AlipayHK Opens Blockchain Remittance Corridor to the Philippines
“AlipayHK service with a Philippines-based mobile payment service –GCash – using blockchain technology, it will enable users to settle their transactions in seconds without going to intermediaries.”
Ant Financial, the payment affiliate of Chinese e-commerce giant Alibaba, has launched a blockchain-based cross-border settlement service for consumers.
According to a local news, Ant Financial announced a blockchain remittance service at a press conference in Hong Kong on Monday, saying that it will help transfer funds between Hong Kong and the Philippines.
Ant Financial notes that by integrating its AlipayHK service with a Philippines-based mobile payment service –GCash – using blockchain technology, it will enable users to settle their transactions in seconds without going to intermediaries.
The banking partner for the new service is Standard Chartered Bank, which already participating in the blockchain-based cross-border payment pilot with Thai banks.
According to the latest statistics from the Hong Kong government, by the end of 2016, there were 200,000 Filipino domestic service workers in Hong Kong, which accounted for 3% of the city’s population. And many of them will use remittance services to send cash home to their families.
Ant Financial added that it plans to increase its partnership with mobile networks to establish corridors in other regions in the future.
Ant Financial announced that it will use part of the $14 billion raised in Series C funding for blockchain technology development. The news of the new remittance service will come in weeks.
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