2018-6-25 17:03 |
Ant Finance, the payment affiliate of Chinese e-commerce giant Alibaba, has launched a blockchain-based cross-border settlement service for consumers.
According to a local news report, Ant Finance announced the blockchain remittance service at a press conference in Hong Kong on Monday, saying it will initially be rolled out for consumers sending funds between Hong Kong and the Philippines.
By integrating its AlipayHK service with GCash – a Philippines-based mobile payment service launched in 2017 – using blockchain tech, Ant Finance says the service will save Filipinos living in Hong Kong from having to go to intermediaries and that it will settle their transactions within “seconds.”
Ant Finance said the new service is being assisted by Standard Chartered as the banking partner.
The news of the new remittance service comes just weeks after Ant Finance announced that it raised $14 billion in a Series C round funding, part of which will be devoted to blockchain technology development.
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