AlipayHK and GCash launch real-time, low cost, blockchain-powered, cross-border remittance service

AlipayHK and GCash launch real-time, low cost, blockchain-powered, cross-border remittance service

AlipayHK and GCash have launched the first-in-the-world, blockchain-based, cross-border digital wallet remittance service. This directly benefits Filipino OFWs in Hong Kong who need to send remittances back to their loved ones in the Philippines: a few taps on AlipayHK’s mobile app and money gets transferred within seconds to a GCash user. This fast, secure, convenient, transparent, round-the-clock, fuss-free, low-cost service (at a competitive exchange rate) is powered by blockchain technology developed by Alipay, which is operated by Ant Financial Services Group. Standard Chartered Bank is the first and core partner bank supporting this initiative. Transactions fees are waived during the initial 3-month trial period. All info stored, shared, or uploaded through the blockchain remittance platform is encrypted to protect the user’s privacy.

AlipayHK and GCash have launched the first-in-the-world, blockchain-based, cross-border digital wallet remittance service.

At the launch of the AlipayHK and GCash remittance service in Hong Kong, a live test of the money sending process was held. A Pinoy OFW in Hong Kong was livestreamed sending money to her relatives who were on stage at the Shangri-la at the Fort Bonifacio Function Room. The money was sent using AlipayHK mobile app and received on a GCash mobile wallet in seconds.

Remittances are a lifeblood of many communities in the Philippines, the third largest remittance market with US$33 billion of inflows in 2017. We are proud to collaborate with Ant Financial, and act as their banking partner for this new service to make remittances easier, cheaper and more secure,” said Lisa Robins, Global Head, Transaction Banking, Standard Chartered.

Alipay used blockchain technology to streamline the remittance process for speed of delivery, enhanced process-transparency, and security:

  • Once a user submits a remittance application, all network participants (AlipayHK, GCash, Standard Chartered Bank) are notified.
  • Verification and execution of the transaction occur simultaneously, since the segmented procedures of the remittance process can take place in parallel.
  • Sender and receiver can track their money, from where the remittance application took place, until when the receiver gets the money.
  • Encryption with the most advanced protocols are used to encrypt user’s privacy.
AlipayHK and GCash have launched the first-in-the-world, blockchain-based, cross-border digital wallet remittance service.

Globe President and CEO Ernest Cu addresses the live audience in Hong Kong where the AlipayHK and GCash remittance services was launched. The launch was livestreamed to media audiences at the Shangri-la at the Fort on June 25, 2018.

This service between GCash and AlipayHK solves the usual problems when sending and receiving remittances, including long waiting time, unfavorable exchange rate, high transaction fees, lack of transparency, and cumbersome pick process.

“We believe that for overseas Filipinos, sending money home to their family’s GCash mobile wallet will soon be the norm,” said Anthony Thomas, President and CEO of Mynt, the operator of GCash.

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Author

Irwin Allen Rivera loves his wife's cooking so much he's now twice the man he used to be. His English essay won a Don Carlos Palanca Memorial Award for Literature in 2012. His philosophical-horror story appeared in Philippine Speculative Fiction 8 (2013). He was managing editor and lead writer of Sites and Symbols 2 (2005), a coffee-table book about buildings in UP Diliman - his alma mater (BA Philosophy; MA Creative Writing continuing). He worked at the UP Diliman Information Office before shifting to web content writing. His sudden fiction, "Notwithstanding Pigs," initially a Friendster testimonial, appeared in Philippines Graphic (2006) and in Very Short Stories for Harried Readers (2007). He used to write for www.technoodling.net.