A VENTURE owned partly by Chinese fintech firm Ant Financial launched Monday a blockchain-powered cash remittance service between Hong Kong and the Philippines, an initiative the territory hopes will improve its fintech reputation.

AlipayHK, the Hong Kong-based joint venture of Ant and conglomerate CK Hutchison Holdings, will allow real-time transfers of cash between individuals in Hong Kong and the Philippines, in a digital wallet service Alipay said was the first of its kind globally.

The launch comes at a time when Hong Kong, a city often criticized for lagging behind when it comes to financial technology, or fintech, is trying to turn that reputation around.

The new service is a collaboration with GCash, a Philippines-based micro-payment service operated by telecom firm Globe Telecom.

There are over 180,000 Filipinos in Hong Kong, making it the largest foreign community in the city, according to Hong Kong’s Census and Statistics department.

The Philippines received US$33 billion of remittances in 2017. Competition to service the flows between Hong Kong and the Philippines is fierce.

The territory has embarked on plans to spruce up its fintech image, with payments at its heart. In September, Hong Kong’s faster payments system will come online, which will allow transfers in real time between banks, stored value facilities, shops and individuals.(SD-Agencies)