Aleta Planet partners with Tencent Financial Technology to offer remittance service from Singapore into China

Dec 8, 2021

Singapore, 8 December 2021 – Singapore residents, including the more than 400,000 mainland Chinese living and working here, can now remit money to Weixin users in China under a partnership between homegrown fintech Aleta Planet and Tencent Financial Technology.

This is the first time Tencent Financial Technology has partnered with a Singapore fintech for cross-border transfer of funds and the service rides on Aleta Planet’s proprietary technology allowing residents to send money in a safe, secure, and speedy manner and at lower cost than through conventional methods.

Aleta Planet said that remittance through Weixin as a channel is timely as the Covid-19 pandemic makes it inconvenient for residents to travel to a remittance firm to send money back to China.

Customers who wish to use the remittance service need to sign up for a Aleta Planet/Nestia digital card and perform the remittance to Weixin users in China.

During the campaign period from 24 November to 31 December, fees will be waived for the first 10,000 remittances completed. Customers will also be eligible for S$8 rebates (capped at 5 times per person) for the first 8,000 remittances completed between 24 to 30 November and 25 to 31 December. Aleta Planet will also waive the AP-1 card sign-up fee and 3 years of annual fees for the first 10,000 Singapore residents who sign up using MyInfo, a digital service platform that stores personal data from different government agencies. Terms and conditions apply.

Aleta Planet Founder and Group Chairman Ryan Gwee said: “We are honoured to partner Tencent Financial Technology in this innovative solution to make it easier for residents to remit funds to China.

“Aleta Planet will continue to innovate and seek new partners in our mission to make cashless payments more accessible and affordable for individuals and businesses.”

“The Covid situation in recent years had led to an increase in demand for remittance services into China. We are committed to partnering with innovative partners like Aleta Planet globally to innovate and improve the remittance experience for Chinese citizens residing worldwide,” said Wenhui Yang, General Manager, Tencent Financial Technology Asia Pacific.

Aleta Planet was founded in 2014 by Mr Gwee, a former banker who has worked in Singapore, Hong Kong and China. It is one of the first Singapore fintechs to offer China-centric cross-border payment services. 

It recently won second prize and $100,000 for its AP-1 virtual card under the Singapore FinTech (Singapore Founder) category at the Singapore FinTech Festival Global FinTech Awards held at the Marina Bay Sands Expo and Convention Centre. AP-1 was among several ground-breaking fintech solutions recognised for enabling the financial sector to rebound from the impact of Covid-19.

Aleta Planet also provides card issuance and merchant acquisition for various card networks including UnionPay International, Discover, Diners Club, JCB, Visa and MasterCard. It is also Weixin Pay and PayNow enabled. The fast-growing fintech company operates from offices in Singapore, Hong Kong, Dubai, Australia and Malaysia.  

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About Aleta Planet:

Founded in 2014 in Singapore, Aleta Planet is a holistic payments technology provider of merchant acquisition, card issuance, remittance and B2B payments. Aleta Planet is licensed by the Monetary Authority of Singapore as a Major Payment Institution, and has offices in Hong Kong, Dubai, Australia and Malaysia. Its secure and internationally certified proprietary platform connects businesses to the world’s payment infrastructure through one Application Programming Interface, enabling business growth, greater customer engagement and new revenue opportunities.

Aleta Planet specialises in cross-border, multi-currency transactions with China through UnionPay International and Weixin Pay. The success of its card network-agnostic platform has also garnered it the operating licenses from other card networks such as JCB, Discover, Diners Club, Visa and MasterCard, and it is PayNow enabled. Furthermore, Aleta Planet’s broad network enables individuals and businesses to deposit local currencies from 35 countries or remit funds to 141 countries. With this comprehensive offering, Aleta Planet seeks to accelerate networks beyond China to the rest of the world.

For more information, please visit: www.aletaplanet.com


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