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SGX-listed Hatten Land has partnered proptech startup FundPlaces to unveil Southeast Asia’s first hospitality blockchain platform that could “potentially integrate over 3,400 hotel rooms and 5,000 retail outlets in Melaka as a springboard for regional expansion”.
Dubbed StayCay, the platform will leverage on Hatten Land’s position as the leading developer in Melaka to offer digital utility tokens and rebates to shoppers and tourists via a private distributed ledger developed by FundPlaces.
Hatten Land and FundPlaces will form an 85:15 joint venture to operate StayCay, which is set to go-live by December.
Through StayCay, guests can exchange hotel tokens for discounted hotel packages offered in hotels managed by Hatten Land and Hatten Group.
StayCay will also operate a blockchain-based rewards programme, in which points can be used in Hatten group’s portfolio of assets like retail, F&B and wellness/hospitality outlets.
Hatten Land executive chairman and managing director Dato’ Colin Tan believes the platform will not only disrupt traditional hotel booking methods, but will also enhance “consumer experience through seamless integration of hospitality and retail services within a blockchain-based ecosystem”.
“This initiative represents a strategic shift by Hatten Land to incorporate leading technologies and open new frontiers in hospitality, retail and e-commerce. We believe this will not only boost tourism in Melaka but also in the region,” he said.
Earlier in the month, Hatten Land launched a new mall management arm to complement its core property development business and drive recurring revenue. With two completed malls in Melaka – Vedro by the River and Elements Mall, the company is building three other malls within the city.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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