UAE’s National Pulse invests in Singapore’s fintech firm Aleta Planet

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UAE’s strategic management company National Pulse has invested in Singapore-based payments solutions provider Aleta Planet, the latter company said in a statement on Thursday.

Financial details of the investment were not disclosed.

Aleta Planet said the investment will pave the way for it to expand in the UAE, Middle East and Africa and to provide cross border payment services for businesses in the Middle East.

Founded in 2014, Aleta Planet facilitates global payment including via China’s popular platforms such as UnionPay. It conducts about $2bn worth of cross-border payments annually, according to its founder and group chairman Ryan Gwee.

“With National Pulse and its portfolio companies that will be using our system, I think we can easily hit the $6bn mark,” Gwee told Reuters, adding that Aleta Planet will hit the target within the next 12 months.

Gwee added that it also plans to set up a joint venture company with National Pulse to focus on business-to-business cross-border transactions, initially targeting the agri-trade and logistics sectors in the Middle East.

Read: Singapore’s DBS, Mashreq join forces for same-day cross-border payments