Alibaba Group's Jack Ma. Photo:  Reuters file picture
Alibaba Group's Jack Ma. Photo: Reuters file picture

Jack Ma gets a black eye

US Euronet just outbid Ma’s Ant Financial to acquire MoneyGram

March 14, 2017 11:47 PM (UTC+8)

US electronic payments processor Euronet just outbid Ma’s Ant Financial in a tussle to acquire MoneyGram, a big funds transfer company based in Dallas, Texas. Euronet says it will ante up $1 billion for MoneyGram vs the $880 million put on the table by Ant, an Alibaba affiliate that runs Asian regional payments service Alipay. Whoever grabs MoneyGram will be well situated in the cross-border market for money transfers.

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