Alibaba Offshoot Plans Global Expansion After Trials First Blockchain Remittance To Philippines

Alibaba subsidiary Ant Financial has trialed its first blockchain settlements, sending a transaction in three seconds, Bloomberg reports June 25.

The organization, in the past known as AliPay, finished assets transfers between its AliPayHK application in Hong Kong and Filipino payments application GCash, its joint projects with local telecoms organization Globe Telecom.

Some portion of a developing pattern of Blockchain remittance in the Philippines, Ant Financial will set up universal effort in future; CEO Jack Ma told the press on the back of the project.

“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service (AlipayHK) will be brought to the rest of the world in the future,” cnLedger, the online cryptocurrency cited him as saying. The statement proceeds:

“Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones. The impact of blockchain on the future of humans may be far beyond our imagination.”

Ma had flagged expanding association of AliPay in blockchain for quite a long while, AliPay parent organization Ant International anchoring $14 bln in funding for blockchain development prior this month.

The pioneer conversely stays bearish on cryptocurrency, which he in May portrayed as a “bubble”.

His point of view echoes those of numerous figures on Bitcoin (BTC), one which digital currency advocates keep on rebutting as price slip.