(Yicai Global) June 26 -- Ant Financial Services Group, an affiliate of Chinese internet leviathan Alibaba Group Holding, plans to test its new cross-border remittance service that uses blockchain technology between Hong Kong and the Philippines, it said yesterday.
The Hangzhou-based company's AlipayHK service and GCash, a licensed e-wallet in the Philippines, will pilot the service first, waiving user service fees for the first three months.
Hundreds of thousands of Filipinos work in Hong Kong and transfer money back home. The Philippines is the world's third-largest recipient of remittances with transactions of USD33 billion last year.
UK-based Standard Chartered Bank has become Ant Financial's core partner clearinghouse, offering settlements for the trans-frontier wire business and providing instant foreign currency exchange rates and liquidity to support real-time transfers between two licensed e-wallets, Ant Financial also said the same day.
Editor: Ben Armour