DBS Bank and TenPay Global have introduced a new service enabling DBS customers to transfer money instantly to Weixin Pay, the digital RMB wallet within Weixin (WeChat). This service, launched ahead of the Chinese New Year, aims to accommodate the typical 30% increase in remittances to China during the festive season. The service is part of a broader strategic partnership to enhance cross-border payment experiences within the Tencent ecosystem.
The new service allows DBS customers to use DBS Remit in the DBS digibank app to transfer funds directly to a recipient’s Weixin Pay Wallet Balance or linked bank cards, with zero fees. This initiative makes DBS the first regional bank to establish a direct connection with Weixin Pay, facilitating seamless money transfers from multiple markets. “We’ve been seeing consistent double-digit year-on-year growth in DBS Remit funds sent to China,” said Sanjoy Sen, Group Head of DBS Consumer Bank.
Additionally, DBS and TenPay Global are collaborating to enable DBS PayLah users to make payments at millions of merchants across China by scanning Weixin Pay QR codes. This move is expected to expand payment flexibility for travel, living, and business needs.
Wenhui Yang, CEO of TenPay Global, stated, “By connecting Weixin Pay with DBS’s trusted banking and payment platforms, we are delivering compliant and user-centric cross-border solutions.” This partnership reflects a shared ambition to enhance economic exchange and support secure digital payment experiences globally.
