Panda Remit Ushers in New Stage of Cross-Border Remittance Powered by Intelligence

Panda Remit has achieved "single-recording, full-chain synchronization" for remittance information, streamlining the traditional SWIFT model's multi-level verification process into a direct point-to-point connection and accelerating remittance processing times from Singapore and HK SAR to Mainland of China from several days to as fast as two minutes, with 98% of transactions now settled within 10 minutes. This has been achieved through leveraging the deep cross-border transaction banking capabilities of Southeast Asia’s second largest bank, OCBC.

Taking the typical scenario of a Singaporean user remitting money to Mainland of China as an example, after completing identity authentication through the Panda Remit app, the user selects OCBC’s  PAYNOW payment channel to initiate the transfer. The funds can arrive at the Chinese bank card, Alipay or Weixin account in as fast as 2 minutes, and the transaction progress can be tracked in real time through the app throughout the entire process.

This tangible service upgrade demonstrates the strong vitality of the "technology + network" cooperation model, creating a faster, more affordable and more secure cross-border remittance solution for individual and corporate users in Hong Kong SAR and Singapore, and promoting the inclusiveness and efficiency of cross-border financial services.

Panda Remit also holds a Hong Kong MSO license and has passed multiple international payment security certifications, including PCI DSS and ISO/IEC 27001. It uses bank-grade encryption transmission technology to safeguard user information and transaction data.

These enhancements not only address the industry pain points of "slow, expensive, and cumbersome" cross-border remittances, but also set a new benchmark for the collaborative development of fintech and traditional finance. Panda Remit will continue to expand service coverage and application scenarios, empowering financial inclusion with technology and injecting new momentum into the efficient flow of global funds.