National Pulse, a Dubai-based tech-driven enterprise, has strategically invested in Singaporean Fintech firm Aleta Planet to enhance cross-border payment services in the Middle East.
This move aligns with the UAE’s recent push towards open finance and the adoption of digital services, according to the announcement.
The partnership, led by National Pulse’s Founder and Group Chairman, His Excellency Mohammad Bin Markhan Al Ketbi, positions Aleta Planet to expand its footprint not only in the UAE but across the Middle East and Africa.
The investment capitalizes on Aleta Planet’s expertise in managing multi-currency transactions, promising to revolutionize B2B payments and bolster digital solutions in international trade and the digital economy.
Aleta Planet, led by former banker Ryan Gwee, will use this investment to spearhead its expansion. It will particularly focus on B2B cross-border transactions in critical sectors like agri-trade and logistics.
With plans to establish a joint-venture company with National Pulse, Aleta Planet aims to address the financial challenges faced by many SMEs in Dubai, especially those with limited support from smaller UAE banks.
The company’s proprietary technology promises secure and cost-effective cross-border payment solutions, enhancing the traceability of perishable goods across the global supply chain.
This technology will be pivotal as Dubai, a significant re-export market for China—UAE’s largest trading partner with bilateral trade hitting $95 billion last year—continues to grow.
Additionally, the UAE’s Fintech market is experiencing rapid growth, with Fintech funding in the region increasing by 92% to $1.3 billion in 2023, even as global sector investments declined.
This surge is supported by the Central Bank of UAE’s new Open Finance Regulations, which enhance digital transaction services by mandating banks to provide access to customer data with consent.
Dubai will now serve as the global headquarters for Aleta Planet, which remains a Principal Member of UnionPay International, connecting businesses globally and disrupting traditional banking remittances with its Global Tracer Solution.
This solution notably improves the viability of financing in the food trade by enhancing the visibility and traceability of perishable products.
