SINGAPORE \u2013 OCBC app users here can now transfer funds directly from their OCBC bank accounts to eight digital wallets from across South-east Asia, with the number of wallets on the app rising to 10. <\/p>\n
Coins, GCash and PayMaya of the Philippines, Indonesia\u2019s GoPay, LinkAja and Ovo, as well as Vietnam\u2019s Momo and Malaysia\u2019s Touch \u2019n Go will join the ecosystem. <\/p>\n
It comes after the integration of Weixin Pay (WeChat Pay) and Alipay in 2024. <\/p>\n
Including the two Chinese wallets, the 10 wallets collectively represent a total user base of up to 2.72 billion, OCBC said on Nov 20. <\/p>\n
Singapore\u2019s second-largest bank by assets noted that the pay-to-wallet feature on the OCBC app tackles key remittance challenges \u2013 speed, cost and accessibility \u2013 especially for the region\u2019s large unbanked population. <\/p>\n
The foreign workforce in Singapore stands to benefit the most, as many still rely on slower and costlier over-the-counter services, cash agents or manual bank transfers, it added. <\/p>\n
Further, recipients do not need to have a bank account or visit a physical location to receive the funds, as the funds can be sent directly to their home country\u2019s wallets. <\/p>\n
Mr Sunny Quek, head of global consumer financial services at OCBC, said the goal is to go beyond China. <\/p>\n
\u201cBy connecting OCBC accounts to eight of South-east Asia\u2019s most popular wallets, we are removing friction from cross-border payments and making remittances faster, cheaper and more inclusive,\u201d he said. <\/p>\n
He added that the bank\u2019s long-term goal is to connect customers to 50 digital wallets globally. <\/p>\n
Since launching the service with the Chinese wallets a year ago, OCBC has processed over $60 million in transfers, driving a fourfold increase in cross-border transfers to China, a key market for the bank. <\/p>\n
Ninety per cent of users have not visited a branch recently and three-quarters are professionals, managers, executives and technicians, mainly Chinese nationals sending money home. <\/p>\n
With this expansion, OCBC expects significant adoption among Singapore\u2019s 1.6 million-strong foreign workforce. <\/p>\n
DBS on Nov 13 announced that more than three million users of DBS PayLah! will be able to make QR code payments in over 100 markets via Ant\u2019s Alipay+ network. <\/p>\n
The two companies are also exploring near-instant remittances between DBS customers and 1.8 billion Alipay+ accounts, using global financial messaging standards. <\/p>\n
They aim to support the digital transformation of small and medium-sized enterprises as well, and scale up same-day and near-instant cross-border payment solutions for these firms. <\/p>\n
Banks and financial institutionsPayment systemsFinancial services<\/p>\n","protected":false},"excerpt":{"rendered":"SINGAPORE \u2013 OCBC app users here can now transfer funds directly from their OCBC bank accounts to eight…\n","protected":false},"author":2,"featured_media":303371,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[165,74],"class_list":{"0":"post-303370","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mobile","8":"tag-mobile","9":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/303370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=303370"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/303370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/303371"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=303370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=303370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=303370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}