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Ant Financial drops deal with MoneyGram as US approval fails

Move a blow to Alibaba boss Jack Ma's push into the world's biggest financial market

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Published Wed, Jan 3, 2018 · 09:50 PM

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Beijing

    ANT Financial, an affiliate of Chinese internet titan Alibaba, has been forced to abandon a US$1.2 billion deal to buy US remittances firm MoneyGram after failing to get approval from regulators in Washington.

    The decision by the Committee on Foreign Investment (CFIUS) will deal a blow to Alibaba boss Jack Ma's push into the world's biggest financial market and follows a number of moves to prevent Chinese purchases of US firms.

    Ant Financial

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