Jack Ma, the chairman of e-commerce behemoth Alibaba, spoke Monday at a Hong Kong conference sponsored by Ant Financial Services Group, an Alibaba affiliate. Not so coincidentally, Ant announced a “cross-border remittance service” that will use blockchain technology to let people send money to the Philippines at a lower transaction fee than what banks charge.
An Ant subsidiary, Alipay, will work with Standard Chartered PLC and a Philippines-based mobile-wallet operator on the remittance service, which could be expanded to other countries, according to The Wall Street Journal. Ma lauded blockchain as a way “to solve data privacy, security and sustainability issues” but wasn’t so positive about bitcoin (BTC) and other cryptocurrencies.
“It is…not right to become rich overnight by betting on blockchain,” he said. “Technology itself isn’t the bubble, but bitcoin likely is.” Read more here.