Alibaba Founder Joins Blockchain Remittance
Quote from Ndubuisi Ekekwe on June 30, 2018, 7:40 AMJack Ma hit bitcoin speculation while launching remittance service built on blockchain. That is typical as many do not like Bitcoin but the value of blockchain is not debatable. After saying “It is…not right to become rich overnight by betting on blockchain,” the Alibaba billionaire launched a cross-border remittance service that uses blockchain to help people send money to the Philippines at transaction fees that are much lower than banks and other money-transfer firms charge.
Mr. Ma. said banks were “too greedy” in charging high fees on money transfers and that Ant’s goal is to bring low-cost financial transactions to everyday people. The new mobile-phone-based service is aimed at the roughly 200,000 Filipino workers in Hong Kong who collectively sent about $700 million back to the Philippines last year, according to Ant.
Users of the service won’t be charged any fees for the first three months, and a regular rate will be set later on. The move comes after Ant failed this year to acquire global money-transfer company MoneyGram International Inc. after a U.S. national security panel refused to approve the $1.2 billion deal.
Jack Ma hit bitcoin speculation while launching remittance service built on blockchain. That is typical as many do not like Bitcoin but the value of blockchain is not debatable. After saying “It is…not right to become rich overnight by betting on blockchain,” the Alibaba billionaire launched a cross-border remittance service that uses blockchain to help people send money to the Philippines at transaction fees that are much lower than banks and other money-transfer firms charge.
Mr. Ma. said banks were “too greedy” in charging high fees on money transfers and that Ant’s goal is to bring low-cost financial transactions to everyday people. The new mobile-phone-based service is aimed at the roughly 200,000 Filipino workers in Hong Kong who collectively sent about $700 million back to the Philippines last year, according to Ant.
Users of the service won’t be charged any fees for the first three months, and a regular rate will be set later on. The move comes after Ant failed this year to acquire global money-transfer company MoneyGram International Inc. after a U.S. national security panel refused to approve the $1.2 billion deal.
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