ACE is an online service that enables consumers to send money from the city-state to China, powered by Aleta Planet’s proprietary technology that operates on UnionPay’s platform. The move online is timely for Zhongguo Remittance since many of its counter services are shuttered or shortened because of movement restrictions put in place because of the Covid-19 pandemic. It also represents a significant step forward for a traditional cash business.
ACE will allow tens of thousands of Singapore residents, especially Chinese nationals including students and migrant workers who make up the bulk of Zhongguo Remittance’s customer base, to send money to bank accounts in China within 60 seconds, according to the official press release.
The transfers will be done via UnionPay’s secure network using an application interface created by Aleta Planet. There is no third-party involved in the process. As part of the launch promotion, customers will be able to make transfers of as much as USD 1,000 without incurring any transaction fees. The promotion will go on for three months until August 31, 2020.
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