehaving been given the option to either MasterCard signs memoran- telecoms operators to accelerate andleverage an existing mobile phone with dum of understanding with expand the development of financialPayPass NFC capability and sign up China Unicom subsidiary services offerings to customers. In-for a Qtel SIM card, or upgrade their deed, the mobile money solutions ofphone to one of the latest Blackberry Comviva, Sybase 365 and Utiba aremodels to utilise the payments service In China, MasterCard has signed a memorandum of understanding with installed or deployed by more than 200embedded on the new SIM. financial institutions and mobile opera- Unicom Payment to explore future tors around the world covering more business collaboration with a focus onQNB customers will also be given an than one billion consumers. mobile payments. Unicom Payment isextra option of obtaining a sticker a wholly-owned subsidiary of Chinaequipped with PayPass technology to Unicom and provides long-distance The Mobile Money Partnership Pro-fix to their existing mobile phone in and NFC payment services to its indi- gram offers consumers the followingorder to make payments if they do not vidual customers, as well as payment MasterCard services: prepaid compan-have one with the requisite functionali- solutions and payment settlement ion cards that account holders can usety. Oberthur Technologies, which pro- management services to its corporate at merchants that accept MasterCardvides QNB’s chip personalisation ser- customers to assist them in the man- cards; virtual card accounts that can bevice, is working closely with the vari- agement of funds and information used for e-commerce payments with aous parties to develop the payments flow. user’s mobile money account; person-application on the Qtel NFC-enabled to-person payments between subscrib-SIM and on the MasterCard PayPass ers of two different mobile moneysticker. QNB customers will be able to MasterCard launches partner- services; and face-to-face or remotelink their mobile phone to their Mas- ship program focused on un- payments using mobile phones forterCard credit card account in order to der-banked consumers goods and services at merchants thatfund mobile payments and neither do not have traditional point-of-salephysical signatures nor PINs are re- acceptance facilities. Also in the field of mobile payments,quired for purchases of QAR 100 or MasterCard has announced a globalless. initiative called the MasterCard Mobile Money Partnership Program with the intention of helping more than 2.5 billion financially under-served con- 12
  13. 13. Global Affinity Finance Club Affinity BankingHDFC Bank co-operates question are the BlackBerry BoldTM A typical consumer experience to pro-with Movida for mobile pay- 9900, the BlackBerry Bold 9790, the vision a smartphone for payments may BlackBerry CurveTM 9360, the Black- include the following steps: the con-ment service in India Berry Curve 9380, the LG Optimus sumer purchases an NFC-equipped NET NFC and the Samsung Galaxy mobile phone that has passed VisasIn India, Movida, a mobile payments SII. All of the new devices certified by compliance testing, from their choicejoint venture backed by Monitise and Visa host the Visa payWave applica- of operator; the consumer contacts theVisa, has signed an agreement with tion on a secure SIM card and feature financial institution that issued theHDFC Bank, Indias second-largest NFC technology. Visas certification of Visa account or responds to an offerprivate bank, to introduce a first-of-its- these smartphones paves the way for from a service provider or operator,kind mobile payment service. The new mobile device manufacturers, mobile asking to activate mobile paymentsservice allows HDFC Bank customers operators and retailers to partner with with the smartphone; Visas mobileto pay bills, top up prepaid airtime and financial institutions to offer Visa’s provisioning solution then links thebuy tickets from their mobile phone mobile payment functionality to con- appropriate parties and begins the pro-and is designed to operate across all sumers on a global basis. cess of provisioning the mobile phonemobile networks using both Visa and for payment which involves authenti-other payment accounts. It can be used On a related note, Visa has also dis- cation of the account holder by re-anywhere by any mobile subscriber closed the development of a new ser- questing a passcode, facilitation of theand accessed even by basic handset vice that provides financial institutions exchange of secure ‘keys’ among themodels. and mobile network operators with a various parties that unlock the NFC- one-stop solution to securely down- enabled chip on the smartphone; andThe new service uses menu-based load payment account information to initiation of the secure download ofUSSD (Unstructured Supplementary smartphones enabled with NFC tech- payment account information to theService Data) mobile technology mak- nology. The new service was devel- it one of the easiest and most wide- oped in collaboration with Oberthurly-available services to use. After link- Technologies whose software and plat- Orange ties with Visa for pre-ing their HDFC Bank payment cards forms are used to manage the provi-to their mobile phone number, card- paid account features within sioning and activation of payment ac-holders can access the service via counts on cards and mobile devices. Orange MoneyUSSD over Movidas secure connec-tion. Then, they can select the payment Specifically, the new offering brings In partnership with Visa, Orange hasservice required and complete the pay- together the necessary parties in the revealed that its Orange Money cus-ment. The system encompasses vari- mobile payments eco-system and lays tomers will soon have access to Visaous security measures to maintain ac- the foundation for financial services prepaid account features inside theircount integrity, including a unique PIN providers and mobile network opera- Orange Money accounts. This consti-number set up on the phone to access tors to securely and efficiently link tutes a significant step in bringing Visathe account information. Visa payment accounts to -quality payments to consumers in smartphones, while also offering a developing markets.Visa certifies six new solution to manage those accountssmartphone