The subsidiary company of Alibaba, Ant Financial, is currently working on purchasing the UK-based international payment firm WorldFirst. Such a step will help Ant Financial to enter the European market and possibly even outrun its major participants.
WorldFirst is headquartered in the UK, but it has offices in Europe, America, Australia and the United States. Recently, it has become the first overseas payment company to receive a license for operating in China. WorldFirst is engaged in providing cross-border transactions services to different businesses, serving as a more convenient alternative to conventional financial institutions.
According to Financial Magnates, Ant Financial will have to spend around 700 million dollars for the purchase.
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