Ant Financial, the financial technology company controlled by billionaire Jack Ma, stepped up its international expansion by buying U.S. money-transfer service MoneyGram International Inc.
The $880 million transaction, Ant’s second U.S. deal, will connect MoneyGram’s network of 2.4 billion bank and mobile accounts with Ant’s customers. Ant, which was once part of Alibaba, is seeking to expand abroad amid increasing competition from Tencent Holdings Ltd.’s WeChat payment system at home. The MoneyGram deal will further that goal, following recent partnerships with Paytm in India and Ascend Money in Thailand.
“This gives us a very attractive businesses that’s already quite engaged with ...
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