TLDR: Aleta Planet, a Singapore-based payments provider, has partnered with Alipay to launch a remittance service in order to meet the increased demand for transfers to China during the Lunar New Year holiday. Aleta Planet’s app allows individuals and companies in Singapore to access Alipay, UnionPay, and Weixin, three of China’s most popular payment platforms.
Aleta Planet has launched a remittance service in partnership with Chinese payment service Alipay to handle the surge in transfers to China during the Lunar New Year holiday. The Singapore-based payments provider is targeting the Chinese residents and workers who want to send funds home in a secure and low-cost way, especially after Singapore imposed a temporary ban on remittances to China via non-bank and non-credit card channels. Aleta Planet’s app allows individuals and companies in Singapore to access all three of China’s most popular payment platforms: Alipay, UnionPay, and Weixin.
This partnership comes at a critical time as the demand for remittance services to China is expected to increase during the Lunar New Year holiday. The Lunar New Year is one of the most important holidays in Chinese culture, and it is customary for individuals to send money to their families and loved ones during this time.
The ban on remittances to China via non-bank and non-credit card channels in Singapore has created a gap in the market, which Aleta Planet and Alipay are looking to fill. By offering a secure and low-cost remittance service, these companies are addressing the needs of Chinese residents and workers in Singapore who want to send money back home to their families.
Through Aleta Planet’s app, individuals and companies in Singapore can now easily access Alipay, UnionPay, and Weixin, three of China’s most popular payment platforms. This gives them a convenient and efficient way to send money to China during the Lunar New Year holiday.
This partnership between Aleta Planet and Alipay highlights the increasing role of fintech in enabling cross-border remittances. With the rise of digital payment platforms like Alipay, it has become easier and more affordable for individuals and companies to transfer money internationally. This is particularly beneficial for migrant workers who rely on remittances to support their families in their home countries.
Overall, this partnership between Aleta Planet and Alipay is an important development in the fintech industry, as it provides a secure and low-cost solution for individuals and companies in Singapore to send money to China. By tapping into the China-bound remittance market, Aleta Planet aims to meet the increased demand during the Lunar New Year holiday and provide a convenient way for Chinese residents and workers in Singapore to support their families back home.