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China’s Ant Financial, the digital payments arm of Alibaba, is extending its global footprint by agreeing to buy the US money transfer service MoneyGram in a deal valued at $880 million.
The transaction underlines the expansion drive by Ant Financial, which gained around 100 million clients last year, taking its overall total to over 500 million. Its mobile platform, Alipay, processes around 250 million transactions per day, supporting in excess of 2 million Chinese retail businesses.
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According to Ant Financial, the transaction will connect its vast network ... (read more)