By John Glenday

Alibaba’s digital payments service, Ant Financial, has laid down $880m to purchase MoneyGram, subject to approval from US authorities.

The move will make it easier for Ant Financial’s 630m customers, based predominantly in China, to transmit money around the world by bringing MoneyGram’s network of 350,000 outlets in 200 countries into the fold.

Commenting on the deal Eric Jing, chief executive at Ant Financial, said the tie-up would provide “greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico and the Philippines”.

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Source: The Drum