An alloromantic asexual (shortened to alloace) is someone who is on the asexual spectrum and also alloromantic. The term alloace is used to distinguish alloromantic aces from aces who are aromantic.
Flag
The alloace flag was created by Tumblr user Varioriented-Pride on March 1st, 2019. It was inspired by the aromantic allosexual flag[1]. There does not appear to by any specific meaning assigned to the colors, but the color red was likely chosen because it's the opposite of green, the aromantic color. White and purple were used to match the asexual flag.