Jack Ma Of Alibaba Cuts Remittance Costs

The one and only Jack Ma of Alibaba has revealed that Ant Financial Services—an affiliate of the e-commerce company that is Alibaba is no longer going to remove the cost of remitting money in relation to blockchain technology.

Mr. Ma revealed this during the unveiling of a blockchain-based money transfer service between the Philippines and Hong Kong.

AlipayHK will be a change of this particular remittance service. It is based in Hong Kong and is also a joint venture between Alibaba’s group affiliate, Ant Financial, Gash—a service of the Filipino telecommunication services firm called Globe Telecom Inc., and CK Holdings.

Jack has long desired to remove remittance costs.

“This comes from a promise I made a long time ago when Alipay was just launched. I have friends who are Filipino and they asked me when they could use Alipay to send money home because it was too expensive for banks, which charge too much.”

As indicated by Ant Financial, the blockchain-based cash remittance service is the first of its kind around the world. The Philippines is the third-greatest remittance market on the planet which a year ago recorded inflows of roughly US$33 billion. Filipinos in Hong Kong are one of the biggest remote networks in the city-state as indicated by the Census and Statistics Department of Hong Kong. It is evaluated that US$561 million was remitted by Filipinos in 2016.

With the blockchain-based remittance service of Alipay, sending cash will be done at aggressive exchange rates, bring down exchange charges and progressively. The underlying remittance amid the dispatch was supposedly finished in less than three seconds.

“Blockchain technology could change our world more than people imagine. Bitcoin however could be a bubble,” Ma told journalists at the event.

This isn’t the first run through Mr. Mama is dissing Bitcoin. A year ago, he confessed to having a small comprehension of the lead cryptocurrency however he limited from calling it an air pocket. A month ago, however, he utilized the b-word amid the World Smart Conference which was being held in Tianjin, China.

Ma holds the contrary view with respect to blockchain innovation which he has hailed as offering a solution to security, protection and information issues. As of now, Alibaba is one of the greatest holders of blockchain licenses with a portion of its blockchain-related scholarly properties concentrating on guaranteeing sustenance wellbeing and traceability in the inventory network and in addition enhancing social insurance.

Alibaba is likewise anticipated that would put vigorously in blockchain solutions. Following a Series C subsidizing round, Ant Financial, uncovered recently that a portion of the $14 billion brought will be put up in blockchain advancement. The cash remittance service is one of the primary cases the innovation is being utilized as a part of the conventional back by Ant Financial.