SINGAPORE, August 2, 2024 – National Pulse, a Dubai-based firm focused on tech-driven enterprises, has made a strategic investment in Singapore fintech company Aleta Planet. This partnership aims to enhance cross-border payment services for businesses in the Middle East, aligning with the UAE’s recent initiatives to promote open finance and digital services adoption.
Led by His Excellency Mohammad Bin Markhan Al Ketbi, Founder and Group Chairman of National Pulse, the investment will enable Aleta Planet, founded by former banker Ryan Gwee, to expand its operations across the UAE, Middle East, and Africa.
National Pulse supports digital transformation for traditional businesses in sectors such as financial services, education, healthcare, and commerce through its NatOne Venture Accelerator Program. This program aids young companies in exploring new markets and high-potential opportunities.
The UAE’s financial technology market is set for substantial growth, with the region leading as a fintech hub in the Middle East and Africa. According to Kapronasia, fintech funding in the UAE surged by 92% to $1.3 billion in 2023, contrasting with a global decline in the sector. In line with this, the Central Bank of UAE recently introduced Open Finance Regulations to ensure efficient open finance services, requiring banks to provide access to customer data with consent for digital transactions.
H.E. Al Ketbi praised Aleta Planet’s innovative technologies, stating, “The transformative technologies of Aleta Planet are revolutionizing how cross-border transactions are managed. Their expertise in multi-currency transactions will significantly enhance our forthcoming digital solutions, set to transform the international trade and digital economy landscape.”
Ryan Gwee, Aleta Planet Founder and Group Chairman, expressed his gratitude for the investment. “We are honored and humbled by H.E. Al Ketbi’s interest in Aleta Planet. This investment will supercharge our efforts to expand B2B payments in the Middle East, China, Africa, and Europe.”
Gwee announced that Dubai will now serve as the global headquarters for Aleta Planet, with the Singapore office supporting Southeast Asia expansion. Additionally, plans are underway to establish a joint-venture company with National Pulse, focusing on B2B cross-border transactions in the agri-trade and logistics sectors in the Middle East.
Many SMEs in Dubai face challenges in accessing growth opportunities due to limited support from smaller UAE banks. Aleta Planet’s proprietary solutions will enable secure, cost-effective cross-border payments and enhance the traceability of perishable goods across the global supply chain.
Dubai is a significant re-export market for China, the UAE’s largest trading partner, with bilateral trade valued at $95 billion last year. The UAE hosts over 6,000 Chinese businesses in sectors such as trade, logistics, transport, finance, real estate, and energy.
Aleta Planet, a Principal Member of UnionPay International, connects businesses through the UnionPay network, disrupting traditional banking remittances. Its Global Tracer Solution enhances the visibility and traceability of perishable products, making the food trade more viable for financing.