MoneyExpress, Aleta Planet JV to allow remittance to China in one minute

Recipients may use their UnionPay cards to withdraw money in China.

UnionPay’s cross-border remittance service MoneyExpress and fintech firm Aleta Planet have teamed up to allow Chinese nationals in Singapore to remit money back to China in a minute, according to a press release.

With this service, customers can debit money from a Network for Electronic Transfers (NETS) account into a UnionPay business account. Recipients may use their UnionPay cards to withdraw money at all banks or ATM machines that accept UnionPay in China.

It will be available to firms that hire Chinese employees in blue- and white-collar industries in Singapore.

Transactions will be conducted on a secure UnionPay network using a unique proprietary application programming interface, blocking any third-party during the process. The service is supported by the State Administration of Foreign Exchange of China to meet the relevant capital control standards in the country.


Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!