Future Fintech Receives Approval from UK Regulator to Acquire UK Money Payment Service Company
Future FinTech Group Inc. (NASDAQ: FTFT) announced that its wholly-owned subsidiary, FTFT UK Limited, received approval from the Financial Conduct Authority (FCA) to acquire Khyber Money Exchange Ltd. for €685,000. The acquisition, expected to close within three months from August 16, 2022, will enhance FTFT's fintech footprint and diversify its geographical reach. Khyber Exchange specializes in global money transfers and operates in the UK, Germany, and Italy. CEO Shanchun Huang emphasized the strategic importance of this acquisition for the company's transformation into a diversified fintech enterprise.
- Acquisition of Khyber Money Exchange for €685,000 expected to enhance revenue opportunities.
- Approval from FCA signifies regulatory clearance, boosting investor confidence.
- Strengthened operational footprint in the UK and Europe for Future FinTech.
- Khyber Exchange's established money transfer services align with FTFT's fintech goals.
- None.
NEW YORK, Aug. 19, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a blockchain application technology developer and a fintech service provider, announced today that on August 16, 2022, FTFT UK Limited ("FTFT UK"), a company organized under the laws of United Kingdom and a wholly owned subsidiary of the Company received approval from the Financial Conduct Authority ("FCA"), a financial regulatory body in the United Kingdom, to acquire Khyber Money Exchange Ltd. ("Khyber Exchange"). The Company expects to close the acquisition within the three-month timeframe from August 16, 2022 for which the FCA's approval of the change of control remains effective; however, the FCA may extend this period upon request.
As previously disclosed, on September 1, 2021, FTFT UK signed a definitive agreement (the "Agreement ") to acquire
Khyber Exchange is a money transfer company with a platform for transferring money around the world via one of its agent locations or 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.
Shanchun Huang, Chief Executive Officer of Future FinTech, commented, "We are pleased to have received approval from the FCA to acquire Khyber Exchange since it further extends our fintech footprint and 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."
"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 objective is to become a diversified fintech enterprise that leverages current opportunities and integrate them into a comprehensive business platform. We are intent upon creating a company that can optimally meet customers' financial needs by positively disrupting the traditional banking sector via an array 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 service technology businesses. For more information, please 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, 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, 2021 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.
FAQ
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