Residents of Singapore, including the 400,000 Chinese nationals who currently live and work there, will now enjoy the opportunity to send money to Weixin users in mainland China as an outcome of a recent partnership between homegrown fintech Aleta Planet and Tencent Financial Technology.
This partnership is the first time Tencent Financial Technology has come together with a Singapore fintech to enable international fund transfers. The service will reportedly sit upon Aleta Planet’s proprietary technology which is set to allow residents to send money safely and securely, and at a lower cost than through other more conventional means.
Aleta Planet said that remittance through Weixin as a channel is timely as the Covid-19 pandemic makes it inconvenient for residents to travel to a remittance firm to send money back to China.
The launch of this service correlates strongly with the recent findings of Paysend which highlighted the extensive growth of its Global Transfers service experienced during the pandemic, and especially within APAC markets.
Weixin (微信) is the Chinese domestic counterpart of the more familiar WeChat; although the latter is known for expanding its services into international markets.
Customers who wish to use the remittance service are required to sign up for an Aleta Planet digital card to establish remittance to Weixin users in China.
From now until 31 December, fees will be waived for the first 10,000 remittances that are completed. Customers will also be eligible for S$8 rebates (capped at 5 times per person) for the first 8,000 remittances completed between 24 to 30 November and 25 to 31 December.
Aleta Planet will also reportedly waive the AP-1 card sign-up fee and 3 years of annual fees for the first 10,000 Singapore residents who sign up using MyInfo, a digital service platform that stores personal data from different government agencies.
Aleta Planet was founded in 2014 by Ryan Gwee, a former banker who has worked in Singapore, Hong Kong and China. It has become one of the first Singapore fintechs to offer China-centric cross-border payment services. The fast-growing fintech company operates from offices in Singapore, Hong Kong, Dubai, Australia and Malaysia and recently won second prize and $100,000 for its AP-1 virtual card under the Singapore FinTech (Singapore Founder) category at the Singapore FinTech Festival Global FinTech Awards
Speaking on the formation of its recent partnership, Gwee comments: “We are honoured to partner Tencent Financial Technology in this innovative solution to make it easier for residents to remit funds to China.
“Aleta Planet will continue to innovate and seek new partners in our mission to make cashless payments more accessible and affordable for individuals and businesses.”
“The Covid situation in recent years had led to an increase in demand for remittance services into China,” added Wenhui Yang, General Manager, Tencent Financial Technology Asia Pacific. “We are committed to partnering with innovative partners like Aleta Planet globally to innovate and improve the remittance experience for Chinese citizens residing worldwide.”