Ant Financial taps blockchain technology to offer cheaper international money transfers
By Zen Soo
Ant Financial Services has taken a step towards dramatically lowering the cost of sending money overseas, in a move that will help the hundreds of thousands of Filipinos working in Hong Kong.
These workers collectively transfer about HK$4.4 billion (US$561 million) annually to family and friends back home and, by using revolutionary blockchain technology, Ant Financial – an affiliate of Alibaba Group Holding – aims to eventually cut the cost of these remittances to near zero.
Alibaba co-founder Jack Ma Yun said on Monday he wanted to find a way to help people.
“This comes from a promise I made a long time ago when Alipay was just launched,” said Ma, whose company Alibaba owns the South China Morning Post.
Photo courtesy of John Twohig.