Alibaba Launches Blockchain-based Remittance Service in Philippines

ABR
August 7, 2018

A subsidiary of Chinese e-commerce giant Alibaba – Ant Financial  has launched a blockchain-powered cross-border service through their e-wallet platform which offer secured, hassle-free and cost saving transactions.

According to a local news report, Ant Financial announced the blockchain remittance service at a press conference in Hong Kong on Monday, saying it will initially be rolled out for consumers sending funds between Hong Kong and the Philippines.

According to QQ news, Ant Financial announced the launching of this service at their press release in Hongkong on June 25, making it the first global blockchain e-wallet remittance service between individuals in Hong Kong and the Philippines.

In order to deduct the intermediaries and enhance the efficiency of transaction speed, AlipayHK has collaborated with GCash – a Philippines mobile remittance using blockchain technology to settle payment service between Hong Kong and the Philippines.

Together with those two companies, Standard Chartered has also joined the blockchain payment pilot alongside Thai banks.

According to a report of Hong Kong government, there were approximately 200,000 Filipino domestic helpers in Hong Kong, which is equivalent to three percent of the city’s population. This figure leads to a certain demand of sending cash to their family monthly or annually.

The announcement of a new remittance service was published a few weeks after Ant Financial received $14 billion in a Series C round, which also in their plan to promote and develop blockchain technology.

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