Alipay has worked with GCash to launch a cross-border remittance service through their e-wallet platforms, powered by Alipay’s blockchain technology.

This is reportedly the first blockchain-based cross-border digital wallet remittance service in the world, offering a secure and low-cost way to transfer money directly between individuals in Hong Kong and the Philippines.

Blockchain has been implemented in the system to streamline the remittance process, improve the speed of delivery, enhance the transparency of the process and reduce costs. The round-the-clock service will be at a competitive exchange rate with low transaction fees, which will initially be waived for a three-month period.

Jennifer Tan, chief executive of Alipay Payment Services, said: “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.”

Anthony Thomas, president and chief executive of Mynt, the operator of GCash, said: “In partnership with AlipayHK and Ant Financial, GCash is able to achieve another breakthrough to make sending money to the Philippines easier, more convenient, and more secure for Filipinos abroad.

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