Alibaba’s Ant Financial Just Launched a Blockchain-based Remittance Service

Friday, July 13, 2018

By Lucinda Shen

Though Alibaba co-founder Jack Ma may think Bitcoin is in a bubble, the firm still believes in blockchain, the technology underlying cryptocurrencies.

Ant Financial, Alibaba’s $150 billion financial affiliate, 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.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: Fortune (link opens in a new window)

blockchain, cryptocurrency, digital payments, remittances