I hope your week has gone well thus far amidst the re-opening of travel around the world.
Firstly, I would like to thank you personally for the support that you have given to Savee. Savee would never have gotten to where it is today without your continuous support of the program. While the journey has been tough to ensure we are able to get your rewards to you as fast as possible, it has been a rewarding one, and will be even more rewarding in the coming months as we continue to service you.
I am sure many of you must have heard of the implosion of FTX, the layoffs at Big Tech companies like Meta and Shopee, the recent fall of Silicon Valley Bank and First Signature bank, along with the demise of Credit Suisse just over the recent weekend. These incidents do starkly remind us of the 2008 Great Financial Recession where banks were collapsing and had to be bailed out. While the markets may not be in the same dire state as it was in 2008, the effects of these recent events have consequentially affected many startups that are on the outreach for partnering investors. Unfortunately, Savee’s parent venture which owns and started the program has also found itself in a state of not being able to raise more money than it desires. Fortunately, the company has already gotten investors into the venture prior to all these macroeconomic issues and are able to continue chugging along, albeit at a much slower pace. Therefore we are in a position to be able to potentially weather the uncertainties that the markets have been throwing at us.
However, to weather these uncertainties, and in a bid towards profitability, the Savee program has to be tweaked in a manner that also makes it easier to manage on both our balance sheet and operations. To also coincide with the rise of revenge travel where travel prices have skyrocketed in recent months upon the relaxation of the borders, Savee will transition its program from a cashback model to a miles one. This will take effect on 31 March 2023. Over the past few weeks, the team has been working hard to secure access to miles rewards from major Airlines locally and globally. We are proud to announce that some of the airlines that we are now offering miles to you from are the likes of global air travel leaders like Singapore Airlines, and Qatar Airways. Check out our partnering airlines in the Savee app!
For every $1 that you spend anywhere under the sun within the same categories, you will now be able to get up to 0.3 miles per dollar instead of a cashback percentage with immediate effect. These miles NEVER expire on the Savee system until you redeem, and in line with Savee’s core values of rewards stacking, these miles that you get from us are as usual stackable on any other miles that you are collecting through your credit card expenditures. You can kindly refer to the updated Miles Tier in the app to find out more! To supercharge your miles collection, you can check out UOB Privimiles where it is offering 1.4 Miles per dolllar and HSBC Revolution where it is offering 4 Miles per Dollar spend on top of what Savee is giving to you. Not only that, we are also rolling out other products through the Savee app, where users like yourself can also take surveys by our corporate partners to obtain additional free miles in the process too!
Savee will still continue to do cash payouts, but only for users who are on our Wealth and Health Advisory Programme, where you can earn guaranteed payouts of S$90 and more when you join the program. ALL your prior spending that you have accrued so far will be turned into miles as per the new conversion rates. While we understand that some of you may not be enticed by obtaining miles, we seek your understanding on the reasons for our transitioning to the model. Should the financial markets improve and Savee’s parent company is able to obtain more resources to fund growth, we will then seek to explore ways to increase our miles per dollar award rates and even potentially bring back the cashback tiers.
Should you have any questions and enquiries, kindly feel free to reach out to us via Savee’s Whatsapp Customer Service chat at +6589512092. Once again, on behalf of the Savee team, I thank you for your support in our journey to continue to give consumers more savings and we seek your continuous support to weather through these different times. Thank you.