Aleta Planet wins award at Singapore Fintech Festival

Nov 11, 2021

From left to right: Aleta Planet’s Founder and Group Chairman, Ryan Gwee, and Managing Director of Monetary Authority of Singapore, Ravi Menon.

Homegrown fintech Aleta Planet was awarded 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 on 11 November at the Marina Bay Sands Expo and Convention Centre.

Presented by the Monetary Authority of Singapore (MAS) and Singapore FinTech Association (SFA) and supported by PwC Singapore, the theme for this year’s Awards was “Emerging from a pandemic, the road to recovery”.

AP-1 was among several ground-breaking fintech solutions recognised for enabling the financial sector to rebound from the impact of Covid-19.

Launched by Aleta Planet in December 2020, AP-1 makes it easier for travellers to pay like a local in China for big and small transactions, including buying food from roadside stores, taking taxis, shopping at malls, dining in restaurants and booking air tickets. AP-1 users do not need to set up a Chinese bank account.

AP-1 can also be used for e-commerce and retail transactions. Retailers and other businesses have the option to co-brand with Aleta Planet to issue personal digital cards to their customers, scale up their loyalty programme, gather data on consumer spending and generate new revenue.

In addition, the AP-1 Business Account provides a fully digital, all-in-one account for businesses to pay into or collect sales settlements. Users can make direct payments into Chinese suppliers’ commercial accounts within two business days. It is sustainable and efficient for companies that regularly pay into China as a one-time onboarding process captures each party’s details for future invoicing and payments.

This year’s FinTech Awards attracted 190 submissions across the four categories sponsored by MAS: Singapore FinTech (Singapore Founder), ASEAN FinTech, Singapore Financial Institution and Global. Of the 40 shortlisted finalists, 12 winners were chosen by an international panel comprising industry experts across multiple domains.

All finalists were evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity.

Founder and Group Chairman of Aleta Planet, Ryan Gwee, said: “We are honoured to receive this prestigious award for AP-1, which allows foreigners to transact in and with China like a local. We will continue to push the boundaries of innovation and develop new solutions to help businesses and individuals find better ways of transacting with China.”

Aleta Planet was founded in 2014 by Mr Gwee, a former banker. It is one of the first China-centric solutions in Singapore to pioneer cross-border B2B payments to China. Aleta Planet provides card issuance and merchant acquisition for various card networks including UnionPay International, Discover, Diners Club, JCB, Visa and MasterCard. It is also WeChat Pay and PayNow enabled. The fast-growing fintech company currently operates from offices in Singapore, Hong Kong, Dubai, Australia and Malaysia.

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