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Philippines eyeing Alibaba’s financial technology for OFWs

February 8, 2018 4:24 AM
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Philippines eyeing Alibaba’s financial technology for OFWs

MANILA, Philippines — The Philippine government might tap Alibaba group’s financial technology solutions to help lower remittance costs for overseas Filipino workers through mobile payment technology.

According to the Department of Finance, Ant Financial Group, a unit of Alibaba owned by Chinese tech magnate Jack Ma, is keen in helping the Philippines bring inclusive financial services to OFWs.

Finance Secretary Carlos Dominguez III said the Overseas Filipinos Bank based in Manila could be the launching pad for a low-cost mobile payment system.

“There are over 10 million Filipinos working abroad, Ant Financial’s technology is helpful for them. The technology can help them manage their cash, their earnings wisely,” Dominguez said.

A delegation of finance and central bank officials from the Philippines met the Alibaba Group founder in Hangzhou, China on February 1 to discuss digital innovations that can help empower micro, small and medium enterprises in the country.

Eric Jing, the CEO of the Ant Financial Services Group, said his company would be more than willing to partner with the Philippines.

“We are excited to partner with you. Together we can launch a variety of services for the OFWs,” said Jing.

Ma visited the country last October 25, where he met President Rodrigo Duterte in Malacañang to talk about bringing in platforms to boost the Philippines’ mobile technology, internet banking and e-commerce industry.

Globe Capital Venture Holdings, a wholly-owned subsidiary of Ayala-led Globe Telecom Inc., is set to roll out a bigger financial technology business in 2018 after closing the deal with Ma’s Ant Financial Services Group.

Source: philstar.com

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