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Alibaba's Ant Financial in overseas push with MoneyGram deal

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Published Fri, Jan 27, 2017 · 09:50 PM

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    New York

    ANT Financial Services Group, the world's largest financial technology company, said on Thursday that it would acquire US money-transfer company MoneyGram International Inc for about $880 million in a deal that is expected to shake up the international payments landscape.

    Ant, the payment affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd, dominates the online payments industry in China. With this acquisition it will significantly expand its presence overseas, as competition from major domestic rival Tencent Holdings Ltd's Wechat payment system heats up at home.

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