Chinese billionaire Jack Ma’s Ant Financial and Philippine-based telecommunications giant Globe Telecom have partnered to unveil a cross-border remittance service powered by blockchain between the Philippines and Hong Kong, home to a significant number of Filipino workers. The technology was developed by Alipay.

The service is the world’s first blockchain-based cross-border digital wallet remittance that provides a secure, fast, transparent, convenient, and low-cost way to transfer money directly between the Philippines and Hong Kong.

Jennifer Tan, CEO of Alipay Payment Services (HK) Limited (APSHK) said, “We are very excited to introduce this new remittance solution to our users in Hong Kong, and in particular to the Filipino community in the city,” said “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.”