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 yr’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 immediate and charge 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 World Shopper Monetary Companies, OCBC stated,
“Once we launched pay-to-wallet transfers final yr, we promised to transcend China and we’ve 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 sooner, cheaper and extra inclusive.
We’re not stopping right here – our long-term objective is to attach prospects to 50 digital wallets worldwide, giving them essentially the most complete pockets entry of any banking app.”
OCBC stated the expanded protection goals to enhance the pace, price and accessibility of remittances, notably for Singapore’s 1.6 million international staff, a lot 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, stated,
“Our newest Visa Worldwide Remittances report exhibits that almost six in ten Singaporean remittance customers plan to keep up or improve the quantity they ship abroad this yr—a testomony to the resilience and digital maturity of Singapore’s monetary panorama.
Our expanded partnership with OCBC permits us to attach extra digital wallets throughout Southeast Asia, empowering prospects to ship cash shortly, securely, and conveniently. We sit up for extending our attain to extra pockets companions within the close to future.”
Since launching transfers to Chinese language wallets final yr, OCBC has processed greater than S$60 million by the service.
The financial institution stated transfers to China have grown fourfold and that many customers haven’t visited a department just lately, with working professionals making up most early adopters.
