Singapore fintech firm Aleta Planet, SaaS startup Fooyo launch joint venture

Singapore-based fintech firm Aleta Planet announced today that it has formed a joint venture with software-as-a-service (SaaS) solution startup Fooyo.

Called AP Studios, the joint venture will offer digital marketing and ecommerce solutions for Singaporean businesses preparing to target Chinese tourists once Covid-19 travel restrictions are lifted. Before the pandemic led to closing of borders, more than 3 million people from mainland China traveled to Singapore in 2019.

The AP Studios team / Photo credit: Aleta Planet

AP Studios will develop digital tools to enable merchants in Singapore to cater to Chinese tourists and business travelers who visit the city-state annually. The tools are expected to provide a more interactive payment experience and engage customers through WeChat’s marketing platform in China.

The new business is looking to develop tools such as payment checkout webpages, chatbots, WeChat and Alipay mini programs, crowd-control monitoring solutions, and interactive tourism apps. These can be customized for merchants in retail, medical, education, tourism, government, and other industries.

Founded in 2014, Aleta Panet facilitates cross-border payments to and from China. It specializes in end-to-end technology solutions for financial institutions and corporations. It connects merchants to the UnionPay network in China and in 179 markets globally. UnionPay International offers cross border, multicurrency transactions.

Singapore-based Fooyo was founded in 2014 as an SaaS solution company that primarily focuses on the retail, tourism, and hospitality sectors. It uses AI-powered digitalization tools for destinations and merchants to engage with visitors and enhance their online and offline experiences.

Fooyo says it is one of only three WeChat mini program developers outside China – and the first in Singapore – certified by Tencent Academy and Tencent CEO Ma Huateng. Chinese gaming titan Tencent is the parent company of WeChat.

Fooyo co-founder Li Shaohuan will head AP Studios as managing director of the solutions team under the Aleta Planet Group.

In their joint statement, both companies said that businesses belonging to the WeChat ecosystem can potentially reach over 1.26 billion monthly active users -mostly mainland Chinese – and at least 1 million Singapore residents.

“Many of our clients have expressed the need for an all-in-one solution that will grow their digital presence in China. This venture will provide them with a holistic and comprehensive ecommerce solution to achieve their targets more efficiently,” said Ryan Gwee, founder and group chairman of Aleta Planet.

According to Gwee, the joint venture is part of the company’s growth strategy to expand beyond payments and cover other services related to checkout and digital marketing as well as customer experience and engagement.