The thing about business and technology is that you can never get too comfortable at the top for someone somewhere is also working on a similar concept and plans to make it better. This is the case with the current launch of Ant Financial’s first blockchain-based electronic wallet that enabled payments from Hong Kong to the Philippines in 3 seconds. Ant Financial is Alibaba’s payment arm and has teamed up with Standard Chartered and GCash to launch this service.
The first transaction using this service was done from the AlipayHK mobile App to a GCash wallet in the Philippines only 2 days ago on the 25th of June. This transaction was made by Mary Grace, an overseas Filipino worker who regularly transfers money to her family and friends. Such a transaction would take close to 10 days, but now it is a matter of seconds.
Ant Financial was quick to tweet about the achievement.
Exciting moment! @AlibabaGroup Executive Chairman Jack Ma witnesses the very first #GCashXAlipayHK transaction by Mary Grace, an overseas Filipino worker, who transfers money to her friends and family back home in the #Philippines pic.twitter.com/eCiGWZsSHX
— Ant Financial (@AntFinancial) June 25, 2018
Anyone who has been in the crypto-verse during the last few months witnessed the buzz the Ripple powered Santander App created when it showcased a payment from the UK to the US in a similarly fast transaction. Ant Financial has now made the FinTech industry more exciting with Jack Ma as an unofficial crusader of the service.
Jack Ma’s vision is to provide access to banking services to the over 1.7 Billion global citizens with no bank accounts. These same individuals happen to own mobile phones. These devices can be used as avenues of accelerating banking services on the blockchain for them.
Jack Ma is quoted as saying:
“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.
“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.”
One thing that has been the trend of prominent businessmen and women when they succeed in life, is their wish to spread their good fortune to others. This can be seen through Bill Gates, Oprah Winfrey and now Jack Ma. His vision of total inclusivity of banking services will be part of his lasting legacy as well as I divergence of how Ripple is first partnering with big banks. Jack Ma knows that micropayments are the future of remittance services as well as the vehicles of supporting families across borders as is the case with Mary Grace. Three cheers to Jack Ma!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of JD Lasica via Flickr
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