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.