Singapore fintech Aleta Planet (AP) has launched MPLUS Aleta, an innovative digital payment app, to address the unique financial needs of Muslim communities across Southeast Asia, where many small and medium businesses and markets rely mostly on cash or credit card payments.
The MPLUS Aleta app made its debut at Singapore’s oldest Ramadan Bazaar at Geylang Serai in February where merchants who signed up enjoyed zero transaction fees, instant onboarding (payments were accepted within 24 hours) and seamless, secure transactions. Muslim merchants who adopt the app will not have to pay transaction fees for 24 months.
Adoption of the app also reduces processing costs, enables faster settlements, enhances security and provides a robust foundation for scaling digital payments across markets. Consumers will just need to download the app and simply scan a dedicated MPLUS Aleta QR code to pay merchants. And within the app, they will be able to access a one-stop shop and community of Muslim merchants and enterprises who cater to particular needs of the Muslim community.
Ryan Gwee, Founder and Group Chairman at Aleta Planet, said: “This MPLUS Aleta app is a step forward to close the digital payment gap in the Muslim community, and to be more relevant to their unique needs.
“Indonesia and Malaysia, as the largest Muslim-majority countries in our region, presents a vast opportunity. We are confident that the young generation will take the lead in pioneering digital payments in their communities.”
MPLUS Aleta utilises QR payment technology and leverages AP’s proprietary network, creating a closed-loop payment ecosystem. This means that transactions are processed entirely within AP’s own infrastructure, bypassing traditional external payment networks whist offering an uncompromised level of security.
This innovation will empower Muslim businesses which adopt the app as it ensures safety and ease of transactions, as well as higher privacy and data protection. AP is looking to deploy the app to other Muslim communities across Southeast Asia, particularly Indonesia and Malaysia later in the year.
Mr Gwee added that as MPLUS Aleta expands across Southeast Asia, it will help drive business growth with its robust and scalable financial solutions. “By integrating Aleta Planet’s advanced payment technology with MPLUS, we’re equipping consumers and merchants with the confidence to transact securely and efficiently.”
Suhaimi Rafdi, CEO of MPLUS Singapore Pte Ltd, the joint-venture company behind the app, said: “Our aim is to create a win-win ecosystem, benefiting both shoppers and merchants while accelerating the shift towards a cashless economy in Southeast Asia. We are honoured to work with Aleta Planet because they are the fintech expert in powering cashless payments.”
As part of its strategic expansion into Southeast Asia, MPLUS Aleta will introduce an attractive cashback program to reward users for their transactions besides waiving transaction fees. This initiative not only delivers immediate value to consumers but also drives adoption and repeat usage. By fostering a virtuous cycle, it creates benefits for both shoppers and merchants, further accelerating the transition to a cashless economy.
MPLUS Aleta is now available for download on Apple App Store, Google Play Store, and Huawei AppGallery.