World Economy

Alibaba to Buy MoneyGram

Alibaba to Buy MoneyGram Alibaba to Buy MoneyGram

Alibaba’s financial arm, Ant Financial, said it has reached a deal to acquire MoneyGram, an American money-transfer firm, for $880m, AsiaFirst reported. The deal, which is subject to approval of MoneyGram’s stockholders and regulators, will connect MoneyGram’s money transfer network and physical locations with Ant Financial’s users. The US money-transfer firm has a network of 2.4 billion bank and mobile accounts and 350,000 physical locations. Ant Financial said the transaction will expand its business following its partnering with Paytm in India and Ascend Money in Thailand.


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