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FINANCIAL SERVICES, INFORMATION TECHNOLOGY | Staff Reporter, Hong Kong
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AlipayHK launches blockchain cross-border remittance service

The firm is tying up with Philippine-based micropayment service GCash.

AlipayHK has tied up with Philippine-based micropayment service GCash to launch a blockchain-powered, cross-border remittance service through their e-wallet platforms.

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Customers will be able to make direct, real-time payments from Hong Kong to the Philippines as a few taps on Alipay HK’s app will send money to a GCash user. Through the blockchain platform, the sender and receiver are able to track the money flow until it reaches its destination. AlipayHK, GCash and core partner bank Standard Chartered are also notified when a remittance application is submitted.

“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. Together with GCash, we aim to provide Filipino expatriates a more convenient, seamless experience to transfer money back home to their families in the Philippines,” said Jennifer Tan, CEO of Alipay Payment Services (HK) Limited.

It claims to operate at a competitive exchange rate and lower transaction fees, which will be waived during an initial three-month trial period.

The Philippines is the third largest remittance market globally with over US$33b in inflows in 2017 alone.

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