Future Fintech receives approval from UK regulator to acquire UK money payment services company
NEW YORK, 19 August 2022 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or the “Company”), a blockchain application technology developer and fintech service provider, today announced that on 16 August 2022FTFT UK Limited (“FTFT UK”), a company organized under the laws of Great Britain and a wholly-owned subsidiary of the Company received approval from the Financial Conduct Authority (“FCA”), a financial regulatory body i Great Britain, to acquire Khyber Money Exchange Ltd. (“Khyber Exchange”). The company expects to close the acquisition within a three-month time frame from 16 August 2022 for which the FCA’s approval of the change of control remains effective; However, the FCA may extend this period on request.
As previously disclosed, on 1 September 2021FTFT UK signed a definitive agreement (the “Agreement”) to acquire 100% of the equity capital of Khyber Exchange from Rahim Shah (the seller”). Pursuant to the agreement, the company will acquire 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 around the world via one of its agent locations or online portal, mobile platform or over the phone. Khyber Exchange was incorporated into February 2009is headquartered in the UK and has offices in Germany and Italy; the website is
Shanchun Huang, CEO of Future FinTech, commented: “We are pleased 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. which will enable us to capitalize on 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 income. Our goal is to become a diversified fintech company that leverages current opportunities and integrates them into a comprehensive business platform. We are committed to creating a company that can optimally meet customers’ financial needs by positively disrupting the traditional banking sector through a range of innovative products and services,” concluded CEO Huang.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a blockchain application technology developer and fintech service provider incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), supply chain financing services, asset management and cryptocurrency market data services. The company is also engaged in the development of blockchain-based e-commerce technology and cryptocurrency mining, cryptocurrency investment management as well as financial services technology businesses. For more information, please visit http://www.ftft.com/.
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SOURCE Future FinTech Group Inc.
