" class="no-js "lang="en-US"> Aleta Planet to Provide Digital Wallet for "Visitor to China" App
Sunday, April 14, 2024

Aleta Planet to Provide Digital Wallet for “Visitor to China” App to Help Foreigners Pay Like a Local

Singaporeans and other foreigners visiting China will be able to pay like a local through a “Visitor to China” app following a strategic collaboration between Singapore-based fintech Aleta Planet and Lakala International, one of China’s foremost payment institutions.

The app is being launched to time with the once-in-four-years Asian Games in Hangzhou, to be held from 23 September to 8 October 2023, and involving athletes from all over the region. With the influx of foreign athletes and tourists as China reopens its borders, Lakala International’s partnership with Aleta Planet will enable these visitors to transact smoothly and seamlessly with a myriad of merchants.

The Aleta Planet’s QR-based digital wallet resolves a major headache for foreigners visiting China who are increasingly finding it difficult to pay for anything from a bottle of water to a taxi ride. China’s cashless economy requires payments from a digital wallet to be linked to a local bank account which most foreigners do not have.

With Aleta Planet’s digital wallet, any visitor can top it up through local fund transfers from their bank account back home or through an international credit/debit card. Aleta Planet said the funds in its digital wallet are safeguarded by Singapore’s DBS Bank, Southeast Asia’s safest and largest bank by assets, making its payment system safe and secure for users.

As Aleta Planet is a principal member of UnionPay, China’s largest card payment network, users of its digital wallet will be able to pay for transactions with over 23 million merchants across the country who accept payments through the UnionPay QR code.

This collaboration between Aleta Planet and Lakala exemplifies the growing synergy between Singaporean and Chinese fintech companies, showcasing the potential for global partnerships to drive innovation and improve international travel experiences.

Ryan Gwee, Founder and Group Chairman of Aleta Planet, said: “We are honoured to be chosen to power the China visitor app with Lakala for visitors to the Asian Games and beyond. Our appointment follows a stringent assessment of our financial stability, technology capabilities, security and global licenses.

“Aleta Planet has spent years developing a proprietary payment system, designed for seamless integration with our ready-to-use APIs, empowering our partners to plug and play. With our robust technology stack and advanced digital wallet capabilities, we are confident that users will be able to pay effortlessly like a local while in China.

“This collaboration aligns perfectly with our mission to simplify financial transactions for travelers and make their journeys more convenient. We are privileged to have our esteemed strategic partners, DBS and Nuvei, join us in this endeavour.”

Aleta Planet said that the card top-up feature in its digital wallet is facilitated by Nuvei, a prominent payment processor headquartered in Montreal, Canada.

Bo Xiao, Head of Lakala International business, said: “We are delighted to partner Aleta Planet to provide the digital wallet solution for foreign tourists visiting China. Leveraging UnionPay International’s digital card technology, we are able to provide comprehensive payment acceptance coverage in China using QR code payment – the preferred payment mode in China. Foreign tourists can use mainstream international cards and overseas wallets to make deposits into their digital wallet. By ensuring compliance with privacy requirements for foreign tourists and account regulations, we aim to provide a convenient and seamless payment experience for their visits to China.”

Koh Kar Siong, Group Head of Corporate and SME Banking, Institutional Banking, DBS, said: “This cross border collaboration is testament to the boundless nature of digital solutions. We are proud to be working with Aleta Planet to create a safe and seamless payment journey for customers.”

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