Miles apart but close at heart, Globe GCash formally announced the innovative remittance partnership with Alipay HK through a live feed from Hong Kong.
The live press conference was attended by Alipay CEO Jack Ma and Globe Telecom President and CEO Ernest Cu as well as local media from the Philippines and Hong Kong representatives.
FinTech has become a quick convenience for the public where it began in 2015. according to Peter Chen leading to a solid E-Wallet market. Ant Financial Executive Chairman Eric Jing took the stage to express strong support to this partnership.
The remittance program benefits the more than 200,000 Filipinos in Hong Kong to help them send and transfer money in much cheaper and very fast and secure way to their families in the Philippines. Alipay will continue to establish this payment method to other countries where all you need is the mobile phone.
“In behalf of the Filipinos in Hong Kong, let me thank Alipay and Ant Finacial for allowing the Philippines to be the first to use the blockchain innovative remittance,” said Cu during the live feed from Hong Kong.
“I am so happy that when we signed the agreement, we’ve grown tens of thousands of people to bring into finacial inclusion,” added Cu.
The GCash and Alipay HK remittance imnovation helps solve the issues of sending and receiving money such as long waiting time, unfavorable exchange rates, high transaction fees, lack of transparency, and cumbersome pick-up process that shall ease the burden of the Filipino community in Hong Kong.
The Philippines and Hong Kong press conference also showed real-time processing through an uplink from domestic helper Mary Grace in Hong Kong sending remittance to her family back home in the Philippines.
“Blockchain makes transaction more convenient for all participants where the cost of transactions are dramatically reduced, you have speed and low cost, and there is transparency as well,” explained Anthony Thomas, CEO, Mynt.
“The limit for sending money will be HK 5,000 dollars and we’re looking at the first 3 months where transaction fees will be waived,” Thomas added.