Your recently published editorial, “A Wary Eye on China (Web, May 1) repeats false and baseless allegations about Ant Financial’s proposed merger with MoneyGram. Ant Financial is a private, entrepreneurial global technology company dedicated to serving underbanked consumers globally. This transformational combination will grow MoneyGram’s business and create jobs in America.
Contrary to your assertion, Ant Financial is neither owned nor controlled by the Chinese government. Similar to U.S.-government pension funds investing in domestic equities, a small number of Chinese-government investment funds hold insignificant positions in Ant Financial. These passive financial investors do not participate in the company’s management or board, and similar to other outside shareholders of any company, they never have access to private customer data.
Protection of MoneyGram customer data is of the utmost importance. MoneyGram systematically implements stringent data-protection policies to protect consumer privacy and comply with all applicable laws. Ant Financial is committed to maintaining these safeguards, including the continued storage of MoneyGram’s U.S.-customer data on U.S. servers. Personally identifiable information of MoneyGram’s U.S. customers is maintained in the United States, and this will continue to be the case after this transaction closes. Following the merger, MoneyGram will continue to operate independently, run by its management team at its Dallas headquarters.
The U.S.-government agencies that review foreign investments are well aware of these facts. Ant Financial successfully completed a review by CFIUS last year when it purchased Kansas City-based EyeVerify. In connection with our proposed merger, Ant Financial and MoneyGram voluntarily submitted a joint request to CFIUS.
We share the Times’ opinion that decisions of this magnitude should be made with proper review, and we are confident in a thorough and responsible review process.
President, Ant Financial International
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