Aleta Planet’s Ryan Gwee and National Pulse’s Mohammad Bin Markhan Al Ketbi
Aleta Planet, a Singapore-based company providing cross-border payment services for businesses in the Middle East, has secured undisclosed investment from National Pulse, a Dubai-based company focused on tech-driven businesses.
The investment will allow the fintech firm to expand its footprint in the UAE, Middle East, and Africa.
Also Read: Cross-border payments: Can incumbent banks compete with fintechs in Asia?
Dubai will henceforth serve as Aleta Planet’s global headquarters, while the Singapore office will support expansion in the Southeast Asian region.
Aleta Planet founder and Group Chairman Ryan Gwee said: “This investment by a savvy investor with deep experience and contacts in the Middle East, will super-charge our efforts to expand B2B payments in the region as well as the global markets of China, Africa and Europe.”
The startup plans to establish a joint venture with National Pulse to focus on B2B cross-border transactions, initially targeting the Middle East’s agri-trade and logistics sectors.
Founded in 2014 by former banker Gwee, Aleta Planet aims to simplify online, cross-border and multi-currency transactions. Its network lets individuals and businesses deposit local currencies in 39 countries or remit funds to 140 countries. In addition, it provides merchant acquisition, card issuance, remittance and B2B payments.
The company, licensed by the Monetary Authority of Singapore, also has offices in Hong Kong, Dubai, Spain, and Malaysia.
Mohammad Bin Markhan Al Ketbi, founder and Group Chairman of National Pulse, said: “Aleta Planet’s innovative and transformative technologies are reshaping how cross-border transactions are managed. Their expertise in handling multi-currency transactions will greatly enhance our upcoming digital solutions, set to revolutionise the international trade and digital economy landscape.”
National Pulse invests in and partners with companies that provide innovative technologies to support the digital transformation for a swathe of traditional businesses in financial services, education, healthcare, agriculture, commerce, etc. It also runs the NatOne Venture Accelerator
Programme to help young companies navigate new markets and seek high-potential opportunities.
Also Read: Huawei Pay joins hands with Aleta Planet to introduce NFC, QR code payments for S’pore users
The investment in Aleta Planet comes when the market for financial technology in the UAE is poised for growth and is projected to expand at double-digit rates in the coming years. The UAE is ranked as the leading fintech hub in the Middle East and Africa regions, with funding jumping 92 per cent to US$1.3 billion in 2023, in contrast to a global decline in funding for the sector, according to Kapronasia, a consulting firm on payments, banking and capital market industries in Asia.
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