Alibaba’s financial unit, Ant Financial, bought the operator of the money transfer system MoneyGram. As reported PaySpaceMagazine, the transaction amounted to $880 million
The publication says that MoneyGram now includes 2.4 billion Bank and mobile accounts.
Previously, Ant Financial has established a partnership with Paytm in India and Ascend Money in Thailand, and last year bought another American company with headquarters in Kansas city, which is developing software for speech recognition on mobile devices.
After completion of the transaction, the headquarters of MoneyGram will remain in Dallas. The company will continue to operate under the existing brand.