Aleta Planet: Crossing Borders with Safe, Compliant e-Payment Solutions

Jan 14, 2021

APAC CIO Outlook's Top 10 Fintech Solution Providers 2020: Aleta Planet

In today’s highly globalized marketplace, one might imagine that transferring funds from any part of the world to another should be as simple as visiting their respective bank’s website and authorizing a transaction. And sometimes, it is that simple. However, there are certain parts of the world where managing payments becomes a challenging process due to the region’s various regulations and policies on financial activities. For example, China is highly advanced in its payment technologies and systems. Firms in China leverage some of the most cutting-edge fintech solutions. Yet the country’s capital control policies, though designed to protect their foreign exchange reserves and exchange rates, can create challenges for international businesses aiming to expand into the Chinese market. Having observed the perseverance of such complications, Singapore-based Aleta Planet develops the most innovative and compliant fintech solutions to connect consumers and businesses. The company is mainly focused on streamlining payment processes for enterprises or individuals seeking to pay into China, in a simple, fast and secure manner.

Aleta Planet also concentrates on Chinese e-commerce because many merchants who intend to target Chinese consumers face several difficulties when integrating their payment technologies. And when they attempt to procure an e-commerce solution for their business through standard financial institutions, the use of legacy systems often curbs progress. This will then require extensive development efforts and a much longer lead-time. Thus, Aleta Planet and its team of veteran technology and financial experts develop fintech solutions to build an international payment superhighway to China. The company collaborates with UnionPay to streamline the delivery of its products. “Our strategic integration with UnionPay, in-depth experience with the best of China’s payment technologies, and in-house specialists who understand the pain points of clients serve to amplify our unique China-centric proposition,” expresses Ryan Gwee, Chairman and Group CEO.

The company obtained a direct acquiring license from UnionPay in 2017 and, since then, has also been certified as a principal member of UnionPay International, Singapore. The company was also the first to issue offshore UnionPay commercial accounts throughout Asia. Gwee and his team spent three dedicated years developing an end-to-end, ready-to-deploy proprietary platform and API toolkit that enabled cross-border B2B and e-commerce payments on the UnionPay network. “Unlike traditional transaction processes which involve intermediary or processing banks, Aleta Planet plays a holistic role as issuer, acquirer, and payment service provider, connecting businesses to the UnionPay network,” he explains. This facilitates a speedier payment process for timely settlements. It also enhances the safety and security of every transaction, reducing the risks of system failure or data leaks. The solution is also semi-automated, where the final five per cent of all operations is manually overviewed to minimize chances of any cyberattacks.

On the card issuing front, the company also aims to allow nonresidents and travelers to China to conduct transactions as seamlessly as possible. For this purpose, Aleta Planet invested heavily toward network security and compliance with UnionPay and China’s State Administration of Foreign Exchange (SAFE) regulations. Its proprietary platform conforms to all government policies and rigorous test standards and is easy to implement. With high levels of accessibility, the company onboards users within three minutes by using simple e-KYC, online top-up through PayNow, and QR code-based payments with instant discounts and a customizable rule engine for different product offerings.

With such salient features empowering merchants across the globe, Aleta Planet is making a significant impact in the APAC region’s e-payment trends. The company currently maintains offices in Australia, Dubai, Hong Kong and Malaysia, and intends to expand to more cities in Middle East and Europe next year. Gwee expects to leverage the skills and experiences of his competent workforce to drive change in the fintech space and help improve trading with China and other economies for millions of people and companies.

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