2 min read | 8 months ago

Chinese Business Giant Jack Ma Launches a Blockchain-Based Transfer Service


Jack Ma, founder of the multinational conglomerate Alibaba Group, launched an international payment company called Ant Financial in this week. Jack Ma states that the subsidiary company is based on blockchain technology, and it can help people who live in Hong Kong and the Philippines transfer money conveniently.


Customers of Ant Financial do not need to go to intermediaries, and the transaction can be done at any second. 


According to the population distribution in Hong Kong, 3 percent of people are from the Philippines, which amounts to around 200,000. Most people from the Philippines in Hong Kong are domestic servants, and they would use the transfer service for sending their money home. 


Ant Financial connects both the AlipayHK service and Philippines payment service GCash by using blockchain technology, and it will likely be the first step that Jack Ma takes to launch blockchain-based international payments all over the world.


When Jack Ma launched Ant Financial, he told reporters that “Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble,” and “traditional financial institutions serve 20 percent of people and make 80 percent of profits. New financial institutions should service 80 percent of people, and make 20 percent of profit.”


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