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AXS partners with Aleta Planet to launch a remittance service

Thursday 1 February 2024 11:22 CET | News

Singapore-based payment service provider AXS has partnered with Aleta Planet to provide remittance services to China.

 

This service solution is designed to help consumers plug a gap following a ban on remittance houses transferring funds to China through non-bank and non-card channels. This announcement came after hundreds of customers, mainly Chinese nationals, complained about traditional remittance houses freezing their funds in 2023 due to investigations into money laundering and other illicit activities by money mules.

AXS has partnered with Aleta Planet to provide remittance services to China.

 

Users can now use the UnionPay International network to remit money

AXS has 20 years of expertise in the payment needs of Singaporean consumers and merchants. Currently, it provides more than 1 million users with access to over 600 payment services through its network of over 650 AXS Station self-service kiosks, as well as its web-based AXS e-Station and mobile-based AXS m-Station applications.

According to the official press release, AXS has announced that users of its app, which has been downloaded more than 2 million times, can now use the secure UnionPay International network to remit money. This has been made possible using Aleta Planet's technology, which quickly connects users to the UnionPay network.

To launch its remittance service, AXS is offering a USD 1 transfer fee, specifying that for the first 5.000 customers, there is no minimum remittance amount. After that, the minimum remittance will be USD 300. 

AXS officials stated that the partnership with Aleta Planet is set to provide a faster, more secure, and cost-effective remittance service via the UnionPay network to its users who require a reliable channel to remit money to China. Moreover, as part of its expanding strategy, AXS will explore expanding the remittance service to more corridors to serve its users better.

In addition, Aleta Planet said that this partnership reflects its commitment to simplifying complicated cross-border transactions. Moreover, Aleta Planet's technology is designed to ensure that fund transfers are made within 60 seconds. 

More about Aleta Planets’ development in China

Aleta Planet is a Singapore-based fintech, licenced in Singapore by the Monetary Authority of Singapore as a Major Payment Institution and in other jurisdictions. It has developed proprietary technology to facilitate payments through the UnionPay International network, and a suite of services that simplifies online, cross-border, and multi-currency transactions safely, making them secure and efficient. Aleta Planet also provides merchant acquisition, card issuance, remittance, and B2B payments. As a global payment facilitator connecting different payment options and types, Aleta Planet specialises in helping Chinese companies scale the global market.

To expand its capabilities, the fintech had multiple partnerships and launches in China in the last couple of months. In September 2023, Aleta Planet partnered with Lakala International to improve the payment experience for foreign visitors to China through the ‘Visitor to China’ app. This allows the visitors to transact and make payments efficiently and securely, with several merchants and businesses. 

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Keywords: partnership, remittance, money remittance, money transfer, payments
Categories: Payments & Commerce
Companies: Aleta Planet, AXS
Countries: Asia, China
This article is part of category

Payments & Commerce

Aleta Planet

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AXS

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