US electronic payments processor Euronet just outbid Ma’s Ant Financial in a tussle to acquire MoneyGram, a big funds transfer company based in Dallas, Texas. Euronet says it will ante up $1 billion for MoneyGram vs the $880 million put on the table by Ant, an Alibaba affiliate that runs Asian regional payments service Alipay. Whoever grabs MoneyGram will be well situated in the cross-border market for money transfers.
Alibaba Group's Jack Ma. Photo: Reuters file picture
Jack Ma gets a black eye
US Euronet just outbid Ma’s Ant Financial to acquire MoneyGram