JACK MA’S ANT EYES MORE GLOBAL DEALS
Firm to boost offshore revenue, buttress itself from rising competition
SHANGHAI outside its home turf for growth.
Over the past two years, Ant Financial has unveiled investments in countries including India, Thailand, South Korea and France, and is currently negotiating to acquire MoneyGram International Inc.
“We look to make further announcements and deals on partnership over the course of 2017,” said Feagin.
He declined to identify specific investment targets.
“In terms of funding that, we have a strong position given the scale and position of our business in China and around the world to fund these businesses,” he said. “We have strong cash flows from our existing franchise and services. And we have access to markets as needed to add to these capabilities.”
Ant Financial was seeking to raise less than US$3 billion by issuing debt to fund its acquisitions, including the MoneyGram purchase, said sources. Bloomberg
Since 2004, Ant Financial’s Alipay platform has built itself into an online giant that controls more than half of China’s US$5.5 trillion mobile-payments market.