AliPayHK Opens Blockchain Remittance Corridor to the Philippines

Ant Finance, the payment affiliate of Chinese e-commerce giant Alibaba, has launched a blockchain-dependent cross-border settlement company for individuals.

In accordance to a regional information report, Ant Finance introduced the blockchain remittance company at a push convention in Hong Kong on Monday, indicating it will originally be rolled out for individuals sending resources amongst Hong Kong and the Philippines.

By integrating AlipayHK and GCash – a Philippines-dependent cellular payment company launched in 2017 – with a blockchain, Ant Finance says the company will save Filipinos dwelling in Hong Kong from obtaining to go to intermediaries and that it will settle their transactions within “seconds.” Afterwards, the company additional, it ideas to insert partnerships with cellular networks to construct corridors into other locations.

In accordance to the Hong Kong government’s most current figures, by the conclude of 2016, there were around 200,000 Filipino domestic helpers in Hong Kong, who account for a few p.c of the city’s population, and quite a few of whom will use remittance services to send out income household to household.

Ant Finance claimed the new company is currently being assisted by Conventional Chartered as the banking associate.

As claimed by CoinDesk in May, Conventional Chartered has already started off to participate in a blockchain-dependent cross-border settlement pilot with a team of Thai banking institutions.

The information of the new remittance company will come just weeks immediately after Ant Finance introduced that it elevated $14 billion in a Series C spherical funding, portion of which will be devoted to blockchain technological innovation growth.

Alipay picture by means of Shutterstock

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