Alibaba has actually co-launched the world’s very first blockchain cross-border remittance service on June 25.
SEE ALSO: $14 Billion Series C Round for Alibaba-Affiliate Ant Financial AlipayHK, the payment service of Alibaba’s financial arm in Hong Kong, and GCash, a major service provider of telecommunications services in the Philippines, have released the cross-border remittance service in Ant Financial’s blockchain innovation, supporting real-time transfer between Hong Kong and Philippines. The very first transaction happened today by an abroad Filipino employee, Mary Grace, who moves cash to her family and friends back home in the Philippines. AlipayHK and GCash The new digital remittance service conserves expense and time invested on queuing in long lines and filling types at a remittance booth, stated Jennifer Tan, CEO of Alipay Payment Solutions(HK)Limited(APSHK). With a couple of taps through AlipayHK’s smart phone application, money will be transferred within seconds to a GCash user instead. Individuals at the launch occasion: from delegated right, Mr. Cheng Li, CTO and International Company Group’s COO of Ant Financial; Mr. Douglas L. Feagin, President of International Organisation of Ant Financial; Ms. Lisa Robins, Global Head of Transaction banking, Standard Chartered Bank; Mr. Ernest L. Cu, President and CEO of World Telecom, Founder of GCash; Mr. Eric Jing, Executive Chairman and Chief Executive Officer of Ant Financial; Mr. Jaime Augusto Zobel de Ayala, AYALA Chairman and CEO; Mr. Canning Fok, Group Co-Managing Director, CK Hutchison Holdings and Chairman, Alipay Payment Services (HK) Limited; Ms. Mary Grace B. Do-Oma, Overseas Filipino Worker in Hong Kong; Mr. Jack Ma, Founder and Executive Chairman, Alibaba Group; Mr. Melchor T. Plabasan, Head of Core IT Guidance Group of the BSP’s Financial Guidance Sector; Mr. Frank John Sixt, Group Finance Director and Deputy Handling Director, CK Hutchison Holdings; Ms. Jennifer Tan, CEO of Alipay Payment Solutions (HK) Limited; Mr. Michael Gorriz, Group Chief Information Officer, Requirement Chartered Bank
The blockchain-based remittance service provides a competitive exchange rate with much lower transaction costs which will even be waived during a preliminary three-month trial duration, inning accordance with the Ant Financial statement.
Jack Ma speaking in Hong Kong Jack Ma, the CEO of Alibaba Group, while experiencing the amazing minute on website, said that he wishes to make it possible for individuals to remit even 1 cent at practically no charge, in contrast to some other financial services.Filipinos, the biggest foreign community operating in Hong Kong, remitted HK$ 4.4 billion (US$ 561 million) to their house country in 2016. More than 180,000 Filipinos are working as domestic helpers in the city. Ant Financial official tweet Established in 2014, Ant monetary is the payment-affiliate of Alibaba Group. Ant Financial Service Group raised $ 14 billion in a series C funding round earlier in June. The business has actually been investing in developments such as AI tech, blockchain, Cloud mini computing, loT and other related innovations.
“It makes a lot of sense for them to be concentrating on technology due to the fact that it plays to their strengths and it also fits the government’s view en route that the monetary industry would develop,”said Zennon Kapron, director at the Shanghai-based fintech consultancy Kapronasia.Ant Financial is
likewise preparing for an IPO in Hong Kong next year, targeting to raise$10 billion.Read: Ant Financial Launched World’s First Blockchain Cross-Border Remittance Service on Pandaily.