GLN Consortium
GLN Consortium
The GLN Consortium brings together partners for the establishment, development, promotion, and commercial operation of Global Loyalty Network (“GLN”) business
Consortium Members
Member can be a financial institution, an entity engaged in the operation of a customer loyalty or rewards program, a retail enterprise, and an IT provider. A Member (i) shares information, materials, knowledge, and expertise relating to loyalty networks; (ii) provides coordination and assistance for co-development of loyalty network services with the Lead Manager and other Members; and (iii) engages in regular meetings and communications with other Members.
A Prime Member (i) is a financial institution or an entity engaged in the operation of a customer loyalty program; and (ii) collaborates with GLN through development of the GLN platform.
A Prime Member has all the rights and obligations of a Member, and in addition, is given the right to vote on decision-making relating to GLN business.
Structure of Consortium Agreement
Operating terms of GLN Consortium Agreement formed with signees (Initial Member) is 3 years
Extension of term is decided through approval of 2/3 of Prime Members
Prime Members are allowed to issue press releases of participants and general business information for GLN business promotion purposes
Governing law: New York state law; Place of dispute resolution: Singapore
Consortium Agreement contains and covers the contents of a standard non-disclosure agreement
Initial Member (1st Round Signee)
Sharing GLN expertise
Sharing & exchange of GLN information
Development, collaboration, and support from GLN
Additional Member (Members after 1st Round)
Approval by Prime Members (at least 2/3 of Prime Members)
Submission of application form
GLN Connection
Refers to the connection of a Member’s platform to the Lead Manager’s platform
Financial institutions, Loyalty businesses with GLN Connection become Prime Members
Prime Member
Participation in GLN Business (GLN Connection): Financial institution, Loyalty business
Rights/duties of Members
Key decisions relating to the Consortium
Lead Manager (KEB Hana Bank)
Lead establishment of Operating Entity
Operation of Consortium, Dispute resolution, Communications
Lead GLN Business
Verification of additional Members
Member’s Rights/Obligation Transfer
In case of establishment of an Operating entity, the rights/duties of the Lead Manager are transferred
Assignment of rights and obligations to Member’s subsidiaries or affiliates