Singapore-Based Fintech Company Aleta Aims To Expand Operations Into India

Aleta Planet, a Singapore-based fintech company specialising in cross-border and multi-currency payments, is planning to expand its operations into India, its Founder and Group Chairman Ryan Gwee has said.

Gwee said Aleta is happy to partner with licensed entities in India to set up plug-and-play issuance, payment and compliance infrastructure for Visa debit cards. "We can help them launch within days," he added.

Speaking to PTI on Friday, Aleta's Founder and Group Chairman Ryan Gwee said, "Aleta wants to tap the Indian opportunity, especially as the Middle East, where Aleta has operations and Singapore, its headquarters, are major hubs for Indian expatriates and migrant workers."

Aleta is set to use its Singapore model of partnerships with international financial group Visa and Japan's Sanrio for business development in the India market.

Moreover, a senior director for Indian accounts has been hired in Singapore to explore partnerships.

"We are in several markets in the region, and we definitely want to tap the Indian opportunity, which is huge," he said.

Aleta Planet offers a line of exclusive, collectable Sanrio-themed Visa debit and prepaid cards. The limited-edition cards feature popular characters like Hello Kitty, Cinnamoroll, and Kuromi.

"The Sanrio characters cut across all geographic, cultural, language and demographic barriers. They are universally and enduringly well loved by all," Gwee said.

The company will release 9,000 physical and virtual Visa debit cards on June 22, featuring Sanrio's characters.

AZORTE, a premium fast fashion and format company of Reliance Retail, launched India's first Hello Kitty store on May 8, coinciding with Sanrio's first office in the country in Mumbai. AZORTE plans to open 40 stores across the country.

"We are delighted to partner with Aleta in this exciting collaboration. In line with our philosophy of ‘One World, Connecting Smiles,’ we are delighted that we can bring joy to Sanrio fans through an innovative fintech product, moving beyond traditional merchandise to create a new kind of meaningful connection," Sanrio said in a media release.

Adeline Kim, Visa, Group Country Manager, Regional Southeast Asia and SVP, Global Clients and Acquirers, Asia Pacific, said: "...

We're bringing together the trust, security and global acceptance of Visa with the emotional pull of Sanrio's beloved characters to create a payment experience that feels more personal, playful and memorable."

Gwee expects high adoption rates for Aleta Sanrio characters Visa debit cards, given its collectability among fans and the companion app’s QR code scanning ability anywhere Visa is accepted. In China, the Aleta Sanrio debit cards can be used to make payments through scanning WeChat QR codes.

"India has the potential to become one of the biggest markets for Sanrio. In the next five years, it will be one of the top three markets in the world, and from there onwards, I am expecting a double-digit growth year-on-year," said Silvia Figini, Sanrio's Chief Operating Officer for EMEA, India, Oceania.