Pay-to-wallet as a function Qorus-Infosys Finacle Banking Innovation Awards 2025

Concept and objectives: • Allows the transfer of monies within seconds: This improves on the current average of two to five days using other account-to-account or non-bank remittance services. • Eliminates the need for physical cash to non-bank remittance companies to make a cross-border funds transfer.

Reasons/Rationale: • As more individuals relocate from China to Singapore to live and work, and continue to remit funds home, OCBC has seen a 50 per cent jump in its Singapore customers’ remittances to China from a year ago.

• Weixin Pay and Alipay are the two most dominant digital wallets in China with over a billion users, making up 90 per cent of all digital payments in the country. Research has also showed that close to 50 per cent of Chinese have received money in their digital wallets from overseas, which indicates a need for us to transform the remittance process to make it easier for consumers to send and receive money.

• Previously, Singapore residents needed to top up their digital wallets carry out their transfers via their digital wallets, which is a two-step process. Hence, we implemented our pay-to-wallet service on OCBC App to transform money movement for consumers and showcase our commitment to facilitate the movement of funds from bank accounts to wallets seamlessly.