The service is the first blockchain-based cross-border digital wallet remittance service, offering a new way to transfer money directly between individuals in Hong Kong and the Philippines.
The service will provide real-time money transfers at low exchange rate and transaction fees, which will be further waived during an initial three-month trial period. With a few taps through AlipayHK’s mobile phone application, money will be transferred within seconds to a GCash user.
Based on the smart contract, once a user submits a remittance application, all network participants including AlipayHK, GCash and Standard Chartered Bank, the first partner bank supporting this initiative, 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 are also able to track their money with every step of the way. All information stored, shared or uploaded through the blockchain remittance platform is further encrypted with advanced protocols to protect the user’s privacy.
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