Aleta Planet Introduces Alipay Feature for Faster, Secure Remittances to China – Fintech Singapore

Singapore-based Aleta Planet has rolled out an Alipay remittance feature on its app, allowing for faster and more secure money transfers to China. According to Aleta Planet, this addition makes it the first payment company to provide fund transfer services to China via the country’s three primary payment networks: UnionPay, Weixin, and now Alipay.

This new service arrives ahead of the Chinese New Year, offering a practical solution for both individuals and companies needing to transfer money to China while staying compliant with regulations. The introduction of this feature comes in response to directives from the Monetary Authority of Singapore (MAS), which emerged due to incidents where funds from Singapore were frozen by Chinese authorities.

To prevent such occurrences, MAS has instructed that from January to March 2024, remittance companies must only carry out transactions through banks, card network operators, or licensed financial institutions associated with such networks in China. This measure, which will be reviewed at the end of March, is intended to ensure safer and more regulated cross-border money transfers.

Ryan Gwee, Founder and Group Chairman of Aleta Planet, commented on the importance of reliable and timely payment systems with China, especially with the upcoming Lunar New Year.

Ryan Gwee

““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,”

he added.

Alipay, a major player in the Chinese market with over 700 million active users, allows transfers to Alipay accounts or Chinese bank accounts from abroad. Users of Aleta Planet’s AP-1 app can expect enhanced data protection, in line with Singapore’s strict privacy laws.

Singapore residents with Singpass can register for the app at no cost, providing them access to China’s major remittance channels. The service promises that recipients will receive the transferred funds in their e-wallets or bank accounts within a minute.

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• Source: https://fintechnews.sg/84167/remittance/aleta-planet-introduces-alipay-feature-for-faster-secure-remittances-to-china/