The Chinese electronic payments company has applied for a digital banking license in Singapore as it continues its shift toward overseas markets.
The demise of $1.2 billion deal suggests U.S. officials are concerned about the data security implications of takeovers by Chinese investors.
Alibaba's financial services affiliate raised its bid to $1.2 billion, apparently beating out rival suitor Euronet.
The bank says it will deepen its cooperation with Ant Financial and Shenzhen Tencent in internet and mobile finance.
