Rakuten Trade has partnered with e-wallet service provider Boost to enhance its existing rewards ecosystem by allowing clients to convert their Rakuten Trade (RT) Points into Boost Coins. With this, the RT Points programme will have a greater focus on cashless transactions.
For context, Rakuten Trade runs a one-of-a-kind rewards ecosystem – launched back in 2017 – to provide its clients with RT Points when they perform transactions or carry out certain activities. For instance, every RM2 spent on brokerage fees will earn them 1 RT Point, whereas referrals will give them 500 RT Points. These points can then be used to redeem benefits from the equity broker’s various affiliate partners.
Through this collaboration with Boost, Rakuten Trade clients will now be able to convert their RT Points into Boost Coins, at a one-to-one rate. Once converted, the Boost Coins can then be used to redeem everyday essentials on the Boost app, including food and beverages, household items, groceries, and even conversion into e-wallet cash.
Chief executive officer of Rakuten Trade, Kazumasa Mise explained that a continuous evolution is crucial for the company’s business development and growth. “The current environment has dictated the need for digital transactions to be an integral part of our day-to-day existence. That is why Rakuten Trade has strategically joined hands with Boost, given our mutual synergy when it comes to digitalisation and bringing meaningful rewards to our respective clients,” he said.
Kazumasa also emphasised that a key benefit of online trading – aside from the low brokerage fee – is the reward. Rakuten Trade’s rewards ecosystem is presently issuing a monthly average of 4.3 million RT Points. Additionally, the revenue generated by the ecosystem as of 31 December 2020 stood at RM16.3 million, and is seeing an upward trend each year.
Meanwhile, the chief executive officer of Boost, Mohd Khairil Abdullah said that this collaboration will drive interoperability between digital providers and expand Boost’s capabilities as an omni-channel platform that goes beyond just digital payments. “With our constantly growing merchant network to choose from, Rakuten Trade customers will be spoilt for choice on where to spend their rewards,” he said.
Aside from Boost, Rakuten Trade also counts AirAsia BIG Rewards and BonusLink as its other rewards partners. You can find out more about the RT Points ecosystem here.