By Team AsiaBizToday –
SINGAPORE, September 26, 2023 – Foreigners visiting China will be able to pay like a local through the “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 coincide with the once-in-four-year Asian Games in Hangzhou, being held from 23 September to 8 October 2023, where athletes from all over the region are expected to attend. Lakala International’s partnership with Aleta Planet will enable these visitors to transact smoothly and seamlessly with a variety of merchants.
The Aleta Planet’s QR-based digital wallet resolves a major headache for foreigners visiting China who are finding it increasingly 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, understandably, 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. The funds in the digital wallet are safeguarded by Singapore’s DBS Bank, Southeast Asia’s safest [1]and largest bank by assets, making its payment system safe and secure for users.
Aleta Planet is a principal member of UnionPay, China’s largest card payment network, and users of its digital wallet will be able to pay for goods and services at over 23 million merchant outlets 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: “Aleta Planet has spent years developing a payment system designed for seamless integration with our ready-to-use APIs, empowering our partners to plug-and-play. This collaboration aligns perfectly with our mission to simplify financial transactions for travellers, making their journeys more convenient. We are privileged to have our esteemed strategic partners, DBS and Nuvei, join us in this endeavour,” he added.
The card top-up feature in the digital wallet is facilitated by Nuvei, a prominent payment processor headquartered in Montreal, Canada.
Bo Xiao, Head of Lakala International business, said: “By leveraging UnionPay International’s digital card technology, we are able to provide comprehensive payment acceptance coverage in China using QR code. 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 during their visits in China.”
Koh Kar Siong, Group Head of Corporate and SME Banking, Institutional Banking, DBS, said: “We are proud to be working with Aleta Planet to create a safe and seamless payment journey for customers.”
Image Caption: The Visitor to China app © Aleta Planet
[1] DBS has been named “Safest Bank in Asia” by Global Finance for 14 consecutive years from 2009 to 2022.