OCBC has announced its partnership with Visa Direct in order to enable near-instant P2P payments to customers of both Weixin Pay(Wechat Pay) and Alipay. Following this announcement, OCBC will enable its customers to send near-instant P2P transfers to both Weixin Pay (WeChat Pay) and Alipay using just the recipient’s China national identification name and China mobile number.

The company’s pay-to-wallet service incurs no transfer fees, and the partnership with Visa Direct will enable it to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well. More information on the OCBC x Visa Direct partnership Throughout this collaboration, OCBC will continue to work with Visa Direct so that by 2026, digital wallets like GoPay and Ovo in Indonesia or GCash, PayMaya, and Coins in the Philippines, will have the possibility to receive funds from OCBC Singapore bank accounts almost instantly and at competitive exchange rates. In total, the OCBC application is expected to access more than 50 digital wallets, providing comprehensive and secure access to its clients and users in Asia Pacific.

At the same time, the initiative meets the rising demand of OCBC customers, whose monthly cross-border funds transfers from Singapore to ASEAN markets have increased an average of 10% from 2023. The funds transfers will be made directly from OCBC customers’ Singapore bank accounts. There will be a daily and per transaction transfer limit of approximately USD 7.000 (CNY 50.000), and an annual transaction limit of approximately USD 42.000 (CNY 300.000), for OCBC Singapore clients to the wallet recipients.

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