MANILA - Finance Secretary Carlos Dominguez proposed tapping technology from Chinese internet giant Alibaba to help cut remittance costs for 10 million Filipinos working overseas, his office said Thursday.
The recently-launched Overseas Filipino Bank can be used as a "platform" for the venture with the company controlled by billionaire Jack Ma, Dominguez said in a statement from the Department of Finance.
Dominguez is in Hangzhou, China for a meeting with Chinese businessmen.
"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 in a speech before the Alibaba Business School’s New Economy workshop.
The CEO of Alibaba unit ANT Financial, Eric Jing, said his company was "excited to partner" with the Philippines to bring financial services to overseas Filipinos as well as to small businessmen in the Philippines.
Ant Financial and Filipino carrier Globe launched a cashless payment service in the Philippines last January.