On June 25, the CEO of Ant Financial, Jack Ma revealed that they have launched a news blockchain based e-wallet cross –border remittance service globally.

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New Blockchain Remittances

According to the cnLedger, the company which is known as AliPay has developed and successfully launched its “first blockchain-based e-wallet cross border remittance service” among Hong Kong and Philippines.

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
Source (CN): https://t.co/jK3PenQGuN pic.twitter.com/jRYY8EUbY6

— cnLedger (@cnLedger) June 25, 2018

However, the beneficiaries were GCash and AliPayHK, the Filipino payment app that recently became compatible with AliPay. Therefore, the AlipayHK (Alipay Hong Kong) can now make use of Smartphone to transfer their funds to Philippine GCash wallet based on Blockchain Technology. The new remittances services can now be credited in real times as local transfers with cost effective, uninterrupte, safe and transparent.

Noticeably, GCash and AlipayHK will be the first to launch the services in Philippines and Hong Kong respectively.

Jack Ma quoted;

“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”.

Moreover, the approach indicates a board interment to Blockchain from e-commerce giant AliPay. Besides, Filipino remittances focused on an increasing number of remittances solutions using the technology. In addition, the banking sector of Philippines has developed blockchain solutions for the industry with IBM for remittances to Japan.

Blockchain shouldn’t be a technology for overnight riches

According to Ma, the impact of Blockchain Technology goes far beyond his trail. During the speech, he mentioned that blockchain should not be a technology for overnight riches. Instead, it should able to solve social problems, data privacy security, sustainable development and green issues.

He explained;

“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”.

Finally, at the hint, he said about his interest in Blockchain for many years. But he came out critical of cryptocurrency and stating that, “blockchain is not a bubble, but Bitcoin is a bubble”.

Image Source: Jack Ma