Ant Financial is the digital payments arm of the Chinese e-commerce giant Alibaba and they have just announced their plan to buy the US-based MoneyGram for $880 million.

MoneyGram, of course, is a global provider of money transfer services, operating in roughly 350,000 outlets across approximately 200 countries. And now, Ant Financial’s 630 million users will have accesss to all of these benefits.

That is, of course, only if the Chinese group receives regulatory approval from the US Committee on Foreign Investment.

In an official statement, Ant Financial CEO Eric Jing said of the transaction: “The acquisition of MoneyGram is a significant milestone in our mission to bring inclusive financial services to users around the world. We believe financial services should be simple, low-cost and accessible to the many, not the few. The combination of Ant Financial and MoneyGram will provide greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico, and the Philippines.”

Of course, Ant Financial already has a massive market share in the online payments industry in China. With this acquisition, though, the company could greatly increase their lead over the nearest competitor but also will allow them to expand into more overseas markets.

Indeed, KPMG global co-head of fintech, Warren Mead, notes, “The combination is a powerful one: leading-edge technology with global reach and a significant physical footprint. Innovation and trust in one bundle. I expect to see the ever increasing convergence of fintech and the more traditional financial services sector.”

This marks Alibaba’s second acquisition in the United States. Just last year, the company had also bout EyeVerify, which is a maker of optical verification technology that is commonly used by banks in the United States.
Accordingly, EY global head of fintech Imran Gulamhuseinwala comments, “The large Chinese fintechs have been active across the developing markets for quite some time now. We expected them to come to the U.S. and Europe and the remittance space represents a really interesting bridge between the two.