FTFT's Future FinTech Labs Partners with Currencycloud to Launch the Low-Cost Remittance App Tempo

Rhea-AI Summary

Future FinTech Group (NASDAQ: FTFT) announced its subsidiary, FTFT Labs, has partnered with Currencycloud to launch the Tempo remittance app. The app offers a cost-effective and secure method for US-based immigrants to send money to North America, Europe, Australia, India, and the Philippines. Tempo features a multicurrency digital wallet, currency conversion, and in-app customer support, enhancing convenience for users. CEO Sean Liu emphasized the goal of creating a seamless cross-border transfer experience. The app is available for download on major platforms.

Positive

• Launch of the Tempo app in partnership with Currencycloud.
• Cost-effective remittance service targeting US immigrants.
• Features include multicurrency digital wallet and in-app customer support.

Negative

• None.

NEW YORK, Sept. 12, 2022 /PRNewswire/ -- 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 that Future FinTech Labs ("FTFT Labs"), a wholly subsidiary of the Company, has teamed up with Currency Cloud Inc. ("Currencycloud"), a subsidiary of Visa and a global payment platform that is registered with FinCen and is licensed for money transmission in various states in the US, to launch the remittance app Tempo to offer US-based immigrants and others a streamlined, secure and cost-effective way to send money from the US to North America (Canada and Mexico), Europe (Austria, Belgium, Czech Republic, France, Germany, Hungary, Italy, Poland, Portugal, Spain, Sweden and the United Kingdom), Australia, India and the Philippines.  

By working with Currencycloud and other service providers, FTFT Labs can provide its customers with a multicurrency digital wallet that makes sending money to the aforementioned countries easier and more cost-effective than many other remittance services who charge high fees per transfer. Most importantly for FTFT Labs, the Tempo app is a remittance service that its users can trust, with features that make moving money seamless and with in-app customer support at their fingertips. Tempo's conversion tool means users can remit payment to foreign accounts following currency conversion and hold foreign currencies for users' convenience; Tempo's Funds Feature allows users to easily add funds to the digital wallet.

By continuously adding new features to the app, FTFT Labs aims to bring the most innovative, easy-to-use remittance services to the fingertips of an often overlooked market: US immigrants. To learn more about the Tempo app, please visit http://ftfttempo.com.

Mr. Sean Liu, CEO of FTFT Labs, said of the launch, "Tempo represents an easy, fast and secure way to transfer money cross-border. Working with Currencycloud and using the breadth of its services, it allows us to offer our customers a seamless product from start to finish. We are confident we are making remittance a seamless process for our end users."

Lewis Nurcombe, Vice President Sales, Currencycloud commented, "Migrants in the US should be able to send money cross-border without friction and without prohibitive costs. A fintech company like Future FinTech Labs understands the needs of working people wanting to send money to family and friends, and as such is successfully re-imagining how money flows for this huge market."

The Tempo app is available for download from the Apple App Store and Google Play.

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, assets 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 service technology businesses. For more information, please visit http:/www.ftft.com/.

About Currencycloud

Banks, Fintechs and businesses everywhere can make bigger, better, bolder leaps with Currencycloud, a Visa solution. Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business - no matter what industry they're in. 

Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US, the EU and Australia.

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, or the Exchange Act. Forward-looking statements include statements with respect to 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 future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to the Company are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2021 and other reports and filings of the Company with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

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SOURCE Future FinTech Group Inc.

FAQ

What is the Tempo app launched by Future FinTech (FTFT)?

The Tempo app is a remittance service that allows US-based immigrants to send money securely and cost-effectively to multiple countries.

How does FTFT’s partnership with Currencycloud benefit the Tempo app?

The partnership allows FTFT Labs to provide a multicurrency digital wallet, making transactions easier and cheaper compared to other remittance services.

What countries can users send money to with the Tempo app?

Users can send money to Canada, Mexico, various European countries, Australia, India, and the Philippines.

When was the Tempo app launched by Future FinTech?

The Tempo app was announced on September 12, 2022.

Where can I download the Tempo app?

The Tempo app is available for download on the Apple App Store and Google Play.