Chinese e-comm giant buys e-cash processor

MoneyGram now belongs to an Alibaba associate, Ant Financial

MoneyGram, an e-cash processing company and rival to Western Union as a popular method of making online gambling transactions, has been acquired for an undisclosed consideration by Ant Financial, a company associated with the Chinese e-commerce giant Alibaba.

MoneyGram shares rose 10 percent as news of the deal broke Thursday, but CNN opined that there could be fall-out from the Trump administration due to MoneyGram’s popularity as a vehicle for Mexicans resident in the US to send money to relatives in Mexico.