Date
16 October 2018
Alibaba chairman Jack Ma speaks at a news conference in Hong Kong on Monday as group affiliate AlipayHK launched a blockchain-based cross-border remittance service. Photo: Reuters
Alibaba chairman Jack Ma speaks at a news conference in Hong Kong on Monday as group affiliate AlipayHK launched a blockchain-based cross-border remittance service. Photo: Reuters

AlipayHK launches real-time HK-Philippines remittance service

AlipayHK, an entity partly owned by Alibaba Group affiliate Ant Financial, on Monday launched a blockchain-powered cash remittance service between Hong Kong and the Philippines.

The initiative will allow real-time transfers of cash between individuals in Hong Kong and the Philippines, in a digital wallet service Alipay said was the first of its kind globally, Reuters reports.

The new service comes under a partnership with GCash, a Philippines-based micropayment service operated by telecommunications firm Globe Telecom.

There are over 180,000 Filipinos in Hong Kong, making it the largest foreign community in the city, a factor that prompted Alipay to kick off the cross-border cash remittance service.

AlipayHK, which is a joint venture of Ant Financial and Hong Kong conglomerate CK Hutchison, was one of the first companies in Hong Kong to hold a stored value facility license in the city, Hong Kong’s Financial Secretary Paul Chan noted at an event to launch the new service.

Alipay Payment Services (HK) will be the operator of the service.

Ant Financial is planning further international expansion. Earlier this month it said it had raised about US$14 billion, the largest-ever single fundraising by a private company.

The company said it will use the money to speed up globalization plans for Alipay and to invest in developing financial technology.

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RC

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