Dukascopy Bank is not able to mention a particular competitor in Swiss banking industry developing the same business model and providing international clientele similar scope of retail services supported by similar referral program. At the same time on the local Swiss banking retail market there is a bank which may be considered as the closest competitor with similar business model. This is Bank CLER AG from Basel, Switzerland, which proposes a similar kind of service, including availability of retail banking, mobile banking and a referral program. Bank CLER AG pays a bonus of CHF 50 to the client for opening an account and CHF 50 to the Referrer who attracted the client to the bank. Dukascopy Bank considers this service to be a close analogue to its own offer. The Bank replaces CHF 50 with 5 Dukascoins, considering 5 Dukascoins as an adequate remuneration corresponding to the CHF 50 offered by the closest competitor.
Banks which rely on the development of their retail client base through a remuneration program are usually guided by the idea that the client’s efforts in opening an account develop the bank’s infrastructure and thus should be rewarded. It is assumed that the client’s remuneration should adequately compensate their time spent on opening an account. The Bank agrees with this approach and has introduced an innovation compatible to it. This innovation takes the following form: instead of CHF 50 clients are rewarded with 5 Dukascoins. This theoretical proportion may be respected by The Bank for long term strategical development of the Dukascoin project. Explicitly, for a long term sustainability of the MCA project, The Bank hopes that the Dukascoin exchange rate will stabilize at around 10 euro per 1 coin.