Singapore, 25 January 2023 – Singapore-based fintech Aleta Planet said today it has launched an Alipay remittance feature, allowing users of its app to send money securely and speedily to China.
With the latest service, Aleta Planet will be the first and only payment company to allow fund transfers to China through its three major payments networks, the other two being UnionPay and Weixin, the version of WeChat that is used in China.
The move, which comes before the start of the Chinese New Year, provides companies and individuals with a safe and low-cost option to send funds to China without inadvertently breaching regulations.
Acting on complaints that funds from Singapore had been frozen by Chinese law enforcement agencies, the Monetary Authority of Singapore (MAS) instructed remittance companies providing cross-border fund transfers through non-bank and non-card channels to suspend their services to China from 1 January to 31 March 2024.
During this three-month period, remittance companies may engage only a bank, an operator of a card network, or a licensed financial institution that has engaged a bank or an operator of a card network in China, to assist in the transfer. MAS will review the restriction at the end of March.
Ryan Gwee, Founder and Group Chairman of Aleta Planet, said: “Companies need safe and timely payment systems to operate across borders. With the Lunar New Year celebrations starting about a month from now, this need has taken an added urgency since staff expect to receive their bonuses on time.
“Chinese nationals working in Singapore can also use our platform to send money to their loved ones at home without any delay.
“The launch of Aleta Planet’s Alipay remittance solution is also timely as it addresses a gap in the remittance market following recent regulatory changes.”
Alipay, which has over 700 million active users in China, allows users to send money to an Alipay account or a Chinese bank account from overseas. By using Aleta Planet’s AP-1 app as their gateway to Alipay, customer details are better protected owing to Singapore’s stricter data privacy laws.
Singapore residents with Singpass can simply download the AP-1 app from the app store and register for free. This gives them access to all 3 of China’s top remittance channels, Alipay, Weixin and Unionpay International. Recipients will receive the funds directly in their respective e-wallet or banking accounts within 60 seconds.