GLOBE FINTECH Innovations, Inc. (Mynt) has partnered with Ant Financial Services Group’s Alipay Financial Services (HK) for a cross-border remittance service that will allow direct money transfers between Hong Kong and the Philippines, tapping the market of overseas Filipino workers (OFW) and their families.
Mynt, the operator of GCash, and AlipayHK on Monday launched the service through their e-wallet platforms using a blockchain technology developed by Alipay. This is the first blockchain-based cross-border digital wallet remittance service. Through AlipayHK’s mobile phone application, money can be transferred within seconds to a GCash user.
Globe said the service will provide 24/7, real-time money transfer between Hong Kong and the Philippines at a “competitive” exchange rate with lower transaction fees. For the first three months of the launch of the service, transaction fees will be waived.
Globe said Alipay has applied blockchain technology to streamline the remittance process.
The companies tapped Standard Chartered Bank as their first and core partner bank for the initiative.
“This time, 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. We believe that for overseas Filipinos, sending money home to their family’s GCash mobile wallet will soon be the norm,” Anthony Thomas, president and CEO of Mynt, was quoted as saying in a statement.
Ant Financial earlier entered into a joint venture with Globe and Ayala Corp. to boost Mynt’s operations for merchant acquiring activities for Alipay in the Philippines. — PPCM