These days, sending money to someone overseas should be as simple and quick as sending a text. That’s exactly what OCBC Bank is offering with its new mobile banking feature, enabling near-instant peer-to-peer (P2P) transfers to WeChat Pay and Alipay. Powered by Visa Direct, this new service allows for fast, seamless cross-border payments from Singapore to China.
OCBC launches near-instant P2P transfers to WeChat Pay and Alipay, powered by Visa Direct.
Transfers from Singapore to China now take seconds, not days.
OCBC plans to expand fast remittance services to Southeast Asia by 2026.
Faster transfers for growing remittance needs
With remittance volumes steadily rising, especially from Singapore to China, OCBC has seen a 50% increase in these transactions over the past year. The new service allows money to be transferred in just a few seconds, unlike the current two to five days for most transactions. This very quick turnaround means there is no need for customers to collect cash at physical remittance points, making the whole process much more convenient and efficient.
Expanding to Southeast Asia
Looking beyond China, OCBC plans to expand its transfer capabilities to other major Southeast Asian markets by 2026. Popular digital wallets in Indonesia, like GoPay and OVO, and those in the Philippines, like GCash, PayMaya, and Coins, will soon be available for use under OCBC by that time. Given the average growth rate of about 10% per annum in cross-border transfers from Singapore to ASEAN countries, this expansion will allow OCBC to serve that demand for fast and reliable remittance services.
Paradigm shift for cross-border payments
OCBC’s latest move is part of a broader industry shift towards faster, digital-first remittance solutions. The global remittance sector is projected to reach a market size of $1.1 trillion by 2025, with digital channels currently holding a significant share. Southeast Asiais rapidly adopting digital wallets faster than other regions. To take advantage of this market, OCBC invests in technologies that will provide customers with a speedier service in sending money across borders.