The CEO of Ant Financial (formerly known as AliPay), Jack Ma, announced on June 25 that its new Blockchain transfer service has boasted a successful first try. In this momentum, Ma plans to expand this service delivery globally.
Global money transfers
AlipayHK, a subsidiary of Alibaba's Ant Financial, and the Philippines-based payment services platform, GCash, introduced a cross-border transfer service based on the Blockchain.
The first cross-border e-purse transfer service based on the Blockchain between Hong Kong and the Philippines was successfully created , according to a cnLedger publication on Twitter on June 25.
"We are very pleased to present this new solution giving a discount to our Hong Kong users, and especially to the Filipino community of the city," said Jennifer Tan, the CEO of Alipay Payment Services, in a press release.Ma also commented on this:
"The use of the Blockchain for cross-border remittances is one of my biggest projects in the last six months. This service (AliPayHK) is available in Hong Kong for now, but I plan to expand it globally. "https://twitter.com/cnLedger/status/1011177116229033985
If the Philippines is skeptical about the adoption of Blockchain technology, AliPay he follows the movement by becoming unconditionally involved in remittances.
However, the Philippine banking sector is not left behind, a Blockchain pilot project to transfer funds to Japan was launched last week by IBM and the country's financial institutions.
A grandiose vision
The growing popularity of smartphones represents an opportunity for the development of new financial services using emerging technology."The impact of the Blockchain goes beyond the AliPay pilot project," says Ma.
"Blockchain technology is not only made to make rich overnight. There are still 1.7 billion people in the world who have no bank account. However, most of them have cell phones. ""The impact of the Blockchain on the future of humans can far exceed our imagination. "
Although Ma recognizes the value of Blockchain, he continues to criticize cryptocurrencies and remains convinced that Bitcoin is a hypothetical speculative bubble."At Alibaba, the Blockchain should address privacy and security issues in the digital age," he said.What do you think of the fund transfer pilot project based on the AliPay Blockchain? Tell us in the comments section below.
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