World’s First Blockchain-Based Cross-Border Remittance Service by Ant Financial

Redefining “Cross-Border Remittance.”

How Does the Blockchain-based Cross-Border Remittance Service Work?

  1. Quick: Users can transfer money in seconds.
  2. Convenient: Users can send and receive remittances around the clock. Users can spend money in the wallet immediately after receipt (in buying mobile phone traffic, paying bills, etc.).
  3. Low-Cost: With the automatic execution of blockchain smart contracts, the operation, compliance, and reconciliation costs of financial institutions get reduced. Also, due to the improvement of the overall processing efficiency, the capital operation efficiency has been improved, which lowers costs. This also ensures favorable exchange rates.
  4. Secure: As blockchain has a ledger that is unalterable and smart contracts, the participants of cross-border remittances have a real-time and credible information verification channel, making remittances traceable and more secure. Due to the use of consortium blockchain and the hash algorithm, the privacy of users is fully protectable.
  5. Transparent: The blockchain technology can also lower risks and provide more transparent supervision and more efficient risk control for cross-border remittances. The regulatory institutions in Hong Kong and the Philippines can monitor individual cross-border remittance links in real time and throughout the process, significantly improving timeliness and effectiveness.

Tackling Social and Legal Issues with Blockchain

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Alibaba Cloud

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Follow me to keep abreast with the latest technology news, industry insights, and developer trends. Alibaba Cloud website:https://www.alibabacloud.com

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