Mitsubishi UFJ NICOS and American Express Announce Card Issuing Alliance
Cards for Affluent Baby Boomers and Young Executives to be Launched Next Spring
TOKYO.- Mitsubishi UFJ NICOS and American Express announced an agreement for Mitsubishi UFJ NICOS to offer American Express-branded credit cards in Japan. The two companies will develop products targeting affluent customers and young executives in their 30s. Mitsubishi UFJ NICOS expects to begin issuing cards next spring.
The new product line will offer customers peace of mind, security and trust through the premium services of Mitsubishi UFJ NICOS, and the global brand appeal and world-class services of American Express. The new cards will cater to the needs of affluent baby boomers and young executives in their 30s with high disposable income. The two companies will conduct extensive research on this customer segment, and tailor the card design, rewards and benefits based on the research findings.
The partnership leverages the best of both organizations. Mitsubishi UFJ NICOS offers various services including a point program, and American Express provides access to its global merchant and ATM network, travel and entertainment privileges and its expertise in the premium market.
Mitsubishi UFJ NICOS expects to launch gold and platinum versions of the card. It plans to offer its new American Express-branded gold card with a superior value proposition to their existing gold products.
“According to our research, many of our target customers want to hold credit cards with the American Express brand*. We expect that American Express-branded cards will help us attract customers, which we could not reach with our current product offerings,” said Yoshiki Hama, director and senior managing officer, executive officer for Business Planning and Development Division of Mitsubishi UFJ NICOS.
“We are delighted to partner with Mitsubishi UFJ NICOS, one of the leading credit card companies in Japan. We look forward to working closely with them and provide our insights into affluent customers,” said Kula Kulendran, senior vice president and head of American Express’ Global Network Services, Japan, Asia Pacific & Australia.
Mitsubishi UFJ NICOS plans to promote the new products not only through its own proprietary business, but also through its Mitsubishi UFJ Financial Group-affiliated companies. It will also seek co-brand partners which have an affinity with the premium positioning of the American Express brand.
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