tl;dr
Singaporean fintech company Aleta Planet has launched MPLUS Aleta, a digital payment app tailored for Muslim communities in Singapore and Southeast Asia. The app aligns with Islamic financial principles, offering features such as no transaction fees for merchants during the first two years, a cashba...
Singaporean fintech company Aleta Planet has introduced MPLUS Aleta, a digital payment app specifically designed for Muslim communities across Southeast Asia. The app embraces Islamic financial principles by offering Sharia-compliant features such as zero transaction fees for merchants during the first two years and a cashback program to promote adoption.
MPLUS Aleta includes an array of functionalities tailored to Muslim users: a halal vendor directory, dedicated QR codes for payments, prayer time reminders, an integrated Islamic calendar, a Zakat calculator, and options to donate to accredited Muslim charities. Notably, the app does not incorporate digital assets, reflecting regional regulatory and religious sensitivities surrounding Sharia compliance.
The rise of digital assets within Islamic finance remains cautious in Southeast Asia, where some organizations declare digital assets haram, while others consider them permissible if regulated. Despite this, there has been a surge in digital asset use during recent Muslim festivities.
Looking ahead, a report projects that Sharia-compliant digital currencies could reach a staggering $4 trillion market capitalization in the coming years. This growth is expected to be fueled by tech-savvy Muslim Gen Z and millennials across the Middle East and Southeast Asia. Platforms such as the HAQQ network—currently the market leader with over 34.5 million transactions—along with Goldsand, MRHB Network, Sidra Chain, and Caiz, are positioned to dominate this emerging space.
These platforms typically offer no interest rates to comply with Islamic law and integrate halal vendor directories, meeting the demands of a younger generation seeking digital finance solutions aligned with their faith. However, theological ambiguities and evolving regulations continue to pose challenges for this nascent ecosystem.
With Southeast Asia’s growing Muslim population, approximating 250 million, MPLUS Aleta and similar initiatives are set to play pivotal roles in digitizing Sharia-compliant financial services while navigating the delicate balance between innovation, religious adherence, and regulatory frameworks.