AlipayHK and Globe Telecom’s GCash announced the launch of a cross-border remittance service between the Philippines and Hong Kong, powered by Alipay's own blockchain technology.
Touted as the first blockchain-based cross-border digital wallet remittance service globally, the platform is operated by Ant Financial, an affiliate of Alibaba Group.
The new service will provide round-the-clock, real-time money transfer between the two countries at a competitive exchange rate with much lower transaction fees. With a few taps through AlipayHK’s mobile phone application, money will be transferred within seconds to a GCash user, claims Alipay.
Through the blockchain platform, the sender and receiver are also able to track their money with every step of the way – from when the remittance application was made, until when the receiver successfully obtains the money. All information stored, shared or uploaded through the blockchain remittance platform is further encrypted with the most advanced protocols to protect the user’s privacy.
Jennifer Tan, CEO of Alipay Payment services
What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few seconds.
Anthony Thomas, President and CEO, Mynt, the operator of GCash
This time, in partnership with AlipayHK and Ant Financial, GCash is able to achieve another breakthrough to make sending money to the Philippines easier, more convenient, and more secure for Filipinos abroad.
