Globe Telecom and partner Ant Financial Services Group launched a cross-border money remittance service between the Philippines and Hong Kong, home to a sizeable number of Filipino workers.
The service, used via the Alipay and GCash mobile wallet platforms, was said to be the first blockchain-based cross-border digital wallet money transfer service in the world. They partnered with Standard Chartered Bank, the first and core partner bank supporting the project.
GCash is operated by Globe Fintech Innovations Inc. (Mynt), whose owners include the Ayala Group and Chinese billionaire Jack Ma’s Ant Financial.
“We are very excited to introduce this new remittance solution to our users in Hong Kong, and in particular to the Filipino community in the city,” Jennifer Tan, CEO of Alipay Payment Services (HK) Ltd (APSHK), said in a statement on Monday.
“What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few 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,” she added.
This service between GCash and AlipayHK will provide real-time money transfer between Hong Kong and the Philippines “at a competitive exchange rate with much lower transaction fees.”
The fees will be waived during the initial three-month trial period, Alipay noted.
“GCash is building a cashless ecosystem to make financial services affordable and accessible to 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,” Anthony Thomas, president and CEO of Mynt, said in the same statement.