What’s the big idea behind Giift?
We come from the financial industry where financial products have become more and more digitalized, monetize-able and exchangeable, so with the increasing popularity of loyalty and card programs, our first idea was to have these more digitalized, monetize-able and exchangeable. Our second idea was to connect both the beneficiaries of such loyalty and card programs, and their issuers, such as retailers, in a Network. The same way you have the social network Facebook or the professional network Linkedin, you now have the loyalty and card programs network Giift.
What were the challenges of getting it going?
From the start, we wanted Giift network to be global, so we had to build a platform that would be multi-use (points programs, vouchers, gift-cards), multi-currency and multi-language. To do so we had to build a major data base of programs. That, as a start-up, was challenging, but also very exciting.
What was it about Singapore that made it a good place to start?
We wanted to build a technology platform—Singapore is a tremendous hub for technology—and to build an international network. Singapore is a good hub for travel and offers one of the best labour forces in the world, unmatchable infrastructure and access to a market of 2.8 billion people within a short flight. It’s a place where talent embraces the world, creatively and innovatively.
How has the response been?
The Company is still very young but so far people have been very excited about the value we offer to both parties, being part of the new network and joining the next “Linkedin.”
What plans do you have for the coming months?
We believe in innovation, so our plan is to bring, every two months, significant new features, technology and monetization options. In the meantime, we’re launching (in October) our Sales force to start engaging with even more businesses in Singapore, China and the US.
What is it that makes Giift stand out from the competition?
We are a network rather than just a transaction platform, and we manage all types of loyalty and card programs. We also offer a complete set of services in 50+ countries. Our philosophy is to leverage the benefits of loyalty and card programs both for issuers and members.
Have you noticed different usage in the different markets you operate in (are loyalty programs more popular in Singapore, for example)?
Yes, for instance gift cards are very popular in the US and China, but memberships are more common in Singapore. But at the end of day, the benefits of loyalty and cards programs are always the same and this is what we enable. In addition we do it in a way that is very social.
