ã€Global Network Technology Report】 Ant Financial is currently trying to quell its public opinion in January this year to plan to buy 8,000 million US dollars for the money transfer company based in Dallas, the international remittance service company MoneyGram, and said that after the completion of the acquisition of U.S. user data Will be left in the local area.
“The financial subsidiary of Alibaba Group Holding Co., Ltd. will meet the current safety infrastructure standards of MoneyGram and invest in the company’s work in the US,†said Douglas Feagin, head of international strategy at Ant Financial.
Douglas Feagin stated in an open letter that MoneyGram's servers and data will remain in the United States, and that the server is also the highest security standard that meets customer needs. “In addition, Ant Financial will plan to invest in global compliance measures and anti-money laundering programs,†adds Glass Feijin.
In January of this year, Ant Financial announced a $880 million acquisition of MoneyGram, an offer of $13.25 per share. In March, Euronet Worldwide (a US electronic payment service provider), another competitor in Texas, proposed a purchase price of $15.2 per share. At the end of March, MoneyGram signed a confidentiality agreement with Euronet Worldwide to further consider its acquisition request.
Michael Brown, CEO of Euronet Worldwide, said that the acquisition of Ant Financial Services may threaten US national security. He said that the online payment service provider will grasp the key data generated by the user during use, and the government requires that the data be preserved for several years. In addition, online payment service providers are also questioned by the Treasury Department’s Financial Crime Enforcement Network regarding terrorism and money laundering transactions.
Euronet Worldwide stated in a statement issued a few days ago that "the location of the server is completely independent of the data security, because the server architecture will be controlled by the ultimate owner of MoneyGram."
In addition, according to overseas sources, two Republican members of the U.S. House of Representatives on Friday called on the U.S. Foreign Investment Commission (CFIUS) to conduct a "complete and thorough" investigation into the acquisition of MoneyGram by Ant Financial Services. In a letter to Finance Minister Steven Mnuchin, MPs Kevin Yoder and Eddie Bernice Johnson wrote: "Considering that China's capital can intervene in the national security issues that may arise from the key infrastructure in the US financial sector, this acquisition should be carefully evaluated. â€
In the past two years, Ant Financial has stepped up efforts to expand overseas markets. On March 22, Ant Financial announced a strategic cooperation with Maybank and CIMB Bank. Prior to this, Ant Financial Services had already landed in South Korea, Singapore, Thailand, the Philippines, Vietnam, and Cambodia.
On March 14, Euronet Worldwide issued a $1 billion bid for MoneyGram, and MoneyGram said it will seriously consider the proposal.
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