Amid the Belt and Road Initiative and expanding financial cooperation between China and Singapore, cross-border payments have become an important mechanism supporting regional trade and people-to-people exchanges.
To strengthen financial connectivity, Development Bank of Singapore (DBS) has partnered with UnionPay International (UPI) to enable DBS UnionPay Platinum Debit Cardholders to access a more efficient cross-border payment experience.
From now until 31 March 2026, cardholders can receive up to 8% cashback and a 3% waiver on transaction fees when spending in China, providing a total benefit of up to 11%.
DBS said the programme supports the growing economic and social exchanges between the two countries.
Through UnionPay’s global merchant network, the card can be used across Belt and Road countries, reflecting the concept of “One Card, Travel Across Asia.”
The UnionPay “Global Privileges” programme additionally offers benefits such as hotel upgrades, dining discounts, and leisure privileges.
Cardholders can also link the DBS UnionPay Platinum Debit Card to Alipay or WeChat Pay for a 3% waiver on transaction fees for single transactions above RMB 200.
Overseas ATM withdrawals incur no fees, saving up to S$7 per transaction.
DBS noted these measures aim to reduce the cost of cross-border mobile payments and support digital finance cooperation between China and Singapore.
Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik
This article first appeared on Fintech News Singapore
