Globe’s GCASH has sealed a partnership with Alipay HK to allow Filipino in HK to send their remittances more convenient.
This is the first blockchain-based cross-border digital wallet remittance service globally. It offers a fast, secure, convenient, transparent and low-cost way of transferring money from HongKong to the Philippines.
According to Alipay, this will serve the180,000 OFW in Hong Kong.
With this partnership, the following issues must be addressed:
- Long waiting time
- Unfavorable exchange rate
- High transaction fee
- Lack of transparency
- Cumbersome pickup process
Blockchain Technology At Work
Blockchain technology allows us to change and radically improve the speed and efficiencies for remittance services. Based on the smart contract, once a user submits a remittance application, all network participants including AlipayHK, GCash and Standard Chartered Bank, are notified.
The segmented procedures of the remittance process can consequently take place in parallel, enabling the verification and execution of the transaction to occur simultaneously.
Through the blockchain platform, the sender and receiver will be able to track their money with every step of the way. That means from the remittance is made, until it is successfully received by the recipient. All information stored on the blockchain is further encrypted with the most advanced protocols to protect the user’s privacy.
Live Remittance from HK to PH
In the live demo from today’s event, an OFW in HK (there’s a separate event in HK), we witnessed how fast the remittance was. It took only a few seconds and the money remittance was already received.
Alipay HK to GCASH Transaction Fee
Right now, charges are FREE. That means is no cost from both the sender and the receiver. However, in the future, there will be charges but GCASH promise to implement an affordable rate.
There is a limit on money remittance, however, a 5K HKD per day, based on government regulation.