models for use following activation. Orange Money is the mobile payment service designed by Orange to meetwith payWave the needs of customers in Africa and Moreover, it addresses a crucial need for Visa account issuers, mobile opera- the Middle East. It offers Orange sub-Working together, Visa and Visa Eu- scribers applications such as person-torope have announced that certain tors and others who want to enable mobile payments. The next stage of -person transfers, bill payments, andBlackberry, LG and Samsung NFC- agent-based cash-in and cash-out ser- the product, an interconnectivity ‘hub’,enabled smartphones have been certi- vices for loading or withdrawing funds. will enable frictionless ‘many-to-many’fied for use with payWave, Visas mo- Launched in co-operation with localbile application for payments at the interactions avoiding the need for par- ties to form bilateral commercial and bank partners, the service was firstpoint-of-sale, thus joining other Visa- introduced in 2008 and is presently technical relationships, even for enti-compliant payment products available available in eight countries across Afri- ties using other TSM (Trusted Servicefor commercial deployment by finan- ca and the Middle East. Orange planscial institutions. The smartphones in Management) solutions. to introduce Visa payment capability to 13
  14. 14. Global Affinity Finance Club Affinity BankingOrange Money subscribers in select In addition to the Vodafone-branded ability to receive money across bordersmarkets by the end of 2012. stored value account inside the mobile using their mobile phones. The service wallet, the two partners will work to- will be rolled out over time in otherBy integrating Visa mobile prepaid gether to enable Visa issuers for mo- markets in Latin America.accounts into Orange Money accounts, bile payments globally. It is intendedOrange is connecting existing mobile that the platform will be open to all Western Union and Roshanmoney subscribers to VisaNet, Visas partners within the relevant industries, enabling financial institutions, retailers, introduce mobile moneyglobal payment network that is utilisedby around 2.2 billion account holders transport and utility companies to host transfers in Afghanistanplus 30 million merchants and that their services within the new Vodafoneprovides access to 1.9 million ATMs mobile wallet. In Afghanistan, Western Union andglobally. Working together on a multi- Roshan, a telecoms group, have an-national basis, Orange and Visa will Western Union enters into a nounced that they will introduce theprovide Orange subsidiaries and their Western Union mobile money transfer strategic partnership with Er- service. Specifically, the agreement willlocal financial institution partners withthe ability to offer all the features of icsson add international remittances to the M-Visa mobile prepaid accounts to their Paisa service already offered bycustomers, including Visa payment Western Union and Ericsson have Roshan. In fact, having started provid-functionality, transaction authorisation, announced a strategic agreement de- ing the service in November 2008,clearing and settlement services, and signed to accelerate integration be- Roshan was one of the first mobileVisa-quality payment security. tween the m-commerce eco-system operators to introduce M-Paisa, which and the existing financial world. The is part of the Vodafone mobile money first step of this agreement will result family. Through M-Paisa, 1.2 millionVisa and Vodafone initiate in platform integration between the registered customers can receive theirworldwide mobile payments Western Union mobile money transfer salaries, pay bills, receive and repaypartnership network and the Ericsson suite of m- microfinance loans, send and receive commerce solutions. This will enable money, and purchase airtime directlyVisa has entered into a global partner- mobile network operators to include from their mobile phones. With theship with Vodafone focused on mobile Western Union’s mobile money trans- introduction of the new service, M-payments. The companies have dis- fers in the service suite of their mobile Paisa customers will be able to receiveclosed that they will work together to financial service propositions. Ericsson Western Union money transfers fromdevelop a Vodafone-branded proposi- and Western Union plan next to jointly around the world directly in their mo-tion that will be offered to consumers explore further opportunities in the bile wallet accounts.across Vodafones base of almost 400 provision of mobile financial servicesmillion customers in more than 30 by mobile network operators. Western Union and Wind joincountries. The partnership, which the forces to provide mobiletwo companies claim to be the largest Western Union and Millicom transfersof its kind between a global payment International Cellular link forbrand and mobile operator, combinesthe companies global reach and exper- mobile money transfers In Italy, Western Union and Wind, onetise to bring Visa payment functionali- of the country’s largest mobile opera-ty to consumers around the world. Western Union and Millicom Interna- tors, have entered into a partnership to tional Cellular, a mobile operator in 13 offer mobile transfers. Specifically,Specifically, the new Vodafone mobile markets in Latin America and Africa Wind’s 21 million subscribers will bepayment proposition will be based on operating under the Tigo brand, have able to send Western Union moneythe Visa prepaid account and offered announced the signing of an agree- transfer transactions directly from theirto consumers in partnership with Visa ment to introduce cross-border mobile phones using the operator’s suite ofissuers. The service will initially be money transfers in Latin America. The services that include SMS and a varietylaunched in Germany, the Nether- first cross-border money transfer ser- of apps. Customers will be able tolands, Spain, Turkey and the UK, start- vice under this agreement will be send money from prepaid, credit anding in 2012, and other countries in launched in Paraguay using the Giros debit cards allowing recipients to pickVodafones global portfolio will fol- Tigo brand. Tigo will then be able to up their funds in cash at more thanlow. offer its customers in Paraguay the 450,000 Western Union agent loca- 14