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.