A Pakistani financial institution has rolled out a cross-border remittance service based on blockchain technology developed by Alibaba affiliate, Alipay.
Additionally, Pakistan’s first blockchain-based remittance service will eliminate intermediary costs making it cheaper to send money.
This is not the first time that Alipay is involved in a blockchain-based remittance solution in Asia.
During the launch of the service the founder of Alibaba, Jack Ma, indicated that he had long wanted to reduce remittance costs between China and Pakistan:This comes from a promise I made a long time ago when Alipay was just launched.
Another Chinese firm that recently announced plans to launch a remittance service in the Philippines is Huaren Capital.
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