Financial technology (fintech) company Aleta Planet recently secured funding from National Pulse, a strategic management company in the United Arab Emirates (UAE).
Sources remain tight-lipped about the financial details of the investment, but the move will increase Aleta Planet's presence in the UAE and across the entire Middle East region.
Aleta Planet’s popularity is also expected to spread to some of the African countries that share a border with the Gulf States. The move is a further indication of the UAE’s desire to position itself as a fintech powerhouse.
The development is particularly well-timed, given that the UAE recently awarded its first gambling licence - a move that raised plenty of eyebrows across the region.
The General Commercial Regulatory Authority (GCGRA) has given The Game LLC a licence, but it must operate under the banner of the UAE lottery.
Despite the criticism they already face for going against the Islamic laws of the region that consider gambling a crime, the UAE has also permitted raffle draws in several public places across the country.
The gambling licence, coupled with the country’s recent investment in Aleta Planet, is further proof that the UAE is determined to tap into the vast array of possibilities that comes with a functional iGaming sector.
The Singapore-based payment solutions provider specialises in handling global payments and is responsible for approximately $2 billion worth of cross-border payments every year.
While their direction and objectives may seem unrelated to the gambling sector, the underlying factors that ensure their success are deeply connected to the broader fintech sector.
Aleta Planet leverages artificial intelligence (AI) to track and predict the movement of perishable products, which proves they are familiar with the inner workings of data analytics - such a skill set is highly valued in the fintech field.
The UAE’s investment in Aleta Planet is part of their comprehensive strategy to strengthen their digital and financial services sector.
The central bank has open finance regulations which require banks to share customer data with consent. Their directive also creates a fertile ground for fintech innovation.
Aleta Planet boasts plenty of experience as an issuer and acquirer for Union Pay. They also enable Wage Protection System cards for blue-collar workers, so they are familiar with the UAE’s finance sector.
Their deep understanding of the UAE’s financial terrain, coupled with the nation’s rapidly growing fintech market, is a recipe for success and positions the company for significant growth.
Established Fintech Firm Has a Strong Grip on the UAE iGaming Market
Aleta Planet has been compared to MuchBetter - a fintech company that has already established strong roots in the gambling sector.
MuchBetter is a leading fintech platform which has tapped into a significant market opportunity in the UAE, offering various digital financial services, including online gambling deposits.
Arab players who visit a MuchBetter casino online can make deposits and withdrawals safe in the knowledge that the transactions are completely secure.
MuchBetter's success in the UAE, especially in the gambling scene, is enough evidence that the country is ripe for fintech growth.
The firm has also developed payment rings that could become popular in the near future - and they don't cost a penny. The rings have no battery, so they never need to be recharged. They are designed to function like normal debit cards to facilitate contactless payments on the go.
The rings work consistently well for payment. The product does away with the body-tracking features other smart rings push, focusing solely on making payment easier.
Essentially, the rings are designed so users do not have to keep taking out their wallets or smartphones every time they pay for a service.
MuchBetter rings are innovative yet straightforward, and such designs are likely to make inroads into the Middle East sooner rather than later, especially given the recent developments in the UAE.
After following up on their first gambling licence by investing in a payment solutions provider, it’s not beyond the realms of possibility that the UAE could become a hotbed for MuchBetter’s rings.
The rings are poised to become a staple that highlights how fintech is developing in the Middle East and making daily transactions more secure and easier to navigate.
Aleta Planet could use MuchBetter as a blueprint to navigate the UAE market. They are already leveraging the country’s business-friendly environment to build a platform for supply chain finance.
While they are currently focusing on agricultural trade and logistics, the tech prowess and financial understanding developed in the sector could spill into other fields, including the gambling industry.
The UAE are already on their way to fully legalising gambling, and there’ll be an increased demand for fintech solutions to manage payments, risk and compliance as the industry grows.
That could pave the way for Aleta Planet to swoop in, leveraging their strong foundation in the UAE market to capitalise on such opportunities and further gain a foothold in the country.