Among the many changes is a new focus on revenue-based spending, rewarding business and first-class customers, who pay much more than economy passengers.

Hong Kong's leading airline says its existing measures to reward travellers based on the number of flights and distance flown "are not the best measure of value", and that airlines all over the world are recognising these "anomalies".

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As for Cathay, the current round of proposals includes providing thousands more reward seats to its own Marco Polo Club members by denying its airline partners the benefit of redemption.

Among other changes being considered is a tightening of rules on access to its airport premium lounge. Cathay has always given members in three of its four tiers access - a policy seen as generous. Other full-service airlines such as British Airways grant access only to the top two of its four-tier club.

[ThePointsGuy.com Brian] Kelly warns: "Cathay's system has been overly generous, and what you're about to see is a correction of that."

Cathay has drafted in a senior manager from Qantas Loyalty, the Australian airline's hugely profitable rewards programme, to spearhead its own Asia Miles revamp, which together with the Marco Polo Club will earn more money for the Hong Kong carrier.

However, it is understood the number of points needed to redeem a flight will at the same time go up incrementally.

Oneworld says its members have agreed to make reward seats equally available—if one carrier offers the seats, all must offer them. The alliance hopes that can be a "competitive advantage," said spokesman Michael Blunt.