Ascenda, Hyundai Card to Intro AmEx Cards in South Korea

Payments and banking rewards firm Ascenda is partnering with credit card issuer Hyundai Card to introduce a suite of consumer and corporate cards on the American Express network in South Korea.

The Hyundai American Express Card portfolio has six products for consumers and corporations that include a rewards program powered by Ascenda’s proprietary technology, according to a press release on Thursday (March 10).

The Ascenda rewards program has an extensive points exchange system with over 20 transfer partners and real-time travel redemption. Benefits are fulfilled online and issuers are provided with end-to-end points liability management.

See also: Cross-Border Loyalty Program Launched in China by Visa, Ascenda Partnership

“This launch continues Ascenda’s trajectory of enabling unrivaled new value propositions for leading financial services brands worldwide,” said Sebastian Grobys, chief commercial officer, Ascenda.

Founded in 2013 by Kyle Armstrong and headquartered in Singapore, Ascenda is a global technology company that uses rewards to simplify customer engagement for financial services brands and merchants.

Read more: Visa Teams With Ascenda For Loyalty Rewards In Asia Pacific

“Korean consumers are some of the most digitally savvy in the world, for this reason we’re delighted to be able to deploy a set of products that deliver seamless unrivaled rewards and experiences,” said Youngho Cho, head of PLCC AmEx team, Hyundai card.

Ascenda’s digitally native rewards are intended to help banks develop “deeper customer connections across the entire financial relationship.” Clients include HSBC, Capital One, ICBC, and Standard Chartered as well as Virgin Money.

Founded in 2001, Hyundai Card is a credit card firm under the umbrella of the Hyundai Motor Group headquartered in Seoul, South Korea. It was originally Diners Club, which Hyundai Motor Group acquired in 1995. Hyundai Card has its own private label credit card (PLCC) ecosystem as well as a series of premium cards.

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