Air Canada (AC.TO) is taking another step in its plan to launch its own loyalty program in 2020.

The company said on Tuesday it’s launching a Request for Proposals from “key” financial institutions that are interested in partnering on a co-branded credit card.

“I think it’s an attractive program,” said JC Clark CEO Colin Stewart in an interview with BNN. “Air Canada is obviously a dominate airline here, and I think probably all the financial institutions will look at potentially putting in a bid to get involved with them.” 

In early May, Air Canada announced it would establish its own rewards program when its agreement with Aimia, the operator of Aeroplan, expires.

The airline also announced new long-term financial targets on Tuesday.

It expects earnings before interest, taxes, depreciation, amortization, impairment and aircraft rent margin to range from 17 percent to 20 percent for the period 2018-2020. Earlier, it had expected those margins to be between 17-19 percent for 2018.

Free cash flow for 2018-2020 is expected to range between $2 billion to $3 billion.

Airlines have been trying to maintain leaner operations, even as they invest in upgrading their back-end technologies and better customer services in a competitive industry.

"We see many opportunities ahead, including the introduction of more efficient narrow-body aircraft into the mainline fleet," Chief Executive Calin Rovinescu said in a statement ahead of the company's investor day meeting.

-- With files from Reuters

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