CPP Group Plc, the partner focused, global product and services company specialising in the financial services and insurance markets, has partnered with the fifth largest bank in China, Bank of Communications (BoCom), to provide its online Loss Reporting Service.
At the end of 2018, the number of BoCom’s registered mobile banking customers reached 74 million.
The Loss Reporting Service will be available to BoCom banking customers via its app, “Mai Dan Ba” - the second most popular banking app in China which currently has over 40 million monthly active users. The service means that BoCom customers will have access to 24/7 online assistance in the event of their card going missing.
This deal comes after the success CPP reported in its recent half year financial results, which announced that revenue had already exceeded £60 million in 2019. Partnerships between CPP’s InsurTech company, Blink, and one of Canada’s largest insurers, Manulife, and the recent acquisition of Business and Domestic Insurance Services will also be instrumental in delivering the business’ continued growth.
Jason Walsh, CEO at CPP Group, said: “China is a very important market for CPP and the partnership with BoCom is a clear reflection of our ambitious growth plans in this area. In our recent half year financial results announcement, we were pleased to report that revenue in China has grown by 84% compared to the same period last year. This impressive growth shows the significant market opportunity available to CPP, with the team in China playing a significant role in us realising this potential.”
The CPP service guarantees customer safety when it comes to their banking cards by offering an instant response via dedicated its customer service team, so that all cards can be instantly frozen once a loss has been reported. It also includes overseas emergency travel assistance to provide transport tickets and hotel fees to ensure unhindered travel. Bank card theft and loss protection is provided to protect customers from financial losses.
BoCom has a global presence with 2,800 branches that are located in major cities, including New York and Sydney. It’s currently ranked at 150 on the Fortune 500 list and has issued a total of 70 million credit cards, with 10 million of these released in 2018 alone.
Spencer Yang, Product Development Senior Manager at BoCom, said: “Ensuring our customers have sufficient protection when it comes to their cards is really important to us. The service that CPP is providing will enable us to deliver additional, valuable services to our customers.
“One of our main business aims is to use our banking app to attract new customers, as well as encouraging current credit card customers to use us for our other financial services. We believe that CPP’s services will help give us an edge and show how we place our customer’s financial safety at the top of our priority list.”
Wilson Chan, CEO at CPP China, said: “In the first six weeks of our partnership with BoCom we have already generated over 30,000 new customers. This indicates the success the product is seeing and also how important this type of service is to consumers in China. Our expert team is working closely with our business partners to continue offering services to meet the demand of the market.”
Jason Walsh added: “Our business partners benefit from our end-to-end capability and this is something that we’re able to offer in all the markets that we operate. It’s this, along with our impressive network of third-party organisations, which really allows us to offer flexible and revenue-driving services for our business partners.”
CPP China already provides its Loss Reporting Service to Ping An Bank, Shanghai Pudong Development Bank, China Guangfa Bank and JD.com.