Alibaba's financial service brand Ant Financial is in advanced talks to buy UK currency transfer service WorldFirst, according to reports by Sky News.
The takeover deal is worth about $700m and is the result of several months of discussions between the two companies, says the report.
Founded by former Citi bankers Jonathan Quin and Nick Robinson in 2004, WorldFirst employs about 600 people worldwide. The company currently processes over $15 billion a year, with full licensing and a global presence through 8 regional offices.
The deal is seen as enabling Ant Financial to further its ambitions for the global roll out of mobile payments service Alipay.
It follows the Chinese behemoth's failed bid to buy US money transfer business MoneyGram last year.