DBS, MariBank Eliminate Remittance Fees to China
DBS and MariBank eliminate remittance fees to WeChat Pay, capturing Chinese New Year demand. How fintech competition reshapes cross-border payments in Singapore.
DBS Bank launched a zero-fee remittance service to Weixin Pay (WeChat Pay) on February 13, enabling customers to transfer money directly to Chinese digital wallets without traditional overseas transfer fees or foreign exchange charges. Digital bank MariBank announced an identical service the same day, signaling intensified competition in Singapore's cross-border payment market.
Timing Captures Chinese New Year Surge
The launch precedes Chinese New Year, when DBS handles 30% more remittances to China compared to typical periods. Singapore's 500,000-plus China-born residents create substantial demand for cross-border payment solutions.
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"We are experiencing consistent double-digit year-on-year growth in DBS Remit funds sent to China, demonstrating the strength of cross-border financial ties between Singapore and mainland China," said Sanjoy Sen, group head of consumer banking at DBS Bank.
Users initiate transfers through the "overseas transfer" option in the DBS digibank app by entering recipient details. After a mandatory 12-hour cooling-off period for first transactions, funds deposit directly into recipients' Weixin Pay wallets or linked bank cards without additional charges. This contrasts sharply with traditional bank remittance services, which typically impose overseas transfer fees and foreign exchange markups.
Partnership Infrastructure Drives Competition
Both DBS and MariBank partnered with TenPay Global, Tencent's cross-border payment platform operating from Singapore. TenPay Global has established partnerships with over 20 partners across more than 10 countries, including traditional banks like Bank of China (Singapore) and Kasikornbank (Thailand), alongside Singapore fintechs GrabPay and ShopeePay.
The platform uses China's Cross-Border Interconnection Payment Gateway, supporting over 40 digital wallets. Through a separate Mastercard partnership, TenPay Global provides access to over 1.4 billion Weixin users globally.
"By connecting Weixin Pay with DBS' trusted banking and payment platforms, we are delivering compliant and user-centric cross-border solutions that simplify how money moves and how payments are made across borders," said Yang Wenhui, CEO of TenPay Global (Singapore).
MariBank's promotional zero-fee period runs until June 30, 2026, while DBS has not announced an end date for its fee elimination.
Expansion Beyond Remittances
DBS plans to integrate its DBS PayLah! mobile payment platform with Weixin Pay in late 2026, allowing users to scan Weixin Pay QR codes for payments or present their own codes when transacting with Chinese businesses. This expansion moves beyond remittances into point-of-sale transactions.
The bank's broader cross-border strategy includes DBS GlobeSend, a Hong Kong pilot supporting remittances to over 110 markets with up to 40% cost savings versus traditional wire transfers. DBS also offers zero-fee same-day transfers to over 50 destinations through its existing DBS Remit service.
China received US$31.41 billion in remittances in 2024 according to World Bank data, establishing the market opportunity for digital wallet integration strategies targeting overseas Chinese communities across Southeast Asia.
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