U.S Denies Ma Moneygram Deal
When Jack Ma met with Donald Trump last year, hopes rose that the Chinese billionaire was expanding his tech empire in the U.S. Not so fast, the U.S. says.
Last January, Alibaba Group's subsidiary Ant Financial agreed to buy a U.S. money transfer service provider Moneygram for $880 million.
However, the U.S. government has blocked the acquisition of Moneygram over national security concerns, according to «Reuters.»
Globally-Connected Network Stalls
The Chinese digital financial services group pushed into new markets throughout 2016 and last year including, in Southeast Asia and Europe, as finews.asia reported.
Ma believed the services of Moneygram and Ant Financial were highly complementary and would have been the last strategic jigsaw piece needed to complete the global coverage for the financial services subsidiary of the Alibaba Group.
