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GCash, Alipay team up for cross-border remittance between PHL and HK
By JON VIKTOR D. CABUENAS,GMA News Globe Telecom Inc.’s GCash has teamed up with Alipay to allow cross-border remittances between individuals in the Philippines and in Hong Kong, said to be the first of its kind globally.
Officially launched in Taguig City on Monday, GCash users may now send and receive money to and from individuals in Hong Kong through a partnership between Alipay and Standard Chartered.
Through a blockchain platform, both the sender and receiver will be able to track their money from the remittance application until the receiver accepts the money.
“GCash is building a cashless ecosystem to make financial services affordable and accessible to every Filipino as we aim to provide the Philippines’ underserved market with convenient options for load top-up, remittance, and cashless payments for goods and services, among others,” Mynt president and CEO Anthony Thomas said.
Mynt is a fintech startup partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, with five key services that include payments, remittances, loans, business solutions, and platforms.
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GCash is a Mynt company.
The service will be for free during the first three months, Thomas noted. “As we start, we are actually going to be free. We do want to remove that cost.”
“Over a period of time, we will introduce fees,” he said.
Sought for more details, Thomas said the company commits to be the cheapest way of remitting to and from Hong Kong.
“For now, we are focused on launching Hong Kong. Subsequently, we will work with other countries,” he said. —VDS, GMA News