Today Ant Financial, the Alipay operator, launched a blockchain remittance app to transfer money from Honk Kong to the Phillipines.
The deal is between AlipayHK and GCash, the Philippines-based mobile wallet company. Roughly 10 million Philippinos work abroad and according to the World Bank they remit $33bn a year. That makes the Philippines the third largest country for remittances behind India ($65bn) and China ($63bn).
Standard Chartered is acting as the settlement bank.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
