Jack Ma inaugurates the first blockchain based cross border transaction by Ant Financial

June 25: Ant Financial, formerly known as AliPay a subsidiary of the Alibaba Group, announced that they have successfully launched the blockchain based e-wallet for cross-border transactions.

Grace, a Filipino worker who worked in Hong Kong for 22 years, made the first transaction. Grace sent money from Hong Kong to Philippines in under 3 seconds.  It used to take around 10 minutes to several days for a similar transaction to occur previously.

With the support of blockchain technology, cross-border remittances can now be credited in real time as if they were local transfers, with 7×24 hours of uninterrupted, cost-effective, safe and transparent.

Jack Ma, founder and CEO of Alibaba Group witnessed the historic event.

“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 Jack Ma.

With the growing number of interest in cross-border payments, its safe to say that cheaper and faster cross-border payments are the next big thing in the tech industry.

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