THELOGICALINDIAN - Alibaba Group Holding Limited the Chinese ecommerce and banking casework amassed has fabricated a cogent move into the remittance industry The companys accessory Ant Banking Casework Group has acquired MoneyGram International Inc for 880 million
The accretion of MoneyGram not alone offers Ant Financial a stronger ballast in the remittance area but additionally gives it a different befalling to aggrandize its casework beyond the globe. MoneyGram and its analogue the Western Union accept been the arch providers of cross-border money alteration casework in the world. The Dallas-based aggregation currently has a arrangement of over 350,000 outlets in retail shops, banks and column offices in about 200 countries.
According to media reports, the accretion of MoneyGram by Ant Financial still needs to be accustomed by the Committee on Adopted Investment in the United States (CIFIUS). The CIFUS approval is all-important for the accretion of any calm asset by a adopted company. In this case, Ant Financial is a Chinese company, and the growing tensions amid the USA and China are accepted to access the committee’s response.
Apart from the all-around remittance segment, Ant Financial is additionally alive on accretion its Alipay adaptable wallet account to over 2 billion customers. The belvedere with 450 actor users is exploring means to augment its basement to abutment a four-fold access in user base.
The CEO of Ant Financial, Eric Jing was quoted on a financial account portal saying,
“We accept an appetite to be a all-around company… So, my eyes (is) that we appetite to serve 2 billion bodies in the abutting ten years by application technology, by alive calm with partners… to serve those underserved.”
If things go according to plan, Alipay will anon accommodate blockchain and bogus intelligence apparatus into its system. The use of broadcast balance technology will accredit the aggregation to accomplish its casework abundant faster and amount able while convalescent the platform’s all-embracing security.
