China's Ant Financial Snaps Up MoneyGram for $880 Million
- The payments arm of Alibaba has acquired the US-based money transfer service to step up its expansion plans.
China's Ant Financial, the digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term arm of Alibaba, is extending its global footprint by agreeing to buy the US money transfer service MoneyGram in a deal valued at $880 million.
The transaction underlines the expansion drive by Ant Financial, which gained around 100 million clients last year, taking its overall total to over 500 million. Its mobile platform, Alipay, processes around 250 million transactions per day, supporting in excess of 2 million Chinese retail businesses.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
According to Ant Financial, the transaction will connect its vast network of users with MoneyGram’s money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations.
Asian-Market Drive
Just last week Ant CEO Eric Jing spoke about the company's international ambitions, promising to use its huge cash pile to boost user numbers to two billion people within the next decade.
MoneyGram will remain headquartered in Dallas and continue to operate under its existing brand, headed by CEO Alex Holmes. The company plans to tap Ant Financial’s global presence and existing network to cater to over 630 million users and increase its business in Asi.
Jing commented: "The Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of MoneyGram is a significant milestone in our mission to bring inclusive financial services to users around the world. We believe financial services should be simple, low-cost and accessible to the many, not the few".
"The combination of Ant Financial and MoneyGram will provide greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico and the Philippines."
The purchase of the US-based company is subject to the go-ahead from watchdogs, including the Committee on Foreign Investment in the US.
China's Ant Financial, the digital Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term arm of Alibaba, is extending its global footprint by agreeing to buy the US money transfer service MoneyGram in a deal valued at $880 million.
The transaction underlines the expansion drive by Ant Financial, which gained around 100 million clients last year, taking its overall total to over 500 million. Its mobile platform, Alipay, processes around 250 million transactions per day, supporting in excess of 2 million Chinese retail businesses.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
According to Ant Financial, the transaction will connect its vast network of users with MoneyGram’s money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations.
Asian-Market Drive
Just last week Ant CEO Eric Jing spoke about the company's international ambitions, promising to use its huge cash pile to boost user numbers to two billion people within the next decade.
MoneyGram will remain headquartered in Dallas and continue to operate under its existing brand, headed by CEO Alex Holmes. The company plans to tap Ant Financial’s global presence and existing network to cater to over 630 million users and increase its business in Asi.
Jing commented: "The Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of MoneyGram is a significant milestone in our mission to bring inclusive financial services to users around the world. We believe financial services should be simple, low-cost and accessible to the many, not the few".
"The combination of Ant Financial and MoneyGram will provide greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico and the Philippines."
The purchase of the US-based company is subject to the go-ahead from watchdogs, including the Committee on Foreign Investment in the US.