Ryan Gwee (left), founder and group chairman of Aleta Planet, with Mohammad Bin Markhan Al Ketbi, founder and group chairman of National Pulse.
PC: ALETA PLANET
Investment and Strategic Joint Ventures
Aleta Planet, a leading Fintech Company, announced that Dubai-based National Pulse invested heavily in the company today on 1 August 2024. While nothing is forthcoming in terms of the quantum of money invested, the funding would be used for setting up various JVs and expansion in UAE.
According to Ryan Gwee, Founder and Group Chairman of Aleta Planet, this investment is aligned with ongoing efforts that the UAE is making toward enhancing its digital and financial services landscape. That followed the rollout of Open Finance Regulations by the Central Bank of the UAE, which compelled banks to share their customer data with fintechs if a customer gave their consent. It has been projected to foster growth in the fintech industry through this regulatory change by providing more data for improved trust and transparency.
Aleta Planet’s Focus and Expertise
Aleta Planet is one of the very few companies in supply and trade financing for perishable goods, with a very strong emphasis on the fruit trade. It does this through the use of artificial intelligence technology in the form of very advanced algorithms that monitor the movement of these fruits and predict various scenarios, from the farm to the table. Initially, its business was about the Chinese market, where it started as an issuer and acquirer for the UnionPay network. The company has expanded its scope even more, as it also deals with WPS cards for salary transfers in the UAE.
That very background in managing multi-currency transactions and in trading financing later became the feature that interested National Pulse into investing. In that, Aleta Planet’s capacity to carry out high-utility financial transactions in multiple currencies can be seen as an exceptional resource for the advanced digital solutions in both international trade and the digital economy sectors to come.
National Pulse’s Strategic Goals
Therefore, for National Pulse, its investment in Aleta Planet is a strategic move to participate in the boom of the digital services market in UAE. According to Mohamed Yusuf Adam, VP for Business and Strategy at National Pulse, more availability of data implies increased trust and, subsequently, transformation in the sector for fintech.
The investment will be a harbinger for the new market penetration by Aleta Planet through the Middle East and African regions. Commenting on this, the founder of National Pulse and the chairman of the group, Mohammad Bin Markhan Al Ketbi, said that the experience of Aleta Planet in managing the international trade transactions would be ideally useful to Dubai, a critical trade gateway in the region that experiences a significant amount of Chinese trade flow.
Expansion Plans and Future Prospects
The funds from National Pulse will be deployed toward further developing the services of Aleta Planet in trade financing for perishable goods—with a special focus on seafood as the next segment for algorithmic training. Aleta Planet hopes to use the networks of National Pulse to grow its footprint across the Middle East and Africa and to work more closely with local banks.
Ryan Gwee further indicated that the management of Aleta Planet is in the process of winning new contracts and partnerships, including those with government ministries in Dubai. The company targets to win a significant TPV in Dubai, estimated in the region of US$90 billion to US$95 billion, with the largest contribution coming from Chinese re-exporters.
Currently, Aleta Planet handles about US$2 billion per annum in TPV across markets like Singapore, Malaysia, Australia, and Hong Kong. With the new investment and partnerships, Gwee expects a considerable uptick in TPV, which would underline the expected growth and expansion opportunities for the fintech firm in the coming years.
In summary, the partnership between Aleta Planet and National Pulse marks a huge stride in the evolution of financial services in the UAE, promising enhanced digital solutions and an expanded market reach within the Middle East and Africa.
