Company Ant Financial, a subsidiary of Alibaba Group, have tested the transfer of funds using the blockchain technology, utilizing the application AliPayHK in Hong Kong and GCash in the Philippines in partnership with Globe Telecom. The operation took 3 seconds, while earlier it was required from 10 minutes to several days.

The head of Alibaba Jack MA (Jack Ma) explained that for him the use of blockchain technology for the implementation of international transfers was the main issue in the last six months, and launched in Hong Kong service AlipayHK will develop globally.

We will remind that in the beginning of the month, Ant Financial has raised $14 billion investment in series C funding in exchange for shares. These funds were intended for the implementation of the payment system Alipay affiliate of Alibaba Group at the international level and the development of technologies to enhance the company’s potential in providing inclusive financial services to users with access to banking services and those without, as well as small businesses around the world.