DBS and TenPay Global launches zero-fee transfers to Weixin Pay wallets

The bank connects customers to mainland China wallets.

DBS Bank and TenPay Global launched a cross-border service for money transfers to Weixin Pay wallets, connecting DBS customers to Weixin and WeChat users in mainland China, according to a press release.

Users can send funds via DBS Remit within the digibank application, with transfers credited to Weixin Pay wallet balances or bank cards linked to the platform at zero service fees.

The launch took place ahead of the Chinese New Year season, as remittances to China typically increase by 30% during this period, according to Sanjoy Sen, Group Head of DBS Consumer Bank.

He added that DBS data indicates growth in funds sent from Singapore to mainland China.

New recipients are subject to a 12-hour cooling period before the initial payment. Users must provide the recipient’s phone number and address to initiate the process, the press release said.

A separate collaboration connects DBS PayLah! to Weixin Pay QR codes, providing payment access at merchant locations in China for three million PayLah! users.