Alibaba, GCash Launch the First Blockchain Cross-Border Remittance Service

Alibaba partners with GCash to test First Blockchain Remittance to Philippines

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  • Alipay and GCash announced the launching of a Blockchain-powered cross-border remittance
  • The service would improve the efficiency and speed of remittance services to about 3 seconds.

On Monday, 25th June, it was reported that Ant Financial, a subsidiary of Alibaba Group has experimented its first blockchain-based remittance service and sent a transaction within three seconds between Hong Kong and the Philippines.

Ant Financial, formerly called AliPay announced the completion of a transaction between its Hong Kong-based AliPayHK app and GCash, a Filipino payment app which recently became compatible with Ant Financial.

The service was presently trialed in making a fund transfer between Hong Kong and the Philippines, but Jack Ma, the CEO of Alibaba Group declared that there would be a growing trend of the service and in the near future the service would be available internationally. According to cryptocurrency resource cnLedger, he said:

“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.”

Jack Ma 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.”

cnLedger tweeted:

Jack Ma has shown Ant Financial’s increasing participation in blockchain technology in recent years. It was reported that Ant Financial secured $14 billion in funding for the development of blockchain technology earlier this month. He believes that the impact of Blockchain extends beyond this trial remittance service. He said:

“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.”

He added:

“At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era.”

However, Ma has remained critical on digital currency. During a congress last month, Ma stated that

“blockchain is not a bubble, but Bitcoin is a bubble.”

What do you think about the Alipay, GCash Blockchain cross-border remittance service? Tell us in the comments box.

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