Ryan Gwee, Chairman and Group CEOAleta Planet also concentrates on Chinese e-commerce because many merchants who intend to target Chinese consumers face several difficulties when integrating their payment technologies. And when they attempt to procure an e-commerce solution for their business through standard financial institutions, the use of legacy systems often curbs progress. This will then require extensive development efforts and a much longer lead-time. Thus, Aleta Planet and its team of veteran technology and financial experts develop fintech solutions to build an international payment superhighway to China.
The company collaborates with UnionPay to streamline the delivery of its products. “Our strategic integration with UnionPay, in-depth experience with the best of China’s payment technologies, and in-house specialists who understand the pain points of clients serve to amplify our unique China-centric proposition,” expresses Ryan Gwee, Chairman and Group CEO.
The company obtained a direct acquiring license from UnionPay in 2017 and, since then, has also been certified as a principal member of UnionPay International, Singapore. The company was also the first to issue offshore UnionPay commercial accounts throughout Asia. Gwee and his team spent three dedicated years developing an end-to-end, ready-to-deploy proprietary platform and API toolkit that enabled cross-border B2B and e-commerce payments on the UnionPay network. “Unlike traditional transaction processes which involve intermediary or processing banks, Aleta Planet plays a holistic role as issuer, acquirer, and payment service provider, connecting businesses to the UnionPay network,” he explains. This facilitates a speedier payment process for timely settlements. It also enhances the safety and security of every transaction, reducing the risks of system failure or data leaks. The solution is also semi-automated, where the final five per cent of all operations is manually overviewed to minimize chances of any cyberattacks.
On the card issuing front, the company also aims to allow non-residents and travelers to China to conduct transactions as seamlessly as possible. For this purpose, Aleta Planet invested heavily toward network security and compliance with UnionPay and China’s State Administration of Foreign Exchange (SAFE) regulations. Its proprietary platform conforms to all government policies and rigorous test standards and is easy to implement. With high levels of accessibility, the company onboards users within three minutes by using simple e-KYC, online top-up through PayNow, and QR code-based payments with instant discounts and a customizable rule engine for different product offerings.
With such salient features empowering merchants across the globe, Aleta Planet is making a significant impact in the APAC region’s e-payment trends. The company currently maintains offices in Australia, Dubai, Hong Kong and Malaysia, and intends to expand to more cities in Middle East and Europenext year. Gwee expects to leverage the skills and experiences of his competent workforce to drive change in the fintech space and help improve trading with China and other economies for millions of people and companies.
The company obtained a direct acquiring license from UnionPay in 2017 and, since then, has also been certified as a principal member of UnionPay International, Singapore. The company was also the first to issue offshore UnionPay commercial accounts throughout Asia. Gwee and his team spent three dedicated years developing an end-to-end, ready-to-deploy proprietary platform and API toolkit that enabled cross-border B2B and e-commerce payments on the UnionPay network. “Unlike traditional transaction processes which involve intermediary or processing banks, Aleta Planet plays a holistic role as issuer, acquirer, and payment service provider, connecting businesses to the UnionPay network,” he explains. This facilitates a speedier payment process for timely settlements. It also enhances the safety and security of every transaction, reducing the risks of system failure or data leaks. The solution is also semi-automated, where the final five per cent of all operations is manually overviewed to minimize chances of any cyberattacks.
On the card issuing front, the company also aims to allow non-residents and travelers to China to conduct transactions as seamlessly as possible. For this purpose, Aleta Planet invested heavily toward network security and compliance with UnionPay and China’s State Administration of Foreign Exchange (SAFE) regulations. Its proprietary platform conforms to all government policies and rigorous test standards and is easy to implement. With high levels of accessibility, the company onboards users within three minutes by using simple e-KYC, online top-up through PayNow, and QR code-based payments with instant discounts and a customizable rule engine for different product offerings.
With such salient features empowering merchants across the globe, Aleta Planet is making a significant impact in the APAC region’s e-payment trends. The company currently maintains offices in Australia, Dubai, Hong Kong and Malaysia, and intends to expand to more cities in Middle East and Europenext year. Gwee expects to leverage the skills and experiences of his competent workforce to drive change in the fintech space and help improve trading with China and other economies for millions of people and companies.
Aleta Planet News
Aleta Planet, a China-centric Singapore fintech, officially launched its AP-1 virtual card on 18 Dec 2020 for QR code or contactless payments through UnionPay, a global payment brand accepted at over 52 million merchants worldwide.
