GCash and AlipayHK Team Up to Send Remittance Faster thru Blockchain Technology
AlipayHK and GCash today announced the launch of a cross-border remittance service through their e-wallet platforms, made even faster through the blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services group or more popularly known as Ant or Ant Financial. This would be a momentous occasion too as this is the first blockchain based cross border digital wallet remittance service globally; which offers fast, secure, transparent, convenient and low-cost way to transfer money directly between individuals in Hong Kong and the Philippines.
Alipay has applied blockchain technology to speed up remittances, improving the speed of delivery, enhancing transparency of the process and reducing the costs while at the same time giving better security when sending money from HK to the Philippines. This new partnership between GCash and AlipayHK is offered 24/7 at a “competitive” exchange rate with lowered transaction fees as well.
Blockchain technology allowed them to change and radically improve the speed and efficiency for remittance services. Based on the smart contract, once a user submits a remittance application, all network participants including AliPayHK, GCash and Standard Chartered Bank, the first and core partner bank supporting this initiative, are notified. The segmented procedures of the remittance process can consequently take place in parallel, enabling the verification and execution of the transaction to occur simultaneously. Through the blockchain platform, the sender and the receiver are also able to track their money with every step of the way – from when the remittance application was made, until the time the receiver successfully obtains the money. All information stored, share or uploaded through the blockchain remittance platform is further encrpyted with the most advanced protocols to protect the user’s privacy.
Jennifer Tan, CEO of Alipay Payment Services (HK) says:
We are very excited to introduce the new remittance solutions to our users in Hong Kong and in particular the Filipino community in the city. What used to be a long process of physically going to a remittance center, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just 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. We will also continue to provide tailor-made solutions for our customers as we aim to enhance their daily lives through our secure and fuss-free approach.
Canning Fok, Group Co-Managing director of CK Hutchinson Holdings and Chairman of Alipay Payment Services, in his statement, said:
This cooperation with GCash to bring remittances to the Philippines using the new technology is the first step and there are many other places Hong Kong people need to remit money. I’m happy to see that AllPayHK’s team is hard at work to expand the service to more people, bringing us closer to our families and friends with a cheaper and quicker solution.
Anthony Thomas, President and CEO of Mynt, the operator of GCash says:
GCash is building a cashless ecosystem to make financial services affordable and accessible for every Filipino as we aim to provide the Philippines’ underserved market with convenient options for load top-up, remittance, and cashless payments for goods and services, among others. This time, in partnership with AlipayHK and Ant Financial, GCash is able to achieve another breakthrough to make sending money to the Philippines, easier, convenient and more secure than ever for Filipinos abroad. We believe that for Filipinos, sending money home to their family’s GCash mobile wallet will soon be the norm.
Check out our photos from this momentous occasion for OFWs, GCash and AlipayHK below.