Future Fintech gets approval to acquire Khyber Money Exchange Ltd.

By Joy Dumasia

Future FinTech Group Inc., a developer of blockchain application technology and a FinTech service provider announced that on August 16, 2022, FTFT UK Limited, a company organized under the laws of the United Kingdom and a wholly owned subsidiary of the Company, received approval from the Financial Conduct Authority (“FCA ”), a UK financial regulator, to acquire Khyber Money Exchange Ltd. The company expects to close the acquisition within the three-month timeframe from 16 August 2022, which the FCA has approved of the change of control remaining effective; However, the FCA may extend this period on request.

As previously disclosed, on 1 September 2021, FTFT UK signed a definitive agreement to acquire 100% of the shares in Khyber Exchange from Rahim Shah. Pursuant to the agreement, the company will purchase 100% of the equity in Khyber Exchange for a purchase price of €685,000. The company engaged in extensive operational, legal and financial due diligence to achieve this agreement.

Khyber Exchange is a money transfer company with a platform for transferring money worldwide through one of the agent locations, online portal, mobile platform or over the phone. Incorporated in February 2009, Khyber Exchange is headquartered in the UK and has offices in Germany and Italy.

Shanchun Huang, CEO of Future FinTechcommented: “We are delighted to have received approval from the FCA to acquire Khyber Exchange as it further expands our FinTech footprint and diversifies our geographic reach. We believe that money payment services is a high margin business that will enable us to to leverage an increasing level of international business transactions and cash flows. We believe it will be synergistic with other financial services businesses that we are developing.”

“We believe that this acquisition will play an important role in the strategic transformation of the company and lay a foundation for the internationalization of our business and revenues. Our goal is to become a diversified fintech company that takes advantage of current opportunities and integrates them into a comprehensive business platform . We are intent on creating a company that can optimally meet customers’ financial needs by positively disrupting the traditional banking sector via a range of innovative products and services,” concluded CEO Huang.