Aleta Planet, a Singapore-based global payments solution provider, is set to expand into the Middle East and Africa through its Dubai hub, according to founder Ryan Gwee. The company sees the EMEA region as a strategic operational center due to its location and time zone advantages. Despite increasing costs, Aleta Planet finds Dubai to be a practical place for expanding its business into Europe and Africa, with plans to open an office in Spain as its first foray into Europe.
Established in 2014, Aleta Planet offers a holistic payments technology solution including merchant acquisition, card issuance, remittance, and B2B payments. Licensed by the Monetary Authority of Singapore as a Major Payment Institution, Aleta Planet specializes in helping Chinese companies enter the global market. The company’s platform connects businesses to various payment options and types through one API, facilitating business growth and enabling new revenue opportunities.
Aleta Planet’s success in offering a card network-agnostic platform has led to operating licenses from card networks like Diners Club, JCB, MasterCard, Visa, and others. The company’s extensive network allows individuals and businesses to deposit local currencies in 39 countries or remit funds to 140 countries. With an annual transaction volume exceeding $2 billion and a group growth rate of around 20%, Aleta Planet continues to expand its global footprint.
Recognizing Dubai as a key market with China being its largest trading partner, Ryan Gwee foresees significant growth opportunities. Chinese companies looking to globalize require specialized payment solutions for cross-border transactions, which aligns with Aleta Planet’s expertise in renminbi payments and supplier payments. The company aims to capitalize on the increasing demand for payment services among Chinese businesses operating in Dubai.
In addition to its core payment services, Aleta Planet has introduced a new product focusing on food traceability through a blockchain-powered app launched in China. The app utilizes AI and 30 years of data on fruits and traders to trace the quality, health, and ripeness of various foods from farm to supermarkets. This initiative aims to reduce wastage and ensure food safety, with plans to introduce the service in Dubai soon. Overall, Aleta Planet’s expansion into the Middle East and Africa signifies its commitment to providing innovative payment solutions tailored for diverse markets and industries.
