DBS Bank and TenPay Global have launched a cross-border service enabling DBS customers to send money instantly to Weixin Pay, the digital RMB wallet within Weixin and WeChat.
Using DBS Remit in DBS digibank, customers can transfer money directly to recipients' Weixin Pay Wallet Balance or to bank cards linked to Weixin Pay without fees. The launch came just before the Chinese New Year, when remittances to China typically increase by 30%.
DBS is among the first regional banks to establish a direct connection with Weixin Pay, enabling cross-border money movement from multiple markets. TenPay Global, Tencent's cross-border payment platform, currently supports remittances from over 100 countries and regions to Weixin Pay.
PayLah integration extends merchant acceptance
DBS and TenPay Global are collaborating to enable connectivity between DBS PayLah and Weixin Pay. Over three million DBS PayLah users will be able to make payments by scanning Weixin Pay QR codes or presenting their own QR codes at merchants across the Chinese mainland, expanding acceptance for travel, living, and business needs.
Customers add recipients through DBS digibank's overseas transfer function by entering the recipient's Weixin or WeChat registered phone number, address, and relationship details. A 12-hour cooling period applies before the first payment. After this period, customers select the recipient, input the amount and purpose, and send payment instantly.
Sanjoy Sen, Group Head of DBS Consumer Bank, stated the bank has seen consistent double-digit year-on-year growth in DBS Remit funds sent to China, reflecting cross-border ties between Singapore and the Chinese mainland. The partnership with TenPay Global offers customers a trusted method to move money instantly at scale without facing any fees.
Wenhui Yang, CEO of TenPay Global (Singapore), stated the partnership represents a step in advancing cross-border payment connectivity. Connecting Weixin Pay with DBS' banking and payment platforms delivers compliant, user-centric cross-border solutions, simplifying money movement and payments across borders, reflecting shared ambition to unlock possibilities for economic exchange and support secure digital payment experiences.
Cross-border remittance market dynamics
DBS operates digital banking services across Singapore, Hong Kong, India, Indonesia, and other Asian markets. The bank provides international money transfer services through DBS Remit, competing with providers including Western Union, Wise, and Remitly.
Weixin Pay operates as a payment service within the Weixin and WeChat applications, processing transactions for purchases, transfers, and bill payments in China. The wallet supports digital RMB, China's central bank digital currency.
Cross-border remittances to China represent significant transaction volumes, particularly during festive periods, including the Chinese New Year. Singapore serves as a major remittance-sending market for China-bound transfers.
