Future FinTech Group Inc. - FTFT STOCK NEWS

Future FinTech Group (NASDAQ: FTFT) has completed its acquisition of Khyber Money Exchange Ltd. on September 29, 2022, for €685,000. This move is intended to enhance FTFT's fintech capabilities and international presence. The acquisition was approved by the UK's Financial Conduct Authority, following rigorous due diligence. CEO Shanchun Huang expressed confidence that this strategic acquisition will support the company’s transformation into a diversified fintech enterprise, leveraging market opportunities to drive growth and expand its business platform.

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.

Future FinTech Group Inc. (NASDAQ: FTFT) announced on September 1, 2022, that its wholly-owned subsidiary, Future FinTech (Hong Kong) Limited, signed a Memorandum of Understanding (MOU) to acquire Alpha International Securities Ltd. from Alpha Financial Limited. The terms of the acquisition are pending due diligence and a financial audit, with formal agreements expected within 60 days. Alpha Securities offers online brokerage services, IPO underwriting, and bond issuance. FTFT aims for synergies with its 90%-owned asset management subsidiary, positioning itself to diversify income streams and enhance its fintech services.

Future FinTech Group (NASDAQ: FTFT) announced its participation in eight orientation meetings for Chinese students planning to study in the UK. These events promoted the upcoming launch of FTFT UK's Orbit E-Wallet app, which offers free pre-approved accounts for students. The app integrates traditional banking services, enhancing the experience for overseas Chinese students. The initiative has led to increased social media engagement and inquiries about the app. The launch is expected to take place by the end of 2022 with additional features planned.

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.

Future FinTech Group Inc. (NASDAQ: FTFT) announced that its 90%-owned subsidiary, Nice Talent Asset Management Limited (NTAM), has become eligible to manage virtual assets under specific conditions set by the Securities and Futures Commission of Hong Kong. NTAM is currently assessing the feasibility of virtual asset management, while maintaining its existing investment mandate. NTAM holds licenses for advising on securities and asset management, and will only manage virtual assets constituting less than 10% of its portfolio. This move reflects the growing importance of virtual assets in investment strategies.

Future FinTech Group (NASDAQ: FTFT) announced a significant Electricity Sales and Purchase Agreement with Champion Energy Services, LLC on April 22, 2022. This agreement will provide 15.58 MW of electricity for FTFT SuperComputing's cryptocurrency mining farm in Northwest Ohio, starting July 1, 2022, and lasting six years. The mining project, initially estimated at $62 million, aims to deploy around 12,000 S19 Antminers, generating approximately 1.3 EH/s of hash power. The first phase will allocate $12 million for site acquisition and plant development.

Future FinTech Group (FTFT) announced its participation in the Bitcoin 2022 conference in Miami, Florida, from April 6-9, 2022. The event, organized by BTC Media, is expected to attract over 15,000 attendees from the global Bitcoin ecosystem. FTFT's Chief Strategy Officer, Ola J. Lind, highlighted the opportunity for collaboration and growth in the cryptocurrency space during the event. FTFT will have a booth at the conference, providing insights into their blockchain-based e-commerce and fintech services.

Future FinTech Group (NASDAQ: FTFT) announced the trial operation of a Blockchain Quality and Safety Traceability System developed with the Anti-Counterfeiting Committee of the China Foundation of Consumer Protection. This initiative aims to combat B2C abuses under China's '3.15 Brand Responsibility Plan'. The system incorporates three components: a Credit Verification System, an Engagement Protocol Decoder for QR codes, and Enterprise Communication as a Service (eCAAS) to redeem anti-counterfeiting points. This venture seeks to enhance consumer trust and promote economic growth in China.