Aleta Planet said in addition to visitors to China, those with family and friends in China or shoppers who frequent Chinese e-commerce sites, will greatly benefit from using AP-1. This is particularly relevant as Chinese companies expand their regional presence through Singapore.
Ryan Gwee, Aleta Planet’s Chairman and Group CEO, said: “We are pleased to launch Aleta Planet’s AP-1 virtual card. China’s cashless society has often been a challenge for visitors who do not have a local bank account to support mobile payments. AP-1 would solve these challenges for them.
“AP-1 is not just another e-wallet. It is uniquely placed to support foreigners because it taps into the payment network of UnionPay, a leading global payment brand. As borders gradually open, users will find AP-1 an easy, convenient and secure way of spending like a local in China. For now, they can still benefit from remitting funds to UnionPay cardholders within 60 seconds and enjoy exclusive UnionPay rewards and promotions in Singapore.”
The AP-1 virtual card can also be used at retailers in Singapore that accept UnionPay QR code or Mobile Quickpass(a contactless NFC function). From now till 28 Feb 2021, AP-1 users will enjoy 18% off(capped at $8) at various local participating merchants including Five Star, Fragrance, Joo Chiat Popiah, Jumbo Seafood, 227 Katong Durian, Kim Choo Kueh Chang and Queen of Wok (Whampoa Keng Fish Head).AP-1 users can stay updated on these exciting offers through AP-1’s Facebook, Instagram and LinkedIn pages.
Transactions made with AP-1 also support charitable causes in Singapore. As AP-1 users spend or remit, Aleta Planet commits a part of the fees earned to the Aleta Planet Foundation, a charitable fund set up recently to support the elderly and children in Singapore.
Aleta Planet offers easy access and use of the AP-1 virtual card. Users can download the AP-1 app from Apple Store, Google Play or Huawei App Gallery, sign up for the virtual card within three minutes with MyInfo, then scan a retailer’s UnionPay QR Code or use UnionPayMobile QuickPass at the point of sale.
The first 10,000 Singapore residents who sign up through MyInfo will enjoy a waiver of the membership sign-up fee of$99 and three years of annual fees at $12 per year. The first 1,000 customers who top up the minimum deposit of $50in their account will also receive an additional$10 rebate (within 5 working days).The first 1,000 remittance transactions by customers who make their first remittance will enjoy a remittance fee waiver capped at $10 (equivalent to a transaction amount of $500).
Aleta Planet is the first issuer in Singapore to support Huawei Pay’s dual NFC and QR mobile payments function. This allows AP-1 users with Huawei or Honor phones to add their AP-1 card to Huawei Wallet, and access multiple mobile payment modes thereafter by tapping their phones, scanning or showing QR codes. A payment shortcut button on their phone can also be created from the Huawei Wallet app.
Through the partnership, Huawei phone users can also make contactless cash withdrawals at ATMs of supported banks in China using AP-1 in Huawei Pay, making Aleta Planet the first issuer in the country to support this function.
Cardholders can also link their AP-1 card to their PayPal account for added convenience and functionality.
AP-1 is powered by proprietary technology developed by Aleta Planet, a Certified Principal Member of UnionPay International.
Huiming Cai, General Manager, UnionPay International Southeast Asia said: “We are absolutely delighted to support Aleta Planet on the launch of AP-1, a virtual card that will enable Singaporeans and foreigners to make digital payments at any of the 30 million merchants in 61 countries and regions around the world that accept UnionPay mobile payment solutions. AP-1 makes digital payments easy, seamless and convenient for the well-travelled Singapore residents.”
AP-1 users may top up their virtual card by linking it to a credit card or top up directly from a savings account via PayNow. Maybank Singapore is supporting AP-1 as the solution enabler for the PayNow function.
Helena Ooi, Head of Strategy at Maybank Singapore, said: “We are excited to be collaborating with Aleta Planet to offer PayNow to AP-1 users, which is in line with Maybank’s mission to facilitate more contactless transactions for merchants. Topping up via PayNow is simple, fast and secure.
“With a growing number of consumers looking to embrace contactless payments during this time, we see more opportunities to work closely with Aleta Planet, which has been very innovative in their payment technology solutions.”
Aleta Planet was started in 2014 to facilitate cross-border B2B digital payments through the UnionPay network. It has progressively expanded its offerings to include B2C services.
Earlier this year, it launched a remittance service on UnionPay’s MoneyExpress network to allow the estimated 380,000 Chinese working in Singapore to send money back to China faster, cheaper and safer. It also announced its partnership with one-stop lifestyle app Nestia to allow its over 600,000 registered members to make both offline and online payments using an UnionPay virtual card.