Singapore residents, including the more than 400,000 mainland Chinese living and working here, can now remit money to Weixin users in China under a partnership between homegrown fintech Aleta Planet and Tencent Financial Technology.
This is the first time Tencent Financial Technology has partnered with a Singapore fintech for crossborder transfer of funds and the service rides on Aleta Planet’s proprietary technology allowing residents to send money in a safe, secure, and speedy manner and at lower cost than through conventional methods.
Aleta Planet said that remittance through Weixin as a channel is timely as the Covid-19 pandemic makes it inconvenient for residents to travel to a remittance firm to send money back to China.
Customers who wish to use the remittance service need to sign up for a Aleta Planet/Nestia digital card and perform the remittance to Weixin users in China.
During the campaign period from 24 November to 31 December, fees will be waived for the first 10,000 remittances completed. Customers will also be eligible for S$8 rebates (capped at 5 times per person) for the first 8,000 remittances completed between 24 to 30 November and 25 to 31 December. Aleta Planet will also waive the AP-1 card sign-up fee and 3 years of annual fees for the first 10,000 Singapore residents who sign up using MyInfo, a digital service platform that stores personal data from different government agencies. Terms and conditions apply.
Aleta Planet Founder and Group Chairman Ryan Gwee said: “We are honoured to partner Tencent Financial Technology in this innovative solution to make it easier for residents to remit funds to China.
“Aleta Planet will continue to innovate and seek new partners in our mission to make cashless payments more accessible and affordable for individuals and businesses.”
“The Covid situation in recent years had led to an increase in demand for remittance services into China. We are committed to partnering with innovative partners like Aleta Planet globally to innovate and improve the remittance experience for Chinese citizens residing worldwide,” said Wenhui Yang, General Manager, Tencent Financial Technology Asia Pacific.