AlipayHK and Philippines-based payment service platform GCash have launched today a cross-border remittance service based on blockchain technology.
The around-the-clock remitance service allows users of AlipayHK, a digital wallet joint venture between Ant Financial and Hong-based multinational conglomerate CK Hutchison Holdings, to wire money to the Philippines through a secure, transparent and fast channel. Standard Chartered is the designated settlement bank. This blockchain based remitance service is the first of its kind in the world.
According to government data, as of 2016, 189,000 of the city’s 352,000 domestic helpers came from The Philippines. In 2017, Filipino workers in this Chinese city sent around $735 million back to their homeland.
This is not the first service based on blockchain launched by Alibaba Group. Last April, Alibaba and four Australian and New Zealand companies started off a food-tracing system based on blockchain technology to enhance consumer confidence in the origin of the products they are buying.
On its side, Mynt, the operator of GCash, is building a cashless system to allow more Filipinos to afford sound financial services by offering options for top-up, remittance and cashless payments for goods and services.
Image over the headline.- Ant Financial headquarters. © Ant Financial.