PARTNERS_20171124 2017-12-08T15:40:08+09:00
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