Ant Financial is planning to resubmit its application for U.S. review of its deal to buy MoneyGram International Inc for $1.2 billion, a source familiar with the matter said; Ant’s latest attempt for approval would be its third as the maximum time of 75 days for assessing such applications nears completion; CFIUS is a secretive government panel which reviews acquisitions by foreign entities for potential national security risks. Source
Remittances have always been extremely important to a certain segment of the economy and the process has been dominated by...
US regulators did not sign off on Ant Financial’s acquisition of MoneyGram, but this won’t hamper their US ambitions; Last May Ant Financial did a deal with First Data, the payment infrastructure company; Ant Financial has been largely successful in China due to the unique financial system there; in the US they face other challenges which includes a more developed financial system with legacy players; it remains to be seen whether the eventual leaders in the US will be technology companies like Amazon, something we’ve seen happen in China. Source
MoneyGram is testing XRP for reducing both the cost of transferring money and the settlement times; Both MoneyGram and XRP traded higher on the news; Ripple has signed on about 100 banks as customers, but is also targeting remittance companies; Ripple CEO Brad Garlinghouse also tweeted that three of the five largest money-transfer companies would begin to use XRP this year. Source
Alibaba has reportedly increased its bid for payments company MoneyGram; Alibaba initially announced the acquisition in January which will broaden its payments network; new terms of the deal increase the offer price to $18 per share from $13.25 and have been approved by the board of directors; the increased deal value follows a competing bid from Euronet Worldwide. Source
PYMNTS.com provides insight from MoneyGram CEO Alex Holmes on the Ant Financial merger; the merger represents a strategic deal that Holmes says will significantly benefit the industry and the shareholders of both companies; both companies are leading payment providers with MoneyGram offering global payment processing capabilities and Ant Financial seeking to expand on its market position in payments through Alipay in China; "We are going to see, when this deal goes through, those capabilities getting built out between our two organizations in a much more robust and dynamic way," said Alex Holmes. Source
While coronavirus is causing turmoil throughout global markets and businesses there could be some unintended benefits; MoneyGram’s FastSend could find...
According to an SEC filing MoneyGram revealed that Ripple had paid the remittances company more than $11mn in the last...
A year ago US regulators nixed a deal for Chinese fintech giant Ant Financial’s buyout of MoneyGram; this time around...
According to the World Bank global remittances are set to fall by 20 percent this year as the pandemic wreaks...