Ant Financial backs Pakistani payment tool

Ant Financial Services Group, which operates mobile payment tool Alipay, is powering Pakistan's first cross-border remittance service using blockchain technologies, marking a major milestone in the country's journey to promote financial inclusion.

Pakistan's Telenor Microfinance Bank announced on Tuesday the introduction of the service through its Easypaisa mobile wallet.

The virtual wallet enables Pakistanis living in Malaysia to send money home instantly and securely via Telenor's Malaysia-based remittance service provider Valyou.