AlipayHKa, GCash tap blockchain for cross-border remittances

AlipayHK, a digital wallet JV between Ant Financial and CK Hutchison Holdings, has teamed with payment service platform GCash for the launch.

AlipayHK users can now wire money to the Philippines, with Standard Chartered as the designated settlement bank. Jack Ma, the founder of Alibaba Group, which owns 33% of Ant, says: “We wanted to buy MoneyGram and overhaul it to help people all over the world solve the issue of high fees charged by remittances services. Due to reasons from the US, our deal with MoneyGram did not succeed, so I said, ‘Let’s make one better (than MoneyGram) that uses the most advanced technology…Blockchain technology can help overcome the challenges of security, sustainability and inclusion.”

Eric Jing, CEO of Ant Financial, adds: “Blockchain is revolutionising the remittance industry, and we look forward to further innovating and expanding the application of the technology in global remittances, together with local wallet partners and other ecosystem partners.”