Aleta Planet, a Singaporean provider of blockchain payments solutions, announced in a statement, that National Pulse, a strategic management business based in the United Arab Emirates, had invested in the latter.
The investment’s financial specifics were kept a secret. According to Aleta Planet, the investment would enable it to grow throughout the Middle East, Africa, and the United Arab Emirates in addition to offering cross-border payment services to Middle Eastern companies.
Aleta Planet was established in 2014 and offers international payment services, including UnionPay, one of China’s most well-known platforms. According to Ryan Gwee, the company’s founder and group chairman, it handles roughly $2 billion in cross-border payments yearly.
Read also- Israel-Based Holisto has Secured $10 Million in Funding
“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.
Aleta Planet’s investment comes at a time when the UAE’s financial technology market is expected to grow at double-digit rates over the next several years.
Read also- India-Based GalaxEye Space has Secured $6.5 Million in New Round Funding
According to Kapronasia, a consulting firm on payments, banking, and capital market industries in Asia, the UAE is ranked as the top fintech hub in the Middle East and Africa, with funding for the sector rising 92% to US$1.3 billion in 2023, in contrast to a global decline.
Mohammad Bin Markhan Al Ketbi, founder and Group Chairman of National Pulse, said: “Aleta Planet’s innovative and transformative technologies are reshaping how cross-border transactions are managed. Their expertise in handling multi-currency transactions will greatly enhance our upcoming digital solutions, set to revolutionise the international trade and digital economy landscape.”
National Pulse partners with and invests in enterprises that offer cutting-edge solutions to assist a wide range of conventional organisations in the financial services, education, healthcare, agricultural, and commerce sectors as they undergo a digital transformation.
Additionally, it manages the NatOne Venture Accelerator Program, which assists startup enterprises in exploring untapped markets and identifying promising prospects.
About Aleta planet
Aleta Planet, an award-winning global payments provider, secures and streamlines online, cross-border, and multi-currency transactions. Merchant acquisition, card issuance, remittance, and B2B payments are our services.
