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83% of consumers enjoy receiving fashion as a gift Accepted by over - PowerPoint PPT Presentation

Mar 27, 2023 •308 likes •582 views

Mission To make fashion cheque the most enjoyed and most frequently purchased gift in Europe. To build fashion cheque into the first international cross- border fashion gift card. Only 17% of the Dutch population gives fashion as a present

  2. Mission To make fashion cheque the most enjoyed and most frequently purchased gift in Europe. To build fashion cheque into the first international cross- border fashion gift card. Only 17% of the Dutch population gives fashion as a present 83% of consumers enjoy receiving fashion as a gift

  3. Accepted by over 15,500 Industry-wide fashion gift voucher, fashion shops in Europe and is now expanding to established in the Belgium, United Kingdom, Spain and Austria Netherlands in 2008 Available at over 16,000 points of sale such as post fashion cheque is offices, supermarkets, petrol also distributed by stations, fashion shops and a large number of online in our webshop business-to- business partners

  4. Accepted by over 10,000 Largest fashion shops in the open-loop gift card Netherlands for the fashion industry fashion cheque is Available at over also distributed by 8,500 a large number of business-to- business partners points of sale such as convenience shops, supermarkets, petrol stations, fashion shops and online in our webshop

  5. • fashion cheque is the only industry-wide fashion gift card. • fashion cheque was established in the Netherlands in 2008. • fashion cheques are available for amounts ranging from € 5 to € 150. • Because fashion cheque has an EGI licence, the value of the gift card is guaranteed. • In 2016, we connected over 10,000 acceptance points and over 8,500 points of sale. • Through extensive marketing campaigns we have reached a brand awareness of 82%. • In 2015, fashion cheque was launched in Germany and Switzerland. • In 2017, fashion cheque will launch in the United Kingdom and Belgium.

  10. fashion cheque is used in promotional campaigns by several leading international brands, including these

  11. Extensive marketing Extra turnover with Security by full banking support with optional fashion cheque’s fast - system (EU Money participation in nationwide moving consumer goods Licence) radio/TV advertising volume campaigns On average, All transactions are fashion cheque accounts New customers and new processed digitally and for just 1/3 of the value within one week of sales opportunities spent in stores payment.

  12. 2014: Start cooperation with BIW AG 2013: Appointment of 2010: Start of new CFO collaboration with Sandor Kemper CBW MITEX 2008: 2012: Research and 2016: Start of fashioncheque preparation of e-money collaboration is launched organisation with solarisBank 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2015: fashioncheque is launched in 2013: Germany and fashioncheque 2011: Start of DNB 2017: Over Switzerland 2008: “Stichting 2009: Over 1,000 manual license application 10,000 Derdengeld” acceptance points process in acceptance cooperation with points in the van Doorne lawyers Netherlands 12

  13. • fashion cheque was launched in 2008 • fashion cheque foundation for the management of third-party funds ( Stichting Derdengeld ) in which the issued e-money is safeguarded • 2009: 1,000 acceptance points • 2010: collaboration with CBW Mitex (INretail) • Exemption on EGI license up to 5 million turnover

  14. • Project kick-off in April 2011 -> Advisor: van Doorne • Research – EU E-money Directive and the Dutch Financial Supervision Act ( Wft ) – What are the licensing requirements (DNB)? – What are the supervisory requirements? – Defining projects and planning • Organisational changes – Organisational structure: e.g. new Compliance Manager and Risk Manager roles, segregation of duties – Fair internal control systems – Adjustment of procedures or introduction of new procedures (e.g. KYC procedures)

  15. • Cooperation with advisors specialised in banking / e-money (e.g. auditor, legal) • New contracts and terms & conditions • Creation of FC Manual internal control & guidelines • Preparation of DNB application form • Start of CFO in April 2013: chartered accountant (member of NBA [Royal Netherlands Institute of Chartered Accountants]) • Application form sent in early May 2013 • FC completed the application process in May 2014

  16. • License via ‘DNB’ would take another year  looking for new options • Preparation started in February 2014 • Collaboration started on 1 December 2014 • E-money license for Europe • Switched to solarisBank on 1 May 2016

  17. fashion cheque started its collaboration with solarisBank in May 2016 (https://www.solarisbank.de). solarisBank fashioncheque meets the conditions of the EU directive regarding the European guidelines on e-money, the so- called ‘Electronic Money Directive’, which is a prerequisite for operating in other European countries. SolarisBank issues e-money for fashion cheque products, under the brand solarisBank fashioncheque.

  18.  fashion cheque code of conduct, key values and principles  Employees: Rating expertise, reliability and integrity  Clients: Acceptance procedure for new clients, research and saving file  Operational management: Licensing and registration  Organisation: Risk management, security, reporting  Non-compliance with the manual (consequences) Legal consultants CLCS helped us create the fashion cheque manual

  19. To prevent misuse of the fashion cheque financial system for money laundering and financing of terrorism, and to control integrity risks we need to: KNOW WHO OUR CUSTOMER IS!

  20. How? • Official proof of identity (passport) • Chamber of Commerce extract – legally authorized representative • UBO (Ultimate Beneficial Owner) statement  Only in case of: a private limited liability company, a public limited company, a partnership or an association  The purpose of the UBO statement is to ascertain the ultimate beneficial owner of your company. • Client acceptance form • Internal monitoring FC back office • Client File Updates

  21. For resellers : 1. The total value of the fashion cheques sold to one person in a single transaction must not exceed € 2,000. Max value fashion cheque is € 150 2. B2B: FC sells, KYC for ≥ € 15,000 annual sales 3. In Germany: exemption

  22. What are the consequences of the collaboration between solarisBank and fashioncheque? • Access to our KYC files (monitoring) • Authorization of e-money transfers • Bank accounts and transactions are also registered in the banking system • Monthly aging reports

  23. Which processes are handled by solarisBank? • The final authorisation of the e-money transfer • Monitoring the e-money and reporting to BaFin (German Federal Financial Supervisory Authority) • Receiving and paying out fashion cheque amounts (treasury of fashion cheque e-money) • Paying commissions and management fees to fashion cheque.

  24. • Always 100% cash flow • Marketing investments need to be acquired from other sources • Debtor’s information needs to be correct and complete • Complete and accurate client files • Standardised procedures for selling • Excellent communication with FC’s back office / finance department • Follow the procedures of the internal manual and working instructions to be compliant

  25. DON’Ts DOs • • Organise and optimise your IT Think it will only take a few systems, processes and months to obtain a licence documents up-front: Know Your Customer • Allocate a small budget • When you want to expand to other countries, cooperate with an organisation like solarisBank (EMD). • Underestimate the complexity • Engage the best advisors

  26. Stephan Tieleman +31 (0)23 551 81 30 / M +31 (0)6 53 34 01 15 stephan.tieleman@fashioncheque.com

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