OCBC customers in Singapore can now switch funds on to eight main digital wallets throughout Indonesia, Malaysia, the Philippines and Vietnam.
This brings the financial institution’s pay-to-wallet function to 10 wallets, following final 12 months’s addition of Weixin Pay and Alipay.
The enlargement is a part of OCBC’s partnership with Visa, which started in 2024 to reinforce cross-border funds. Transfers to the brand new wallets are close to on the spot and payment free.
Supported companies embody Cash, GCash and PayMaya within the Philippines, GoPay, LinkAja and Ovo in Indonesia, MoMo in Vietnam and Contact ’n Go in Malaysia.
Along with the 2 Chinese language wallets, these platforms serve as much as 2.72 billion customers.
The service is powered by Visa Direct, which connects to just about 11 billion endpoints worldwide.
Sunny Quek, Head of International Client Monetary Providers, OCBC mentioned,
“After we launched pay-to-wallet transfers final 12 months, we promised to transcend China and we now have since delivered. By connecting OCBC accounts to eight of Southeast Asia’s hottest wallets, we’re eradicating friction from cross-border funds and making remittances quicker, cheaper and extra inclusive.
We’re not stopping right here – our long-term purpose is to attach prospects to 50 digital wallets worldwide, giving them probably the most complete pockets entry of any banking app.”
OCBC mentioned the expanded protection goals to enhance the velocity, price and accessibility of remittances, significantly for Singapore’s 1.6 million overseas employees, lots of whom nonetheless depend on slower or costlier channels.
With pay-to-wallet transfers, senders or employers can transfer cash on to a recipient’s digital pockets with no need a checking account or a department go to.
Adeline Kim, Visa Nation Supervisor for Singapore & Brunei, mentioned,
“Our newest Visa Worldwide Remittances report exhibits that just about six in ten Singaporean remittance customers plan to take care of or improve the quantity they ship abroad this 12 months—a testomony to the resilience and digital maturity of Singapore’s monetary panorama.
Our expanded partnership with OCBC allows us to attach extra digital wallets throughout Southeast Asia, empowering prospects to ship cash rapidly, securely, and conveniently. We look ahead to extending our attain to extra pockets companions within the close to future.”
Since launching transfers to Chinese language wallets final 12 months, OCBC has processed greater than S$60 million by way of the service.
The financial institution mentioned transfers to China have grown fourfold and that many customers haven’t visited a department not too long ago, with working professionals making up most early adopters.
