SINGAPORE \u2013 DBS Bank customers can now use their digital banking accounts to transfer money to friends and family with Weixin Pay accounts, a popular e-wallet used in China also known as WeChat Pay.<\/p>\n
The new free service has been launched by the bank in collaboration with cross-border payment platform TenPay Global, said DBS in a statement on Feb 13.<\/p>\n
It comes a few days before the start of Chinese New Year, when the bank usually sees a 30 per cent increase in remittances to China, said group head of DBS Consumer Bank Sanjoy Sen.<\/p>\n
\u201cWe\u2019ve been seeing consistent double-digit year-on-year growth in remittance funds sent to China,\u201d said Mr Sen, adding that it was reflecting the strength of cross-border ties between Singapore and China.<\/p>\n
To use the service, DBS customers will need to add a recipient\u2019s Weixin details under the overseas transfer tab in the digibank app. The first payment can be made only after a 12-hour cooling period.<\/p>\n
\u201cTraditional remittance services usually take longer, and funds can only be transferred to a banking account in China,\u201d said Ms P\u2019ing Lim, regional head of ecosystems and cross-border payments at DBS Consumer Banking Group.<\/p>\n
\u201cWith this service, money is instantly sent to a Weixin Pay wallet, used by more than a billion WeChat users for everyday transactions.\u201d<\/p>\n
There are more than 500,000 China-born residents working or residing in Singapore, according to statistics published by the United Nations in 2024.<\/p>\n
A large majority of these residents have a bank account with DBS, said Ms Lim, adding that many use the bank\u2019s remittance service as a convenient way to convert their salary from local to Chinese currency when sending money home.<\/p>\n
DBS, the largest bank in South-east Asia, is among the first in the region to establish a direct connection with Weixin Pay.<\/p>\n
Mr Wenhui Yang, chief executive of TenPay Global (Singapore), said: \u201cThis 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.\u201d<\/p>\n
In the second half of 2026, DBS PayLah! users will also be able to make payments in China by scanning Weixin Pay QR codes, or showing merchants their own QR codes.<\/p>\n
On Feb 13, MariBank also announced its own partnership with TenPay Global to launch its own online remittance service to Weixin Pay users.<\/p>\n
The digital bank is a subsidiary of tech giant Sea Group.<\/p>\n
The bank in its statement said: \u201cThe move follows a significant growth in MariBank\u2019s Chinese yuan volumes, fuelled by the bank\u2019s market-leading exchange rates.\u201d There will be no transfer fees levied on customers until June 30.<\/p>\n
Source: The Straits Times \u00a9 SPH Media Limited. Permission required for reproduction<\/a><\/p>\n