Jack Ma has finally upped the ante in Ant Financial's bid for MoneyGram. Photo: Reuters, Athit Perawongmetha

Jack Ma has finally played his trump card as Ant Financial predictably outbid US firm Euronet with a new US$1.2 billion offer, reports TechCrunch.

The Alibaba affiliate’s original bid of US$880 million was met with a competing bid of US$1 billion by Euronet, but MoneyGram’s board had consistently expressed confidence in the initial deal with Ant Financial.

The Chinese fintech firm said they have made significant progress towards receiving necessary regulatory approval, and Jack Ma’s high-profile overture to create jobs in the US may help the deal clear the political hurdle presented by the US Committee on Foreign Investment.