Short Description
DBS launches a zero-fee remittance service from Singapore to Weixin Pay (WeChat Pay) in China, partnering with Tencent just ahead of peak Chinese New Year transfer season.
Read Time
2 minutes, 15 seconds
**Main Article
DBS Bank, Singapore’s largest financial institution, has launched a game-changing cross-border payment service directly to Weixin Pay (known internationally as WeChat Pay). This strategic partnership with Tencent’s TenPay Global enables DBS customers in Singapore to send money to China with zero remittance fees, bypassing traditional bank transfer charges and foreign exchange markups. The timing coincides with the Chinese New Year period, when remittance volumes to China typically surge by 30%, highlighting the service’s immediate utility for families and businesses.
For users, the process is integrated within the DBS digibank app. Senders simply use the “overseas transfer” function, enter the recipient’s Weixin-registered mobile number, and the funds arrive directly into the recipient’s Weixin Pay wallet or a linked bank card. An initial 12-hour security cooling-off period is required for first-time transfers. This streamlined digital payment channel directly challenges traditional correspondent banking networks and global money-transfer platforms by removing cost barriers and leveraging the ubiquitous reach of WeChat’s ecosystem in China.
Looking ahead, DBS and Tencent plan to expand their collaboration by integrating DBS PayLah!, Singapore’s popular mobile wallet. This future phase would allow PayLah! users to make payments in China by scanning Weixin Pay QR codes, and potentially enable Chinese tourists to pay via Weixin Pay at PayLah!-enabled merchants in Singapore. This two-way corridor aims to simplify everyday digital payment experiences for travelers and deepen economic connectivity between the two regions.
Short Summary
DBS Bank’s new partnership with Tencent enables fee-free remittances from Singapore directly to Weixin Pay wallets in China, offering a cost-effective cross-border payment solution. This move not only capitalizes on high-demand periods like Chinese New Year but also lays the groundwork for future integration between DBS PayLah! and Weixin Pay, paving the way for seamless, secure everyday digital payment experiences across borders.
