Future FinTech Signs Definitive Agreement to Purchase UK Money Payment Service Company
Future FinTech Group (NASDAQ: FTFT) announced on September 1, 2021, a definitive agreement to acquire 100% of Khyber Money Exchange Ltd. for €685,000 (approximately $820,170). Khyber Exchange, a UK-based money transfer provider, offers services through various platforms, including online and mobile. The acquisition aims to enhance FTFT's fintech operations in Europe and capitalize on international money flows. The deal requires approval from the UK Financial Conduct Authority before closing. CEO Shanchun Huang stated the acquisition would diversify FTFT's services and geographic reach.
- Acquisition of Khyber Exchange strengthens FTFT's fintech operations and geographic reach in Europe.
- Khyber Exchange's established money transfer services can enhance FTFT's business in high-margin sectors.
- The acquisition aligns with FTFT's strategy to develop a diversified fintech enterprise.
- The acquisition is subject to approval by the UK Financial Conduct Authority, which may delay integration.
NEW YORK, Sept. 7, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that on September 1, 2021, the Company signed a definitive agreement (the "Agreement ") to acquire
Khyber Exchange is a money transfer company with a platform for transferring money through one of its agent locations or via its online portal, mobile platform or over the phone. Khyber Exchange was incorporated in February 2009, is headquartered in the UK and has offices in Germany and Italy; its website is https://khyberexchange.com.
According to the Agreement, the Company will acquire
More complete information of the Agreement is set forth in the Form 8-K and its exhibits filed with the Securities and Exchange Commission on September 7, 2021.
Shanchun Huang, Chief Executive of Future FinTech, commented, "We are pleased about this acquisition as it further extends our fintech footprint and further diversifies our geographical reach. We believe that money payment services are a high margin business that will enable us to capitalize upon an increasing level of international business transactions and money flows. We believe that it will be synergistic with other financial service businesses that we are developing."
"Khyber Exchange will also be an excellent fit with FTFT UK Limited, our recently incorporated subsidiary that will serve as an operating base for us to develop fintech business in Europe. Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrate them into a comprehensive business platform, and to create a company that can meet customers' current financial needs as well as positively disrupt the traditional banking sector to launch innovative products and services," concluded CEO Huang.
Rahim Shah, Chief Executive Officer of Khyber Exchange stated: "As a worldwide money transfer company, Khyber Exchange can transfer money to over 130 countries through its agents or its online portal, mobile platform or over the phone. Money transfers can be picked up in its offices or via the beneficiary's bank account which is credited with the transmitted funds within 24 to 48 hours. Khyber Exchange guarantees its customers that its transactions are executed at the best possible exchange rate, are safe and reliable and are instantly processed. Consequently, the company has accumulated a substantial number of loyal customers over the past ten years. The acquisition by FTFT will help Khyber Exchange expand its business and operation in Asia, especially in the fast-growing Chinese market."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects and financial services for the supply chain industry. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://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, 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 us 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, 2020 and our other reports and filings 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.
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