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...Alex Holmes Chairman and Chief Executive, MoneyGram, Dallas, TX, US...
...But a $1.2bn deal to acquire Texas-based money transfer company MoneyGram International was blocked by US regulators over national security concerns in 2018....
...Currently, “people lose almost 20 per cent” of that money to the high transfer fees charged by companies such as MoneyGram and Western Union....
...MoneyGram, which agreed to be taken private last month, said transfers to Russia were up more than 50 per cent compared with the 30-day average during the week of the invasion....
...The speculation of bid interest has surfaced just as MoneyGram completes a major debt refinancing, which could complete as early as next week. Advent and MoneyGram both declined to comment....
...The industry has long been dominated by banks and traditional brick and mortar money agents such as Western Union and MoneyGram. Fees are often high and transfer times lengthy....
...First, it shows that investors have pretty well given up on Western Union and MoneyGram, once-mighty money agents which still deal heavily in cash....
...deal (FT) Intel to buy Israel’s Tower Semiconductor for $5.4bn (Nikkei Asia) Credit Suisse paid out millions despite compliance alert, drugs trial told (Reuters) Buyout firm Madison Dearborn to take MoneyGram...
...Alibaba faced a setback in 2018 when Cfius blocked the proposed $1.2bn acquisition of US payments company MoneyGram by its Ant Financial unit....
...We asked MoneyGram but it declined to comment....
...The remittance revolution is challenging traditional money agents such as Western Union and MoneyGram, once seen as operating rock-solid franchises. There is a threat to banks as well....
...The company’s market value is about $9.6bn, while MoneyGram’s is about $220m....
...Western Union has a market capitalisation of $8.7bn while MoneyGram is worth less than $200m. TransferWise’s appeal is its ease of use and low costs....
...- FT AlphavilleThe art of redefining success, MoneyGram and Ripple edition (Updated) - FT AlphavilleWith $16bn in cryptocurrency, Ripple attempts a reset - FTThe Ripple effect - FT...
...Business payments have also caught the attention of technology companies such as China’s Ant Group, which bought rival British start-up World First last year after an earlier attempt to buy US group MoneyGram...
...Moneygram’s filings show that Ripple handed it $31m in “market development fees” to encourage use of XRP in the first half of this year — payments that accounted for 60 per cent of Moneygram’s operating...
...Either way, Ant’s EyeVerify acquisition was one of the only successful attempts at expanding its US footprint, after a deal to buy money transfer company MoneyGram in 2018 was blocked by US regulators....
...ZDNet, a technology news site, reported that hacker groups using names such as Amanda Collective and Fancy Bear were behind the attacks on NZX and several other financial institutions, including PayPal, MoneyGram...
...Related links:Ripple is being sued by the SEC - FT Alphaville Blockchain hype storms Davos - FT Alphaville The art of redefining success, MoneyGram and Ripple edition (Updated) - FT Alphaville...
...And in the US, Ant was barred from acquiring MoneyGram on the grounds that financial data is too sensitive — thereby creating a precedent for other countries to adopt similar policies....
...Related links:The art of redefining success, MoneyGram and Ripple edition (Updated) - FT AlphavilleWith $16bn in cryptocurrency, Ripple attempts a reset - FTUrban redevelopment, Potemkin façade edition -...
...But a new regulatory filing from MoneyGram has cast some fresh light on the relationship....
...It would also mark MoneyGram’s best single-day gain, eclipsing a 32 per cent rally on July 1, 2009. According to MoneyGram, its deal with Ripple will improve the settlement of cross-border payments....
...The creator of the XRP cryptocurrency is turning its attention to remittances, building on its investment in MoneyGram....
...That followed an attempt to buy a US cross-border payment group, MoneyGram International, which was blocked on security grounds. World First closed its US arm to avoid any similar problems....
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