Blockchain could drive remittance sector and vice versa

AlipayHK, a mobile and online payment platform, recently launched a blockchain remittance service between Hong Kong and the Philippines. By launching its blockchain remittance service in the Philippines, AlipayHK is tapping into the country’s over $30 billion remittance market, which accounted for 10.2% of its GDP in 2016. The Overseas Filipino Worker (OFW) customer segment is an excellent match for AlipayHK’s blockchain remittance service. Now in a three-month trial period, the service has the potential to scale and invigorate the legacy global remittance market. Given its expansive user base and the value of the global remittance market, Alipay can replicate this service in other markets.

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