Ant Financial has recently announced of its newest cross-border payment service for its consumers on Monday, June 25.
This time, it will be using blockchain technology for its remittance platform named AlipayHK. With this, the said affiliate of the Chinese frontrunner Alibaba will be partnering with the Philippines’ GCash, the country’s mobile payment service, for catering to those who will be transferring money between Hong Kong and the Philippines.
Philippines a Domestic Helper Provider
According to the July 2017 report of Hong Kong’s Research Office of the Legislative Council Secretariat, 54 percent of total foreign domestic helpers in Hong Kong came from the Philippines, with Indonesia coming in second at 44 percent. As such, there is a great need to make an efficient money exchange service that will cater specifically to those who are sending remittances to their countries.
Furthermore, foreign domestic helpers constitute about 9 percent of the overall workforce in Hong Kong and cover a total of 11 percent of local households.
According to the 2017 survey of the Philippine Statistics Authority, there are about 2.3 million Filipinos who work across different countries around the world. This presents a tremendous opportunity for payment services like Ant Financial.
Series C Funding Round
Merely weeks ago, Ant Financial announced that it was able to amass up to $15 bln in its Series C funding round, and that it will be allocating the said funds for the further development of blockchain, among other similar technologies.
Formerly AliPay, the said firm revealed prior to the recent news that it will be focusing on technology development instead of the usual consumer financial services.
With the recent news on June 25, it seems harder now to believe that Ant Financial will indeed be straying from its original path.