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OCBC Bank has introduced a new peer-to-peer pay-to-wallet service, enabling instant cross-border transfers to digital wallets, starting with Weixin Pay and Alipay—the two leading digital payment platforms in China with over a billion users, accounting for 90% of the country’s digital transactions.
This new service significantly improves on traditional cross-border transfer methods, which typically take two to five days to process, allowing OCBC customers to send funds within seconds. It also eliminates the need to physically visit remittance companies for cash-based transfers.
OCBC plans to expand this service to over 50 digital wallets across multiple countries within the next two years. Upcoming wallet integrations include GoPay and Ovo in Indonesia, and GCash, PayMaya, and Coins in the Philippines, aiming to meet rising demand for seamless, digital remittance options in key Asian markets.
Sunny Quek, OCBC’s Head of Global Consumer Financial Services, explained, “We’re beginning with access to the two largest digital wallets in China, but we’re quickly adding more wallets to support the growing cross-border needs of our customers. Our ultimate vision is to make OCBC the preferred app for cross-border transactions in Greater China, ASEAN, and beyond.”
Transfers are made directly from OCBC Singapore bank accounts, with a daily and per-transaction transfer limit of CNY50,000 and an annual limit of CNY300,000. OCBC’s service empowers customers with speed, convenience, and increased access to a growing network of digital wallets across Asia.
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