It is also unveiling new inbound remittance capabilities to Weixin to facilitate easy money transfers to China.

The Tenpay Global brand consolidates a suite of business and consumer cross-border payment products and solutions to serve different customer segments, including e-commerce platforms, global corporate and individual customers, as well as customers seeking personal remittance services.

Tenpay Global Remittance Services is an innovative remittance solution that enables global fintech institutions to connect with Weixin's open ecosystem by leveraging simple APIs and powerful global fund process capabilities.

Qualified Weixin users in the Chinese Mainland will now be able to receive remittances from abroad directly to the balance of their Weixin Wallet. This new feature builds on the existing remittance service available through Weixin-bundled bank card and is the latest evolution in our commitment to ensuring simpler, more convenient, reliable and compliant cross-border money transfers.

Tencent Financial Technology has partnered with dozens² of leading global remittance institutions over the past two years including Wise and Remitly, helping partners connect Weixin users with international remittance users in over 50 countries and regions through a Weixin Mini Program called Weihuikuan.

To celebrate this new capability, Tenpay Global Remittance Services is pleased to offer an incentive programme to reward users sending remittances to Weixin through our partners, including E9Pay, Debunk Remit, Panda Remit, Paysend, Remitly, WireBarley, and Wise.

Royal Chen, Vice President, Tencent Financial Technology said: "The global e-commerce industry has developed rapidly in recent years, with China's cross border B2C export and import exceeding RMB2 trillion, prompting strong demand for faster, more convenient, and high-quality cross-border payment services. Our new Tenpay Global brand represents an exciting new development for us in response to the market and growing demand from customers. We will continue to leverage our experiences and strengths in technology, risk control and compliance, as well as our ecosystem, to create more value for our users and partners and build a more inclusive financial ecosystem."
Tenpay Global showcase at Singapore Fintech Festival 2022
Tenpay Global showcase at Singapore Fintech Festival 2022

Note:

¹Qualified Weixin users refer to Chinese citizens with National ID cards who have completed real-name authentication through Weixin Pay and have authorised Weixin Wallet to receive money.

²As of November 2022, Tenpay Global Remittance Services' global partners include Aleta Planet, Debunk Remit, E9Pay, Omipay Global, OuiTrust, OTT Pay, Panda Remit, Paysend, PayForex, Remitly, Thunes, WapiPay Global, WireBarley, Wise, SentBe.