Dr Cheong Choong Kong
Comrade John De Payva
Comrades,
Distinguished Guests,
Ladies and Gentlemen
It is a pleasure to join all of you today to witness the signing ceremony of NTUC Link and OCBC Bank for the launch of the NTUC – OCBC co-branded credit and debit cards for Union Members.
NTUC Link was set up in 1998 with the primary focus of developing benefits for union members and to complement our efforts to make union membership seamless. It had not been easy getting the venture started. Back in 1998 we did not have any expertise in loyalty programmes or in the area of smart card technology. We had to start from scratch, just like we did for many of the cooperatives that we had started.
Many union leaders would remember the teething problems we faced when we first started off. For example, many of the cards could not be produced on time. Many leaders spoke up on the issue at our delegates’ conference.
I am glad that we persevered and pressed on. It is the same can-do spirit that I have found so true in the labour movement. We identify things that we have to do or issues we have to tackle. We put our minds together to find solution and achieve our goals. Despite the bumpy start, NTUC Link had successfully operated the LinkPoints programme for more than five years now, and the Link card is now one of the most widely recognised and used cards in Singapore. The needs of our members would change with times and it is important that NTUC Link, with its primary focus on developing benefits for union members, keep abreast of competition. It would need to be bold and innovative in bringing value to both the members and also the partners in its programme.
We have learnt many valuable lessons in the years we have operated the NTUC Link programme. These lessons had been taken into account as NTUC Link launches the new NTUC cards to replace the existing cash-card based Link cards in December this year.
As the NTUC Link embarks on changing the technology platform to operate the LinkPoints programme, it has also started to strengthen the loyalty point programme. With a new technology platform, new areas of opportunities are made available. One of the new areas of opportunities is to work with a bank. As far back as November last year, the team in NTUC Link had started to explore the possibility of working with a bank to join the loyalty programme.
Several banks were being considered. In the end, it was decided that OCBC Bank had the best fit. Both organisations shared a common commitment to serve the community and to bring a better life for union members, and Singaporeans at large. OCBC had also put forth something that we felt was fair and reasonable.
Under the partnership, the bank would issue co-branded NTUC – OCBC credit and debit cards for Union Members. It is another benefit for our union members. The credit and debit cards would allow our members to earn LinkPoints at a much faster rate. They can get to their rewards a lot faster. For example, instead of getting to a $20 voucher at NTUC Fairprice in six months, members can redeem for the voucher in less than six months by earning LinkPoints also on their credit or debit cards. The credit card and debit cards come with a 5-year annual fee waiver, a generous offer. With the debit card option, even those who do not qualify for a credit card yet, can still enjoy the benefit of a payment card with a global reach. I am told that not many debit cards, if at all, offer reward points when using the cards. There will be something for every member.
The partnership would also allow our union members to earn LinkPoints on many of the selected products and services, such as loans and structured deposits, offered by OCBC Bank. The General Manager of NTUC Link pointed out to me that the points earned on some of the products would be enough to even redeem for one year worth of union membership dues!
I am heartened to note that OCBC Bank has committed to donate, out of their pocket, one percent of the card spending on the co-branded NTUC – OCBC credit and debit cards to charities nominated by NTUC. This is subject to a maximum of a quarter of a million dollars a year for five years. This is a generous gesture on the part of the bank and it is a reflection of its commitment to community.
I would encourage members to make use of these benefits, such as the credit and debit cards and LinkPoints on the purchase of the bank products. Besides enjoying the benefits that come with the cards, it is also another way for us to show our support for the union movement. However, I must also add a word of caution – Do spend your money wisely!
Thank you.
