Alibaba continues to fend off allegations about failing to remove fake products from its platform
The investment in Kakao Pay comes less than a month after Ant bought US based MoneyGram
The deal is latest in Alibaba's still nascent efforts to capture a bigger share of the retail market
Alibaba's UCWeb to compete with Google and FB in India; opts for recommendations-based strategy
Jack Ma also said Trump is a smart person and should not be underestimated
Ant Financial, e-commerce giant Alibaba's financial arm, has reached an agreement to acquire American money-transfer major MoneyGram for USD 880 million, in a deal that will expand the firm's business in the US after India and Thailand. "The acquisition of MoneyGram is a significant milestone in our mission to bring inclusive financial services to users around the world," Eric Jing, chief executive officer of Ant Financial Services Group in a statement last night. The company owns Alipay, one of China's biggest online payment platforms and controls the company that manages the country's largest money market fund, Yu'ebao. The transaction will connect MoneyGram's money transfer network of 2.4 billion bank and mobile accounts and 350,000 physical locations with Ant Financial's users, according to the statement. MoneyGram will remain headquartered in Dallas and continue to operate under its existing brand, it said. The transaction will help expand Ant Financial's business follow
Analysts are also bullish on the company's cloud revenue
Company said it would be raising its 2017 full-year guidance for revenue growth from 48% to 54%
Funds will primarily be used to tap the huge potential of user-generated content in India
Alibaba becomes the official e-commerce and cloud services partner, joins 12 other companies
Last month US labelled Alibaba as one of the world's largest destinations for fake goods
For excluding Alaska & Hawaii on the US side,Taiwan & the South China Sea islands on the Chinese side
Alibaba grew into China's largest e-commerce retailer with its Taobao and Tmall platforms
The Alibaba Group Holding Ltd was recently put back on the US 'Notorious Markets' list
They allegedly sold fake Swarovski watches in violation of the company's services agreement
By many measures, counterfeiting is one of China's leading industrial sectors
Alibaba and its financial branch paid a total of 23.8 billion yuan in taxes in 2016
Alibaba's biggest acquisition of the year was South-east Asian e-commerce giant Lazada, reports Tech in Asia
Alibaba says it has increased efforts to find and eliminate counterfeit goods
The company says it has increased efforts to find and eliminate fake goods