Singapore-based Aleta Planet has rolled out an Alipay remittance characteristic on its app, permitting for quicker and safer cash transfers to China. In line with Aleta Planet, this addition makes it the primary fee firm to offer fund switch companies to China by way of the nation’s three main fee networks: UnionPay, Weixin, and now Alipay.

This new service arrives forward of the Chinese language New 12 months, providing a sensible answer for each people and firms needing to switch cash to China whereas staying compliant with rules. The introduction of this characteristic is available in response to directives from the Financial Authority of Singapore (MAS), which emerged on account of incidents the place funds from Singapore had been frozen by Chinese language authorities.

To forestall such occurrences, MAS has instructed that from January to March 2024, remittance corporations should solely perform transactions by way of banks, card community operators, or licensed monetary establishments related to such networks in China. This measure, which will probably be reviewed on the finish of March, is meant to make sure safer and extra regulated cross-border cash transfers.

Ryan Gwee, Founder and Group Chairman of Aleta Planet, commented on the significance of dependable and well timed fee methods with China, particularly with the upcoming Lunar New 12 months.

Ryan Gwee

““Corporations want secure and well timed fee methods to function throughout borders. With the Lunar New 12 months celebrations beginning a few month from now, this want has taken an added urgency since workers anticipate to obtain their bonuses on time.

“Chinese language nationals working in Singapore can even use our platform to ship cash to their family members at residence with none delay,”

he added.

Alipay, a significant participant within the Chinese language market with over 700 million lively customers, permits transfers to Alipay accounts or Chinese language financial institution accounts from overseas. Customers of Aleta Planet’s AP-1 app can anticipate enhanced information safety, consistent with Singapore’s strict privateness legal guidelines.

Singapore residents with Singpass can register for the app for free of charge, offering them entry to China’s main remittance channels. The service guarantees that recipients will obtain the transferred funds of their e-wallets or financial institution accounts inside a minute.