Singapore, 01 February 2024 – Singapore’s Leading Payment Service Provider AXS, has entered into a strategic partnership with Aleta Planet to provide remittance services to China, in the first major solution to help consumers plug a gap following a ban on remittance houses transferring funds to China through non-banks and non-card channels.
AXS said today that users of its app that has more than 2 million downloads, will be able to remit money through the secure and robust UnionPay International network as it can now leverage Aleta Planet’s proprietary technology to link users to the UnionPay network in a secure and speedy manner.
Hundreds of customers, mainly Chinese nationals, had filed complaints against traditional remittance houses at the end of last year after they found their funds frozen by Chinese law enforcement agencies investigating money laundering and other illicit activities by money mules.
To launch its remittance service, AXS is offering a highly competitive $1 transfer fee for all transactions until March 31, 2024 for the first 5,000 customers. Subsequent transfers require a minimum amount of S$300 for users to enjoy the $1 transfer fee.
This promotional offer is designed to encourage users to experience AXS’ enhanced remittance services.
Since 2000, AXS has served the payments needs of Singaporean consumers and merchants. Over 1 million AXS users enjoy rapid access to more than 600 payment services, via its network of over 650 AXS Station self-service kiosks, as well as its proprietary AXS e-Station web-based and AXS m-Station mobile-based applications.
Chin Mun Chung, CEO, AXS Services, commented, “We are thrilled to partner with Aleta Planet to bring a faster, more secure, and cost-effective remittance service via UnionPay network to our group of users that requires an approved channel to remit money to China. As part of our strategic vision, AXS will be looking into expanding the remittance service to more corridors to better serve our users.”
Aleta Planet’s Founder and Group Chairman, Ryan Gwee Said: “Aleta Planet is excited to collaborate with AXS to empower them with the capabilities to offer a reliable and efficient remittance service to its users, via the UnionPay International network. This partnership reflects our commitment to simplifying complicated cross-border transactions.”
A UnionPay International principal member, Aleta Planet is a fast-growing Singapore-based fintech that has developed proprietary technology to enable it to facilitate payments through the Union Pay network.
Shanghai-based UnionPay is China’s largest bank card network whose members include all the large banks in China such as Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, and international banks such as HSBC, Citibank, DBS Bank, OCBC Bank and Standard Chartered Bank.
About AXS
Incorporated in 2000, AXS Pte Ltd (“AXS”) is a leading payment platform operator that enables organisations to reach out to their target audience on its various channels.
AXS first launched its own network of “AXS Station” kiosks as the access points to the public in 2001, and subsequently expanded its channel to include mobile app (AXS m-Station) and online (AXS e-Station). Today, with over 650 self-service AXS Stations island-wide and more than 2 million downloads of AXS m-Station mobile app, it has grown to become Singapore’s largest bills payment platform. Through AXS omni-channel presence, users are able to access over 600 transactional services from private and government organisations anytime, anywhere.
AXS became a subsidiary of DBS in September 2006, providing increased stability and resources required for business expansion.
In July 2023, Tower Capital Asia announced the acquisition of a majority stake in AXS Pte Ltd. Following the close of this transaction, which is expected in Aug 2023, Tower Capital Asia will become the largest shareholder in AXS, while existing shareholder DBS Bank continues to retain a 9.9% stake in the company.
For more information, please log on to www.axs.com.sg.
About Aleta Planet
Founded in 2014 in Singapore, Aleta Planet is an award-winning global payments solution provider that simplifies online, cross-border and multi-currency transactions safely, securely and efficiently. They are a holistic payments technology provider of merchant acquisition, card issuance, remittance and B2B payments. As a global payment facilitator that interconnects different payment options and types, Aleta Planet specialises in helping Chinese companies to scale the global market. Aleta Planet is licensed in Singapore by the Monetary Authority of Singapore as a Major Payment Institution and in other jurisdictions, with offices in Singapore, Hong Kong, Dubai, Australia and Malaysia. Its secure and internationally certified proprietary platform connects businesses to the world’s payment infrastructure through one Application Programming Interface, enabling business growth, greater customer engagement and new revenue opportunities.
The success of its card network-agnostic platform has also garnered Aleta Planet its operating licenses from card networks including Diners Club, Discover Network, JCB, MasterCard, Union Pay International Visa, SWIFT and other Alternative Payment Methods. Furthermore, Aleta Planet’s broad network enables individuals and businesses to deposit local currencies in 39 countries or remit funds to 140 countries.
For more information, please visit: www.aletaplanet.com.
