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Ant Financial, the financial technology company controlled by billionaire Jack Ma, stepped up its international expansion by buying U.S. money-transfer service MoneyGram International Inc.
The $880 million transaction, Antís second U.S. deal, will connect MoneyGramís network of 2.4 billion bank and mobile accounts with Antís customers. Ant, which was once part of Alibaba, is seeking to expand abroad amid increasing competition from Tencent Holdings Ltd.ís Wechat payment system at home. Jack Ma's Ant Financial Acquires MoneyGram [bloomberg.com]