American Express (AmEx) and loyalty management firm Ascendahave teamed up to introduce a credit card loyalty programme for banks in South Korea.

The loyalty programme is aimed at enabling South Korean banks to provide‘world-class’ rewards products in collaboration with AmEx.

Ascenda will provide advanced points engine technology, a modern digital user experience, improved rewards content along with plug & play loyalty marketing.

The loyalty programmewill offercomplete points liability management, which will enable the banks to cope with the uncertainties of rewards liabilities on their balance sheets.

Commenting on the partnership, American Express Koreageneral managerSoomin Om said: “Korean consumers are some of the most rewards conscious and digitally savvy anywhere in the world.

“The partnership with Ascenda enables us to equip issuing banks with a world class rewards offering that drives customer engagement and purchase volume.”

Ascendachief commercial officerSebastian Grobys said: “We are delighted to work with American Express in the dynamic and fast-moving Korean market.

“The partnership delivers on our mandate to own and operate rewards programmes for major financial services brands.”

Recently, American Express partnered with wellness company Vitality to launch a Vitality American Express Credit card.