Unionpay, OCBC Bank launch real-time remittance service

China Unionpay and Singapore OCBC Bank announced on Tuesday the launch of a new real-time remittance service especially tailored for Chinese expatriates in Singapore - EasiRemit, looking to better serve their customers.

A joint statement released by the two companies said clients of OCBC could use the real-time remittance service anytime from March 11 to China via OCBC Mobile Banking as well as more than 400 OCBC ATMs, much more convenient compared with previous long waiting period of about 3-5 days.

This is the first real-time remittance service to China via mobile banking and ATMs and the Singaporean lender is also the first and only bank in the country to tie up with Unionpay to offer such a remittance service.

The new services will be launched first with four Unionpay member banks in China, including Bank of Shanghai, Dongguan Rural Credit Cooperatives Union, Fujian Rural Credit Union and Hunan Rural Credit Union, which have a combined 7.5 million Unionpay cards.

The Agricultural Bank of China, Bank of Communications<601328><3328> and Industrial and Commercial Bank of China<601398><1398> will also join in the program soon, according to Unionpay.