AlipayHK and GCash launch near-instant remittance scheme
Online payment platforms AlipayHK and Philippines-based GCash have launched a cross-border remittance service based on blockchain technology.
The service, a world first, allows AlipayHK users to wire money to the Philippines through a secure, transparent and fast channel.
Alibaba Group founder Jack Ma said that there are still more than 1.7 billion people in the world without a bank account. However, the rising popularity of smartphones presents an opportunity for the development of new financial services.
“Blockchain technology can help overcome the challenges of security, sustainability and inclusion,” he said during the Hong Kong launch ceremony.
Eric Jing, CEO of AlipayHK partner Ant Financial, said “Blockchain is revolutionising the remittance industry, and we look forward to further innovating and expanding the application of the technology in global remittances, together with local wallet partners and other ecosystem partners.”
An ultra-convenient and almost instantaneous money-transfer service between Hong Kong and the Philippines could help Filipino workers in Hong Kong. In 2017, Filipino workers sent around $735 million back to their home country from Hong Kong, according to government data.
GCash operator Mynt’s CEO Anthony Thomas said “We believe that for overseas Filipinos, sending money home to their family’s GCash mobile wallet will soon be the norm.”