China's Alibaba to Buy MoneyGram for $880m

  • As per reports, China's e-commerce giant Alibaba's digital payments wing Ant Financial is going to buy US-based MoneyGram for $880m (£700m). The Chinese group's takeover will require the US Committee on Foreign Investment's regulatory approval.

    The foreign acquisitions of domestic American assets are reviewed by the inter-agency committee on grounds of national security.

    Reports say, MoneyGram has at least 350, 000 outlets in around 200 countries, while Ant Financial has over 630 million users.