The bank is also looking to link its DBS PayLah! service to Weixin Pay to further cross-border payments
[SINGAPORE] DBS customers looking to transfer money to Chinese e-wallet Weixin Pay accounts without having to pay remittance fees can now do so with a new service by the bank.
The cross-border payment service to the Chinese digital wallet, also known as WeChat Pay, was launched on Friday (Feb 13) by DBS and TenPay Global, Chinese technology company Tencent’s payment platform.
The launch comes a few days before the start of Chinese New Year, when DBS handles 30 per cent more in remittances to China, said the group head of consumer bank, Sanjoy Sen.
He added: “We’ve been seeing consistent double-digit, year-on-year growth in DBS Remit funds sent to China, reflecting the strength of cross-border ties between Singapore and the Chinese mainland.”
Users can enable DBS’ service through the “overseas transfer” option in the DBS digibank application, where they enter the details of a Weixin-registered recipient. The first payment goes through after a 12-hour cooling-off period.
No fees are charged for such direct transfers of money to Weixin-registered recipients. The funds can go into the recipient’s Weixin Pay wallet or to bank cards linked to Weixin Pay.
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Traditional remittance services provided by banks typically entail paying overseas transfer fees and foreign exchange (FX) charges, depending on market conditions and foreign exchange mark-ups. Using global money-transfer platforms like Wise could also involve similar FX mark-ups.
Yang Wenhui, CEO of TenPay Global, Singapore, said: “By connecting Weixin Pay with DBS’ trusted banking and payment platforms, we are delivering compliant and user-centric cross-border solutions that simplify how money moves and how payments are made across borders.”
DBS also aims to connect DBS PayLah! with Weixin Pay. Users of the local mobile payment platform can make payment by scanning Weixin Pay quick response (QR) codes, or by presenting their own QR codes when transacting with businesses in China.
Yang added: “This partnership reflects our shared ambition to unlock new possibilities for economic exchange and to support secure, everyday digital-payment experiences in an increasingly connected world.”
Separately on Friday, MariBank announced its own partnership with TenPay Global, and launched its own online remittance service to Weixin Pay users.
The digital bank is a subsidiary of tech giant Sea Group.
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