Ant Financial fires off open letter to MoneyGram as bidding war intensifies

Source: Ant Financial

Ant Financial Services Group today issued the following letter to the MoneyGram (NASDAQ: MGI) community as it relates to Ant Financial's agreement to merge with MoneyGram.

Dear MoneyGram Employees, Agents, Customers and Partners:

Earlier this year, Ant Financial and MoneyGram together announced plans to join forces. As a leading digital payments company, Ant Financial's users are global and increasingly looking to transfer money around the world - which is what MoneyGram does best. We want to take a moment to tell you why we are thrilled to pursue our shared vision of global financial inclusion.

We value your team. MoneyGram's management team and employees are the backbone of the organization. We want to work with you, invest in your business and technology and create even more career growth opportunities for MoneyGram employees in the U.S. and around the world.

We value your customers. Following the transaction, customers will continue to access the same quick, reliable and affordable remittance services they've come to know and trust. By connecting the Ant Financial and MoneyGram ecosystems, we envision an enhanced financial services platform that puts the customer first, no matter where they are in the world.

We value your agents and partners. Once we merge, MoneyGram's agents and partners will have access to new solutions as we enhance our offerings to meet the needs of markets around the world. In the years to come, we'll look to expand beyond remittance, enabling you to better serve your customers.

We value the trust customers place in MoneyGram. With over 650 million users worldwide, earning the trust of our users is the single most important thing we do at Ant Financial. So, protecting user data and information is of paramount importance to us. Any data collected on MoneyGram users in the U.S. will continue to reside on the same ironclad U.S.-based servers that meet the high security standards your customers trust today. We also plan to further invest in MoneyGram's global compliance and anti-money laundering programs.

If you need an example of our partnerships in the U.S., look no further than Kansas City-based EyeVerify. Since acquiring them last year, we have made significant investments in the business, nearly doubled its workforce in the U.S. and helped grow this American start-up into a stronger company. We intend to do the same with MoneyGram - and we are excited to help MoneyGram expand its business globally for the digital future of the remittance industry.

We truly appreciate all you have done to make MoneyGram what it is today. As we make progress toward closing, our commitment to completing this agreed merger is unwavering. We look forward to welcoming you to the Ant Financial team by the end of the year.


Doug Feagin

President, Ant Financial International

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