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

Mission

To make fashioncheque the most enjoyed and most frequently purchased gift in Europe. To build fashioncheque into the first international cross- border fashion gift card.

83%

• f consumers enjoy

receiving fashion as a gift Only17%

• f the Dutch population

gives fashion as a present

Industry-wide fashion gift voucher, established in the Netherlands in 2008

Available at over

16,000

points of sale such as post

• ffices, supermarkets, petrol

stations, fashion shops and

• nline in our webshop

Accepted by over

15,500

fashion shops in Europe and is now expanding to Belgium, United Kingdom, Spain and Austria fashioncheque is also distributed by a large number of business-to- business partners

Largest

• pen-loop gift card

for the fashion industry

Available at over

8,500

points of sale such as convenience shops, supermarkets, petrol stations, fashion shops and online in our webshop Accepted by over

10,000

fashion shops in the Netherlands fashioncheque is also distributed by a large number of business-to- business partners

• fashioncheque is the only industry-wide fashion gift card.
• fashioncheque was established in the Netherlands in 2008.
• fashioncheques are available for amounts ranging from €5 to €150.
• Because fashioncheque 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, fashioncheque was launched in Germany and Switzerland.
• In 2017, fashioncheque will launch in the United Kingdom and Belgium.



fashioncheque is used in promotional campaigns by several leading international brands, including these

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

12

2008 2012 2011 2009 2010 2013 2014

2008: fashioncheque is launched 2009: Over 1,000 acceptance points 2011: Start of DNB license application process in cooperation with van Doorne lawyers 2010: Start of collaboration with CBW MITEX 2016: Start of collaboration with solarisBank 2014: Start cooperation with BIW AG 2013: Appointment of new CFO Sandor Kemper 2013: fashioncheque manual

2015 2016 2017

2008: “Stichting Derdengeld” 2015: fashioncheque is launched in Germany and Switzerland 2012: Research and preparation of e-money

• rganisation

2017: Over 10,000 acceptance points in the Netherlands

• fashioncheque was launched in 2008
• fashioncheque 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

• 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)

• 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

• 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

fashioncheque 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 fashioncheque products, under the brand solarisBank fashioncheque.

• fashioncheque 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 fashioncheque manual

To prevent misuse of the fashioncheque financial system for money laundering and financing of terrorism, and to control integrity risks we need to:

KNOW WHO OUR CUSTOMER IS!

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

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

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

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 fashioncheque amounts

(treasury of fashioncheque e-money)

• Paying commissions and management fees to fashioncheque.

• 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

DOs

• Organise and optimise your IT

systems, processes and documents up-front: Know Your Customer

• When you want to expand to
• ther countries, cooperate with an
• rganisation like solarisBank

(EMD).

• Engage the best advisors

DON’Ts

• Think it will only take a few

months to obtain a licence

• Allocate a small budget
• Underestimate the complexity

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