Short Description
DBS Bank launches free, instant remittances from Singapore to Weixin Pay (WeChat Pay) wallets in China, a game-changer for cross-border payments ahead of Chinese New Year.
Read Time
2 minutes 30 seconds
**Main Article
DBS Bank, Southeast Asia’s largest bank, has revolutionized cross-border payments by launching a direct and free remittance service to Weixin Pay wallets in China. Partnering with TenPay Global, this new feature allows DBS and POSB customers in Singapore to send funds instantly through their digibank app, bypassing traditional, slower banking channels. Announced just before Chinese New Year—a peak period for remittances—the service directly caters to over half a million China-born residents in Singapore, a significant portion of whom bank with DBS.
This innovation addresses a major pain point in international money transfers. Instead of sending funds only to Chinese bank accounts with processing delays, money now arrives immediately into a recipient’s Weixin Pay e-wallet, used by over a billion people for daily transactions. This seamless integration into a dominant digital payment ecosystem enhances convenience for families and supports the strong economic ties between Singapore and China. DBS notes consistent double-digit growth in remittance volumes to China, highlighting the demand for such streamlined financial solutions.
Looking ahead, DBS plans to further integrate its digital banking services with the Chinese market. By the second half of 2026, DBS PayLah! users will be able to make payments directly in China by scanning Weixin Pay QR codes. This move, alongside a similar announcement from MariBank, signals a competitive push among Singaporean financial institutions to dominate the lucrative cross-border transaction corridor between the two nations.
Short Summary
DBS Bank’s new partnership with TenPay Global enables instant, fee-free transfers from Singapore to Weixin Pay wallets, transforming cross-border payments for the Chinese diaspora. This strategic move enhances digital banking convenience ahead of key spending periods and sets the stage for deeper integration with China’s massive digital payment landscape, strengthening economic connectivity.
