Aleta Planet launches payment app for Muslims

The platform will soon let users find Muslim businesses in the region.

Singapore fintech Aleta Planet Pte. Ltd. has rolled out a digital payment platform for Muslim communities in Southeast Asia.

Future versions of the MPLUS Aleta app would feature a Muslim vendor directory, letting users find Muslim merchants and businesses in the region, Ryan Gwee, founder and group chairman at Aleta Planet, told Asian Banking & Finance.

“Essentially, the thought came from how we could better promote and make Muslim-owned enterprises work closely and get to know the younger generation of Muslims in Singapore,” he said via Zoom.

He noted that there are hundreds of thousands of Muslim-owned enterprises and a big population of Muslims in Singapore. “For example, if I go to the Philippines, and I go to a resort or to a new area, I should be able to see where all the Muslim-owned enterprises are,” he said. “They should pop up on my screen and say which services they provide, as well as the deals they have for the community.”

Gwee compares MPLUS Aleta to PayPal but without the fees. Shariah law prohibits interest and requires Muslims to donate a portion of their wealth to charitable causes.

The app offers a QR (quick response)-based closed loop payment system for Muslim merchants and buyers in Singapore. The company plans to launch the service in Indonesia and Malaysia soon.

Consumers using the platform will have access to a pool of Muslim merchants offering a range of products and services. Muslim merchants using the app won’t have to pay transaction fees for 24 months.

MPLUS Aleta has also announced a cashback program.

Aleta Planet, which started in 2014 to offer business-to-business solutions to and from China, has since created apps for visitors going to China and Bhutan, and for the trade of perishable goods.

“In the last three years, we have worked with countries, governments, and institutions to develop closed loop banking applications to enhance the usability of their users and their database,” Gwee said.