OCBC Bank has announced a breakthrough for its mobile banking app, now allowing users to send near-instant transfers to China’s two largest digital wallets, Weixin Pay (WeChat Pay) and Alipay, without transfer fees. This feature, enabled by Visa Direct, is the first of its kind in Asia Pacific and is expected to facilitate seamless remittances to China with only the recipient’s China national ID name and mobile number required.

As cross-border transactions from Singapore to China rise – driven by an increase in individuals relocating for work and remitting funds home – OCBC’s service is meeting growing demand. The bank reports a 50% surge in Singapore customers’ remittances to China over the past year. OCBC’s new service delivers transfers within seconds, significantly faster than the two-to-five-day delay typical of other account-to-account and non-bank remittance services, and removes the need for customers to carry cash to non-bank remittance centers.

“Partnering with Visa to offer our pay-to-wallet service marks a significant step in enhancing the convenience and efficiency of global remittances for our customers,” said Sunny Quek, Head of Global Consumer Financial Services at OCBC. “We’re starting with access to the two biggest digital wallets in China, but will quickly be expanding our services to meet the increasing cross-border needs of our customers.”

Expanding Access to 50+ Digital Wallets by 2026

OCBC has ambitious plans to further enhance its remittance capabilities in collaboration with Visa Direct. By 2026, the bank aims to connect its customers to over 50 digital wallets across Asia Pacific, including Indonesia’s GoPay and Ovo, as well as GCash, PayMaya, and Coins in the Philippines. This expansion will position the OCBC app as a leader in cross-border digital wallet access, offering competitive exchange rates and fulfilling growing demand. Monthly cross-border transfers from Singapore to ASEAN countries by OCBC customers have already risen by an average of 10% year-on-year.

Visa, a partner in this initiative, highlights the shift in cross-border payment needs. According to Adeline Kim, Visa Country Manager for Singapore & Brunei, “Visa Direct enables consumers to send money cross-borders with ease, convenience and security. Our partnership with OCBC marks a significant step in transforming money movement for consumers and showcases our commitment to facilitate the movement of funds from bank accounts to wallets seamlessly.”

This service sets daily and annual transfer limits to China’s digital wallets at CNY50,000 and CNY300,000, respectively, aligning with OCBC’s goal of becoming the go-to app for cross-border transactions in Greater China, ASEAN, and beyond.

To make a funds transfer, customers must first add the digital wallet as a payee:

1. Login to OCBC app and select ‘Pay & Transfer’
2. Select ‘Overseas’ > ‘Add new payee’
3. Select ‘Wallet’ for payee type > choose ‘AliPay’ or ‘Weixin (WeChat) Pay’ and input payee’s mobile number and name > ‘Add new payee’
4. New payee added

To make a funds transfer to the wallet payee:

1. Login to OCBC app and select ‘Pay & Transfer’
2. Select payee and input amount to be transferred in Chinese yuan (the corresponding amount in Singapore dollars will be shown)
3. Select OCBC Singapore bank account to pay from and purpose of transfer > ‘Slide to transfer’
4. Transfer completed