Future FinTech Group (FTFT) Approved to Acquire UK Money Payment Services Company
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Future FinTech Group Inc. (NASDAQ: FTFT) (“hereinafter referred to as “Future FinTech”, “FTFT” or “the Company”), a blockchain application technology developer and fintech service provider, announced today Today, 16 August 2022, FTFT UK Limited (“FTFT UK”), 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. (“Khyber Exchange”). The Company expects to close the acquisition within the three-month period from August 16, 2022 for which the FCA approval of the change of control remains effective; however, the FCA may extend this period upon request.
As previously reported, on September 1, 2021, FTFT UK entered into a definitive agreement (the “Agreement”) to acquire 100% of Khyber Exchange’s equity from Rahim Shah (the “Seller”). Under the agreement, the Company will acquire 100% of the shares of Khyber Exchange at a purchase price of €685,000. The Company has engaged in extensive operational, legal and financial due diligence in order to reach this Agreement.
Khyber Exchange is a money transfer company with a platform to transfer money worldwide through one of its agents or online portal, mobile platform or phone. Khyber Exchange was incorporated in February 2009, is headquartered in the UK and has offices in Germany and Italy; his website is https://khyberexchange.com.
Shanchun Huang, Managing Director of Future FinTech, said, “We are delighted to have received FCA approval to acquire Khyber Exchange, as it further expands our fintech footprint and diversifies our geographic reach. We believe monetary payment services is a high margin business. this will allow us to capitalize on an increasing level of international trade transactions and monetary flows. We believe this will be in synergy 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 will lay the foundations for the internationalization of our activities and our revenues. Our goal is to become a diversified fintech company that exploits current opportunities and integrates them into a comprehensive business platform. We intend to create a company that can optimally meet the financial needs of customers by positively disrupting the traditional banking industry through a range of innovative products and services,” concluded CEO Huang.
About Future FinTech Group Inc.
Future FinTech Group Inc. is a Florida-incorporated blockchain application technology developer and fintech service provider. The Company’s businesses include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), supply chain finance, asset management and data services. of cryptocurrency market. 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, visit http://www.ftft.com/.
Safe Harbor Statement
Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. ‘amended, or Stock Exchange Act. Forward-looking statements include statements about our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that may be forward-looking statements. You can identify these forward-looking statements by the use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “indicate”, “believe”, “intend”, “” expect”, “estimate”, “continue”, “plan”, “indicate”, “project”, “could”, “intend”, “target”, and other similar words and phrases from the future tense.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement, including, without limitation, the risks and uncertainties described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our other reports and filings with the SEC. These reports are available upon request from the Company or the Securities and Exchange Commission, including through the SEC’s website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any forward-looking statements after the date hereof or after the respective dates on which such statements are otherwise made.
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SOURCE Future FinTech Group Inc.