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Ant Financial offers cut-rate remittances to Philippines

Alibaba group builds own network after MoneyGram acquisition is blocked

Alibaba Group's Jack Ma, right, greets a Filipino guest at a news conference Monday
Alibaba Group's Jack Ma, right, greets a Filipino guest at a news conference Monday. The Philippines is one of the world's largest remittance markets, and many from there work in Hong Kong.   © Reuters

HONG KONG -- Alibaba Group Holding's payment affiliate Ant Financial launched Monday a blockchain-based service to send money between Hong Kong and the Philippines, slashing remittance costs for the city's roughly 200,000 Filipinos.

The service will employ Ant Financial's AlipayHK and Filipino counterpart GCash, operated by Globe Telecom, to transfer money internationally via smartphone in just seconds with blockchain technology. Standard Chartered will act as the settlement bank for the transactions.

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