Deal lets DBS PayLah! users make QR payments in more than 100 markets via Ant’s Alipay+
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At the MOU signing are (from far left) DBS Bank CEO Tan Su Shan; Mr Loy Hwee Chuan, DBS segment head of telecommunications, media and tech; Mr Edward Yue, an Alipay+ general manager at Ant International; and Ant International CEO Yang Peng.
PHOTO: DBS
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SINGAPORE – Singapore’s biggest bank DBS Group and Ant International have on Nov 13 signed a memorandum of understanding to expand their partnership, and scale up cross-border payments and fintech services.
The deal, announced at the Singapore Fintech Festival, will allow more than three million DBS PayLah! users to make QR code payments at over 150 million merchants in more than 100 markets via Ant’s Alipay+ network, a statement by the companies said.
The companies are also exploring near-instant remittances between DBS customers and 1.8 billion Alipay+ accounts, using global financial messaging standards, according to the statement.
Another area of collaboration is to support the digital transformation of small and medium-sized enterprises, and to scale up same-day and near-instant cross-border payment solutions for them.
Both companies said the partnership aims to drive inclusive growth and innovation across the region.
Ms Tan Su Shan, chief executive of DBS Bank, said Ant International is a “like-minded partner in purpose-driven innovation”.
With their combined strengths, they can “unlock new avenues for growth” and “accelerate future-ready solutions like tokenised deposits and agentic payments”, she added. REUTERS
