Ann: Appendix 4C - Dec Q 18, page-28

Here is another update after Loyyal announced IP in Japan, and news on Recruit Holdings fund has invested;

https://www.prnewswire.com/news-releases/loyyal-releases-v2-0-of-industry-leading-blockchain-platform-300788627.html

So Loyyal 2.0 is out effective today and the functionality looks to have increased significantly with what looks like demand from large client (I am guessing Emirates). Hopefully this translates to active monetisation of product at a larger scale..... 
Problem is we are blinded with a non-IP minority stake in Loyyal. That's why we invest in mgmt.

Would be great to have an update this month with some tangible results but retail have the strangle hold on RFN in downtrend extremely low volume. Wouldn't worry too much.