DBS launches free online remittance service to popular Chinese e-wallet Weixin Pay
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DBS customers have to add a recipient’s Weixin details under the overseas transfer tab in the digibank app to use the free remittance service.
PHOTOS: ST FILE, DBS BANK
SINGAPORE – 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.
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.
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.
“We’ve been seeing consistent double-digit year-on-year growth in remittance funds sent to China,” said Mr Sen, adding that it was reflecting the strength of cross-border ties between Singapore and China.
To use the service, DBS customers will need to add a recipient’s Weixin details under the overseas transfer tab in the digibank app. The first payment can be made only after a 12-hour cooling period.
“Traditional remittance services usually take longer, and funds can only be transferred to a banking account in China,” said Ms P’ing Lim, regional head of ecosystems and cross-border payments at DBS Consumer Banking Group.
“With this service, money is instantly sent to a Weixin Pay wallet, used by more than a billion WeChat users for everyday transactions.”
There are more than 500,000 China-born residents working or residing in Singapore, according to statistics published by the United Nations in 2024.
A large majority of these residents have a bank account with DBS, said Ms Lim, adding that many use the bank’s remittance service as a convenient way to convert their salary from local to Chinese currency when sending money home.
DBS, the largest bank in South-east Asia, is among the first in the region to establish a direct connection with Weixin Pay.
Mr Wenhui Yang, chief executive of TenPay Global (Singapore), said: “This 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.”
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.
On Feb 13, MariBank also announced its own partnership with TenPay Global to launch its own online remittance service to Weixin Pay users.
The digital bank is a subsidiary of tech giant Sea Group.
The bank in its statement said: “The move follows a significant growth in MariBank’s Chinese yuan volumes, fuelled by the bank’s market-leading exchange rates.” There will be no transfer fees levied on customers until June 30.
