Singapore fintech partners with Alipay to meet holiday demand

SINGAPORE -- Aleta Planet, a Singapore-based payments provider, launched on Thursday a remittance service with Chinese payment service Alipay as it seeks to handle a surge in transfers to China during the Lunar New Year holiday.

The fintech company sees stronger demand from Chinese residents and workers to send funds home in a secure and low-cost way after Singapore temporarily banned remittances to China via non-bank and non-credit card channels.