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Ant Financial’s Cross-Border Remittance Service announced by Jack Ma
Ant Financial, Alibaba’s payment platform has partnered with Standard Chartered and GCash for launching a blockchain-based cross-border remittance service. Alibaba Chairman Jack Ma announced the first remittance.
According to the reports, it took three seconds to process the transactions whereas it usually takes 10 minutes to many days. This service was also considered to be as effective as local transfers, and 24×7 support and added cost savings. Alipay and GCash are the first to launch the service in their respective countries.
The Ant Financial posted a picture of Jack Ma with the first user of the service on Twitter.
[Image: Screen-Shot-2018-06-26-at-1.26.15-PM.png]
Meanwhile, Jack Ma calls Bitcoin a Bubble and supports blockchain technology. He has already said Bitcoin may be a bubble but blockchain is not.
Including that, Jack Ma said blockchain should not be a technology for “overnight riches,” but must address data privacy and ownership concerns, enable sustainable development, and solve social problems. He revealed that this service has been working for six months with the global expansion soon to follow after the Hong Kong run.
He said:
Quote:“At present, there are still 1.7 billion people in the world who do not have bank accounts, but most people own mobile phones. The blockchain’s impact on the future of humanity may be far beyond our imagination.”
Jack trust blockchain’s real-world applications and the Internet of Things.
He Included:
Quote:“In the face of the blockchain, in the face of machine learning and the Internet of Things, we must have a high level of understanding, especially since the impact of the Internet of Things in the manufacturing industry far exceeds everyone’s imagination, the impact of e-commerce on retail sales, and many retail sales. The industry is not prepared. We call for artificial intelligence. We call for the Internet of Things. We call for blockchains that will have a huge impact on each of us.”


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