While calling Bitcoin a potential ‘bubble’, Alibaba’s co-founder and CEO Jack Ma has introduced a blockchain-based service which allows Hongkong’s immense Filipino working population send funds to their families back home in a safe and quick way through Ant Financial – Alibaba’s $150 billion financial affiliate.

Ant Financial has linked AlipayHK and Globe G-Cash as the two mobile wallet service provider in Hongkong and in the Philippines, respectively. On the other hand, Standard Chartered was selected as the partner bank for real-time transaction settlement between AlipayHK and GCash.

As stated by Jennifer Tan, CEO of Alipay Payment Services in Hongkong, “What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few seconds.”

Since the program is still in its first three months trial, all transaction fees are waived.

Ma made his comment about Bitcoin after officially launching the blockchain-based remittance service. “Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble,” he said.

Source: Fortune

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