Alibaba Offshoot Trials First Blockchain Remittance to Philippines, Plans Global Expansion
Alibaba’s Ant Financial trials blockchain remittances, CEO Jack Ma confirming he intends to take the option global.
The company, formerly known as AliPay, completed a funds transfer between its AliPayHK app in Hong Kong and Filipino payment app GCash, its joint project with local telecoms company Globe Telecom.
Part of a growing trend of Blockchain remittances in the Philippines, Ant Financial will establish international outreach in future, CEO Jack Ma told the press on the back of the project.
“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service (AlipayHK) will be brought to the rest of the world in the future,” online cryptocurrency resource cnLedger quoted him as saying. The quote continues:
“Blockchain should not be a tech to get rich overnight...There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”
Under the witness of Jack Ma, Ant Financial announced the launch of their first blockchain-based electronic wallet cross border remittance service, and completed the first remittance (AlipayHK in HK <-> GCash in Philippines ) within 3 seconds— cnLedger [Not giving away ETH] (@cnLedger) June 25, 2018
Source (CN): https://t.co/jK3PenQGuN pic.twitter.com/jRYY8EUbY6
Ma had signalled increasing involvement of AliPay in blockchain for several years, AliPay parent company Ant International securing $14 bln in funding for blockchain development earlier this month.