Finance Secretary Carlos Dominguez is looking at the possibility of working with Jack Ma’s company Alibaba to cut remittance cost for 10 million overseas Filipino workers.
According to Dominguez, the recently launched Overseas Filipino Bank (OFB) can be used as a platform to venture with the billionaire’s e-commerce and technology company, reported ABS CBN News.
“There are over 10 million Filipinos working abroad. And Financial’s technology is helpful for them. The technology can help them manage their cash, their earnings wisely,” Dominguez said in a speech.
Meanwhile, Eric Jing, CEO of Alibaba unit ANT Financial, already expressed his excitement to partner with the Philippines, and to bring financial service to many OFWs.
In January 2017, ANT financial and Philippine telco giant Globe, introduced cashless payment system in the country.