Ant Financial have announced a partnership with multinational banking and financial services company, Standard Chartered. Standard Chartered will act as banking partner to Ant Financial for their new blockchain remittance service for customers looking to transfer funds between the Philippines and Hong Kong. As there are thought to be somewhere in the region of 200,000 Filipinos living in Hong Kong, it is a system aimed at streamlining processes in the community. According to a report on QQ [translated from Chinese]:
Ant Financial chose Alipay HK and the Philippine version of Alipay – GCash. The direct reason is that Hong Kong has more than 180,000 Filipinos. Currently, Alipay HK has over 20,000 merchants in Hong Kong. GCash was officially launched at the end of October 2017.
This latest news comes only a few days after we reported Ant Financial’s massive $14 billion Series C funding, right here at Bitrazzi.com. Ant Financial are of course the owner of Alipay – the largest online payments network in China, and affiliate of Alibaba. Their $14 billion boost will be plunged into ongoing globalisation and tech expansion plans.
They say that this new remittance service will allow transactions to be completed in a matter of seconds, saving time and the cost of intermediaries. It could be the sign of things to come further afield too.