We find it so interesting how disciplines keep intersecting in the fintech space. Late last week we received a press release from Thai gamification firm Playbasis announcing they’ve acquired 10 million players with their gaming platform for banks and telecoms. According to the press release, the firm provides an “enterprise cloud platform, enabling them to embed social game mechanics, freemium economics, and augmented reality experiences into their digital wallets and mobile finance applications, resulting in significantly increased user engagement, loyalty, and monetization.” I don’t know about you, but back in the day, banks were pretty dry, sterile places to walk into. Now, the next generation of banking is is moving from a physical space to an app to a game – or from fintech to “funtech”. How interesting.
“Bangkok, Thailand: Playbasis Pte. Ltd., the world’s leading customer engagement and gamified rewards company, announced today that they have crossed 10 million registered players on the platform. Of these 10 million registered players, 5 million players are active monthly, and these active players collectively generate 10 million transaction events per month.
Playbasis partners with banks and telecom operators by providing them an enterprise cloud platform, enabling them to embed social game mechanics, freemium economics, and augmented reality experiences into their digital wallets and mobile finance applications, resulting in significantly increased user engagement, loyalty, and monetization. Customers of this platform include DBS Bank, HSBC, and Digi Telecommunications.
“Millennials have grown up with video games as a form of interactive media. But more than just entertainment, gaming can be a powerful tool to engage people and motivate them to achieve more,” said Robert Zepeda, Playbasis Chief Executive Officer. “We are delighted that our clients are having so much success with our gamification platform. It validates our thesis that global brands will increasingly invest in games, scoring systems, and rewards as an integrated part of their customer experience and loyalty strategies.”
“Effectively applied gamification strategies can be a catalyst for driving new consumer behaviors because it can re-align incentives to create win-win outcomes for both the business and the customer,” Mr. Zepeda explained. “Our unique view of the macro- level activity surrounding mobile payment adoption in Southeast Asia gives Playbasis the opportunity to offer deeper insights and winning strategies to our customers and partners undergoing their own digital transformations.”
In an upcoming promotion for Chinese New Year 2018, a festive period throughout many parts of Asia, Playbasis is partnering with HSBC Hong Kong to run an activation campaign within the social payments app, the number one app in the finance category in the Hong Kong app store. In addition, Ms. Ai Chen Lim, Head of Global Liquidity and Cash Management at HSBC Thailand will be joining the Playbasis’ advisory board in a capacity where she will actively support and advise the company’s management team. Commenting on her appointment to the Playbasis advisory board, Ai Chen Lim made the following statement:
“HSBC positions itself as the International Bank of Choice for transaction banking; leveraging a global network, enabled by technology. As Country Head of Global Liquidity and Cash Management, I look at ideas in the financial technology landscape in support of our digital plans as part of the National e-payments agenda in Thailand. The idea of gamification is an interesting one, where it brings the principles of a game to engage,
loyalty with customers over time – a strategy to incorporate gaming psychology with user engagement. It will be great for customers to see banking not simply as necessary tasks to do but rather a fun experiential journey. As banks look to increase usage of digital channels instead of traditional ones, gamification potentially offers away to transition and to create stickiness in modifying customer behavior.”
Playbasis is an award-winning tech startup providing a mobile engagement & loyalty management platform for financial institutions. The company has offices in Singapore and Bangkok, Thailand and has raised $2.6 million dollars in venture capital from leading institutional investors.”