Ant Financial launched a blockchain-based service that lets Hong Kong’s large Filipino working population send funds to family back home quickly and securely. For now, the program is in a three-month trial period during which transaction fees will be waived.
“We are very excited to introduce this new remittance solution to our users in Hong Kong, and in particular to the Filipino community in the city,” said Jennifer Tan, CEO of Alipay Payment Services in Hong Kong. “What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few seconds.”
The blockchain-based service is being launched in tandem with Standard Chartered and GCash, Ant’s partnership with Philippines’ Global Telecom
Blockchain technology, a ledger of constantly updating transactions held by multiple parties, has become the buzzword among financial institutions in recent years. Its believers say that it has the potential to cheapen, speed up, and increase the security of transactions.