Remittances

OCBC's move to expand its payments capabilities comes as money flows between China and Singapore continue to grow.

Companies & Markets

OCBC to make cross-border payments available to over 50 digital wallets by 2026

The bank is starting with Chinese digital wallets Weixin Pay (WeChat Pay) and Alipay

Many providers advertise their transfers as “free” or having “low fees”, when in reality, the true cost is hidden within the exchange rate.

Opinion & Features

THE BOTTOM LINE

How policy and partnerships can make remittances affordable

For many, the service is the first link to financial inclusion, providing the means to cover daily needs, pay critical bills, and keep a roof over their heads

Alipay caters to more than a billion consumers in China.

Banking & Finance

Mastercard expands remittances reach in new pact with Alipay

MASTERCARD is broadening its reach in cross-border remittances through its partnership with Alipay, the mobile payments super-app backed by Ant Group.

Samlit Moneychanger remains a licensee under the Payment Services Act until Feb 29.

Singapore

Local remittance firm surrenders licence, to shut down amid investigations for suspected fraud

A REMITTANCE business is planning to wind up amid investigations into the firm and its employees for suspected fraudulent trading, along with suspected failure to comply with the firm’s obligations as...

MAS and SPF say the temporary suspension is needed for the “immediate protection of consumers”.

Economy & Policy

BT EXPLAINS

Why is MAS suspending third-party channels for remittances to China?

THE Monetary Authority of Singapore (MAS) has suspended the use of non-bank or non-card third-party channels for remitting money to China, in response to cases of remittances being frozen by China’s l...

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