This Cabinet official was blown away by these financial technology breakthroughs.

Finance Secretary Carlos Dominguez III wanted to bring the technology used by the Alibaba Group to Manila and use it for local transactions after he learned all about these innovations in China.

Dominguez and Finance officials attended a three-day workshop at the Alibaba Business School in Hangzhou and picked up tech advancements which require using QR codes and smartphones to transfer money.

?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 about the hi-tech systems set up by billionaire Jack Ma.

Dominguez added that he wants it piloted in the newly-opened Overseas Filipino Bank.