Singapore, 01 February 2024 – Singapore’s Leading Payment Service Provider AXS has entered into a strategic partnership with Aleta Planet to provide remittance services to China, in the first major solution to help consumers plug a gap following a ban on remittance houses transferring funds to China through non-banks and non-card channels.
AXS said today that users of its app that has more than 2 million downloads, will be able to remit money through the secure and robust UnionPay International network as it can now leverage Aleta Planet’s proprietary technology to link users to the UnionPay network in a secure and speedy manner.
Hundreds of customers, mainly Chinese nationals, had filed complaints against traditional remittance houses at the end of last year after they found their funds frozen by Chinese law enforcement agencies investigating money laundering and other illicit activities by money mules.
As part of the launch of its remittance service today, AXS is offering a highly competitive $1 transfer fee. The first 5,000 customers will enjoy a promotional offer of no minimum remittance amount; thereafter a minimum remittance of $300 applies.
The promotional offer for the first 5,000 customers will end on 31 March 2024. It is designed to encourage users to experience the latest AXS’ enhanced remittance service.
Since 2000, AXS has served the payments needs of Singaporean consumers and merchants. Over 1 million AXS users enjoy rapid access to more than 600 payment services, via its network of over 650 AXS Station self-service kiosks, as well as its proprietary AXS e-Station web-based and AXS m-Station mobile-based applications.
Chin Mun Chung, CEO, AXS Services, commented, “We are thrilled to partner with Aleta Planet to bring a faster, more secure, and cost-effective remittance service via UnionPay network to our group of users that requires an approved channel to remit money to China. As part of our strategic vision, AXS will be looking into expanding the remittance service to more corridors to better serve our users.”
Aleta Planet’s Founder and Group Chairman, Ryan Gwee, said: “Aleta Planet is excited to collaborate with AXS to empower them with the capabilities to offer a reliable and efficient remittance service to its users, via the UnionPay International network. This partnership reflects our commitment to simplifying complicated cross-border transactions.”
Mr Gwee added that Aleta Planet’s proprietary technology will ensure that the fund transfers will be made quickly and securely within 60 seconds.
A UnionPay International principal member, Aleta Planet is a fast-growing Singapore-based fintech that has developed proprietary technology to enable it to facilitate payments through the UnionPay network.
Shanghai-based UnionPay is China’s largest bank card network whose members include all the large banks in China such as Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, and international banks such as HSBC, Citibank, DBS Bank, OCBC Bank and Standard Chartered Bank.
About AXS
Incorporated in 2000, AXS Pte Ltd (“AXS”) is a leading payment platform operator that enables organisations to reach out to their target audience on its various channels.
AXS first launched its own network of “AXS Station” kiosks as the access points to the public in 2001, and subsequently expanded its channel to include mobile app (AXS m-Station) and online (AXS e-Station). Today, with over 650 self-service AXS Stations island-wide and more than 2 million downloads of AXS m-Station mobile app, it has grown to become Singapore’s largest bills payment platform. Through AXS omni-channel presence, users are able to access over 600 transactional services from private and government organisations anytime, anywhere.
AXS became a subsidiary of DBS in September 2006, providing increased stability and resources required for business expansion.
In July 2023, Tower Capital Asia announced the acquisition of a majority stake in AXS Pte Ltd. Following the close of this transaction, which is expected in Aug 2023, Tower Capital Asia will become the largest shareholder in AXS, while existing shareholder DBS Bank continues to retain a 9.9% stake in the company.
For more information, please log on to www.axs.com.sg.