The Ant Financial and MoneyGram Merger Means Employees Can Now Impact 630 Million People Worldwide
We have some big news we’re really excited to share with you: Moneygram has merged with Ant Financial Services Group, one of the world's leading digital financial services providers and parent company of Alipay, a global mobile payment platform. With this new merger, more than 630 million consumers in over 200 countries and territories will be provided with convenient and accessible financial services!
Who is Ant Financial and why have we chosen to merge with them?
Ant Financial Services Group is focused on serving small and micro enterprises, as well as consumers. With the vision to "bring small and beautiful changes to the world," Ant Financial is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit and MYbank.
While Alipay is beloved and a powerhouse with Chinese customers, in the U.S. it’s known solely as a Chinese brand, if it’s known at all.
The addition of MoneyGram — a very familiar and trusted American payments brand — will change things, as it gives Alipay the opportunity to expose the American customer to the bigger world of the Alipay payments lifestyle.
What does this mean for employees?
Upon completion of the transaction, MoneyGram will retain the MoneyGram brand name and management team. Alex Holmes will continue to serve as Chief Executive Officer of MoneyGram and work with Douglas Feagin, Senior Vice President of Ant Financial, and Souheil Badran, General Manager for North America, from Ant Financial to drive the integration between the two organizations. MoneyGram will remain headquartered in Dallas and is expected to maintain and grow its U.S.-based workforce.
"One of MoneyGram's greatest strengths is its high-quality team of employees. We are committed to continuing to invest in MoneyGram's workforce and growing jobs in the United States, where MoneyGram has made a mark with outstanding customer service, innovative products and industry-leading technology and compliance programs,” says Eric Jing, Chief Executive Officer of Ant Financial.
We’ll be able to leverage Ant Financial's global presence and existing network to serve more than 630 million users — including 450 million with Alipay and 180 million with India's leading mobile payment provider, Paytm — to increase MoneyGram's transaction volume across the broad Asia-Pacific region.
“We are going to see, when this deal goes through, those capabilities getting built out between our two organizations in a much more robust and dynamic way. Our goal is to really create something transformational,” says Alex Holmes, Chief Executive Officer of MoneyGram.
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