In a bid to stir up cross border remittance services through blockchain technology, China based company Alipay has announced a partnership with Standard Chartered and GCash. The Ant Financial company, cnLedger, made the announcement that is has launched an electronic wallet that will serve its customers for services between Philippine and Hong Kong.
“Under the witness of Jack Ma, Ant Financial announced the launch of their first blockchain-based electronic wallet cross border remittance service, and completed the first remittance (AlipayHK in HK <-> GCash in Philippines ) within 3 seconds,” the tweet stated.
The disclosure which was made on the 25th of June, revealed that a Filipino who has been working in Hong Kong for 22 years tested the first blockchain based e-wallet for remittance service, and it was confirmed that transactions that takes days and are very much cumbersome and difficult are now at ease with the latest development as such goes through within 3 seconds.
While stating that almost everyone have access to mobile phones, the statement aired that users of Alipay HK can now remit funds seamlessly all time of the day to the Philippine wallet Gcash based on blockchain technology.
“Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination,” Jack Ma stated.
The Chinese billionaire further stated that even though the service has only been brought to Hong Kong and Philippine, it will soon spread across the world.
“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service (AlipayHK) will be brought to the rest of the world in the future,” Alibaba CEO stated.
In the opinion of the CEO, he believes that most people are yet to fully utilize the proficiency of blockchain technology in real world use case as they believe it is only viable for making money, whereas, it has been proven worthy in areas like data, privacy and security among others.
Jack Ma solidly supports the technology even though it creates unrest in the mind of its users due to volatility in the area of Cryptocurrency, he said that in the next 10-20 years, the world will be left with no choice but to face the problems of machine intelligence, the Internet of things, and the blockchain as the three as gone far and wide in many industries.
“In the face of blockchain, in the face of machine learning and the Internet of Things, we must have a high level of understanding, especially since the impact of the Internet of Things on the manufacturing industry far exceeds everyone’s imagination, the impact of e-commerce on retail sales, and many retail sales. The industry is not prepared. We call for artificial intelligence. We call for the Internet of Things. We call for blockchains that will have a huge impact on each of us,” he stressed.