F J Benjamin scraps plans for virtual debit card with fintech Aleta

FASHION retailer F J Benjamin and cross-border payments firm Aleta Planet have dropped their plan to launch a virtual prepaid wallet together.

Although both parties had initially agreed on the terms and conditions, they were unable to agree on certain marketing terms with a third party, F J Benjamin said on Friday (Oct 15), without identifying the third party.

F J Benjamin and the fintech firm thus agreed to part ways and not proceed with the collaboration under the memorandum of understanding (MOU) they had signed earlier this year.

In March, the Catalist-listed company announced the MOU for a co-branded UnionPay virtual debit card, which was to make shopping and payments easier and safer; there was also a plan to offer cash rebates to cardholders.

The card was intended to be powered by Aleta Planet's proprietary technology and UnionPay International's platform.

A virtual debit card is the digital version of the traditional plastic card, downloaded on a mobile phone.

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F J Benjamin previously said that customers would be able to use the card at its stores and for e-commerce transactions.

Shares of the company tumbled 3.6 per cent or S$0.001 to finish at S$0.027 on Friday (Oct 15), before this announcement.

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