UAE's National Pulse invests in Singapore's fintech firm Aleta Planet
SINGAPORE, Aug 1 (Reuters) -United Arab Emirates' 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 $2 billion 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 $6 billion mark," Gwee told Reuters, adding that Aleta Planet will hit the target within the next 12 months.
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, Gwee added.
Reporting by Yantoultra Ngui; editing by David Evans
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