AlipayHK Launches Money Transfers to the Philippines Based on Blockchain

Ant Finance, a payment branch of the Chinese company Alibaba, specializing in e-commerce, is launching a money transaction service based on blockchain technology.

According to available information, Ant Finance has announced a money transfer service as part of a press conference held in Hong Kong. According to the company representatives, initially the service will be available for customers sending money from Hong Kong to the Philippines and vice versa.

Representatives of the company said that the service will save residents of the Philippines who live in Hong Kong from having to use the services of intermediaries. Transactions will be carried out in a matter of seconds. It was also added that it is planned to add partnerships with mobile networks to create corridors to other regions.

According to the latest statistics from the Hong Kong government, by the end of 2016, there were more than 200,000 Filipinos in this administrative district. These figures are 3% of the total population of Hong Kong.

The news about the launch of the money transfer system appeared immediately after Ant Finance was announced to raise $14 billion in the financing phase "C". Part of the funds received was to go to the development of blockchain technology.

#AlipayHK, #Philippines, #Alibaba, #Blockchain