Singapore’s AXS, Aleta Planet Offer UnionPay-Powered China Remittancesby Fintech News Singapore February 1, 2024
This collaboration comes as a solution for consumers affected by a recent ban on fund transfers to China through non-bank and non-card channels.
AXS’s mobile app will now enable users to send money via the UnionPay International network, utilising Aleta Planet’s technology for fast and secure transactions, typically within 60 seconds.
The move addresses concerns raised by numerous Chinese nationals who experienced issues with traditional remittance services, including frozen funds due to investigations into money laundering.
AXS is introducing a promotional S$1 transfer fee for the first 5,000 customers, with no minimum remittance requirement initially. Post-promotion, a S$300 minimum will be enforced.
Chin Mun Chung, CEO, AXS Services said,
“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.”
Ryan Gwee, Founder and Group Chairman, Aleta Planet 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.”