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The CEO of Ant Financial (formerly known as AliPay), Jack Ma has announced that their new blockchain remittance service completed a successful trial. Ma also stated that it plans to expand this service on a global scale.

According to a report made by online news resource cnLedger, the company formerly known as AliPay created and piloted its “first blockchain-based electronic wallet cross-border remittance service” from Hong Kong to the Philippines.

“Under the witness of Jack Ma, Ant Financial announced the launch of their first blockchain-based electronic wallet cross-border remittance service, and completed the first remittance (AlipayHK in HK <-> GCash in the Philippines ) within 3 seconds,” posted cnLedger.

The receivers were AliPayHK and GCash, a payment app based in the Philippines which recently became compatible with AliPay.

“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,” said Ma regarding the project.

The move indicates AliPay’s commitment to blockchain, and its Filipino remittances procedure is now the most recent development in a growing number of remittance solutions based on the technology.

The Philippines’ banking sector has also created blockchain solutions for the industry in 2018, last week debuting a pilot in cooperation with IBM for remittances to Japan.

However, Ma believes that the impact of blockchain will go further than this pilot.

“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,” he explained.

“The impact of blockchain on the future of humans may be far beyond our imagination,” he continued.

In spite of implying his interest in the technology for a few years, Ma has however appeared to be a criticizer of cryptocurrency, last month stating at a congress meeting that “blockchain is not a bubble, but Bitcoin is a bubble.”

“At least inside Alibaba, blockchain must be a solution that addresses the privacy and security issues in the digital era,” he said.

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