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 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.
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.
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