In an effort to stir up international remittance services via distributed ledger technology, Alipay (a China-based firm) announced a collaboration with GCash and Standard Chartered. The Ant Financial firm – cnLedger – announced that it has launched an e-wallet that’ll serve its clients for services between Hong Kong and Philippine.
“Under Jack Ma’s witness, Ant Financial announced the launch of its first electronic wallet international remittance service that is based on blockchain technology, and carried out the first transaction from AlipayHK in Hong Kong to GCash in Philippine within three seconds.”
The information which was disclosed on June 25 revealed that a Filipino that has been working in HK for twenty-two years tested the blockchain-based electronic wallet for cross-border remittance service, and it was discovered that transactions that are usually difficult, cumbersome and take days to complete are now very easy and they can be completed in just three seconds.
The Ease of Use
While stating that almost everybody has access to mobile devices, the statement expressed that Alipay Hong Kong users can now transfer funds effortlessly at any time of the day to the blockchain-based Philippine wallet – GCash.
Jack Ma’s Statement
“Blockchain technology shouldn’t be a technology to get rich overnight… There are over 1.7 billion people across the globe that do not have bank accounts, but most of them have access to mobile devices. The impact of blockchain technology on the future of man might be far beyond our imagination.” – says Jack Ma.
He further stated that even though the service has only arrived at Philippine and Hong Kong, it will get to other parts of the world very soon.
The CEO of Alibaba also stated that using blockchain to achieve international remittances is one of his most concerned projects in the last 6 months. Starting from HK, the service will spread across the globe in the future.
He believes that the full potential of blockchain technology has not been seen yet, and people believe it’s only useful for making money, whereas, it has proven worthy in areas such as security, privacy, and data among others.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.