Priya PatelTLDR:
- Singapore payments provider Aleta Planet has partnered with Alipay to offer a remittance service, targeting the surge in transfers to China during the Lunar New Year holiday.
- Aleta Planet aims to meet increased demand from Chinese residents and workers who want to send funds home in a secure and low-cost way.
Singapore-based payments provider Aleta Planet has launched a remittance service in partnership with Chinese payment service Alipay, as it seeks to address the surge in transfers to China during the Lunar New Year holiday. The fintech company aims to meet the stronger demand from Chinese residents and workers who want to send funds home in a secure and low-cost way. This comes after Singapore temporarily banned remittances to China via non-bank and non-credit card channels.
Aleta Planet’s remittance service allows individuals and companies in Singapore to access all three of China’s most popular payment platforms – Alipay, UnionPay, and Weixin – through its app. The partnership with Alipay enables users to securely transfer money to Chinese bank accounts, providing a convenient solution for those wanting to send funds to China for the holiday season.
The Lunar New Year holiday is a time when many Chinese people traditionally return to their hometowns to celebrate with their families. As a result, there is typically a high demand for remittances to China during this period.
This partnership between Aleta Planet and Alipay allows Singapore-based individuals and companies to meet that demand and send money to China easily and securely. By offering a low-cost remittance service, Aleta Planet aims to provide a competitive alternative to traditional channels and encourage more users to choose their platform.
Earlier, Singapore had temporary restrictions on remittances to China, banning transfers via non-bank and non-credit card channels. However, with Aleta Planet’s partnership with Alipay, Singapore residents can now send money to China using a trusted and secure payment service.
Aleta Planet’s fintech solutions are focused on providing efficient and globally inclusive payment services. By partnering with Alipay, a leading payment platform in China, the company aims to tap into the growing market for remittances to China and provide a seamless experience for users.
Overall, this partnership between Aleta Planet and Alipay is significant in meeting the demand for remittances to China during the Lunar New Year holiday. By offering a secure and low-cost remittance service, the two companies aim to provide a convenient option for Singapore-based individuals and companies to send money to China.
