Standard Chartered tapped for Alipay's blockchain cross-border remittance service

It will act as the settlement bank for AlipayHK and GCash.

Standard Chartered will act as a settlement bank for Alipay’s and Philippine micropayment service GCash blockchain-powered, cross-border remittance service. 

Also read: Standard Chartered to apply for virtual banking license in Hong Kong

The remittance service enables customers to make direct, real-time payments from Hong Kong to the Philippines as a few taps on Alipay HK’s app will send money to a GCash user. The service aims to tap on the 180,000 strong Filipino community base in Hong Kong.

Through the blockchain platform, the sender and receiver are able to track the money flow until it reaches its destination.

Standard Chartered will provide instant foreign exchange rates and liquidity to enable real-time fund transfers between the two wallet service providers.

“We are proud to collaborate with Ant Financial and act as their core banking partner for this new service to make remittances easier, cheaper and more secure. This evidences our joint commitment to deliver financial services to the unbanked and underbanked and exemplifies our “Here for Good” brand promise,” said Lisa Robins, global head for transaction banking at Standard Chartered.