Thursday, December 1, 2022
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ReportTribal Credit pilots blockchain-powered rewards program

Tribal Credit pilots blockchain-powered rewards program

Tribal Credit is piloting a blockchain-based customer rewards program for emerging market businesses.

Known as the Boomerang Rewards, the pilot is conducted in partnership with KuCoin, a digital asset platform with its operational headquarters in the Seychelles. Using KuCoin’s digital wallet technology, Boomerang Rewards will deliver customer rewards via the Tribal Token (TRIBL), an Ethereum-based token.

According to Coinmarketcap, KuCoin is the fifth-largest cryptocurrency exchange. It is perhaps worth noting that KuCoin was added to Securities Commission Malaysia (SC)’s Investor Alert List in 2021 for operating a digital asset exchange without registration.

Tribal Credit in June engaged Shariyah Review Bureau to certify and monitor the Shariah compliance of its new corporate cards and working capital products.

When announcing Tribal Credit’s foray into the Islamic space, Amr Shady, CEO and co-founder of fintech start-up, said: “As a result of the partnership with Shariyah Review Bureau, we will also maintain a dedicated Shariah supervisory resource to ensure that our products remain Shari’a compliant”. He also added: “Through our deep knowledge of the corporate cards and financing market in the startup and SME eco-system, we expect to unlock new potential for businesses and investors with this new partnership.”

It is not confirmed whether the new rewards program, nor KuCoin, have been evaluated for Shariah compliance.

The program is only available to customers outside the US.

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