Welcome to our dedicated page for Future FinTech Group news (Ticker: FTFT), a resource for investors and traders seeking the latest updates and insights on Future FinTech Group stock.
Future FinTech Group Inc. (NASDAQ: FTFT) is a comprehensive provider of financial and digital technology services, operating across multiple sectors and geographical regions. The company engages in supply chain financing services and trading in China, asset management and investment banking services in Hong Kong, and cross-border payment services in the United Kingdom. Additionally, Future FinTech runs cryptocurrency trading data information services in the United Arab Emirates and has established a digital asset mining farm in the United States.
One of its notable subsidiaries, FTFTX, is a professional global crypto data aggregation platform. It provides institutional and individual investors with real-time, high-quality, reliable digital currency market data for cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others. FTFTX aggregates currency and transaction data from global digital currency platforms, conducting thorough analysis to deliver the most valuable information to its users.
Future FinTech continues to expand its operations and recently participated in significant events, emphasizing its commitment to international collaboration. On August 15, 2023, CEO Mr. Huang Shanchun attended the inauguration ceremony of the President of Paraguay, Santiago Pena. Future FinTech intends to engage in deeper cooperation with the new government of Paraguay in financial technology and cryptocurrency mining, leveraging Paraguay's abundant hydropower resources to attract global bitcoin mining operations.
Despite facing legal challenges, such as the recent allegations by the SEC against its CEO Mr. Shanchun Huang for manipulative trading prior to his tenure as CEO, the company remains steadfast in its operational integrity. The Board has established an independent committee to review these allegations and imposed trading restrictions on the CEO during the ongoing litigation. The Board assures that the litigation will not impact the company's operations.
In recent months, Future FinTech has made strides in its cryptocurrency mining initiatives. On March 15, 2024, its subsidiary FTFT SuperComputing Inc. signed a data mining hosting agreement with Teracrypto Technology LLC to provide hosting services for bitcoin miners at its cryptocurrency farm in Norwalk, Ohio. Another agreement was signed on April 15, 2024, with Tech Solution Inc., further cementing FTFT SuperComputing's role in the burgeoning cryptocurrency mining industry.
Future FinTech adheres to the concept of improving financial services through digital and internet technologies, providing stable, safe, and efficient digital financial services to its business and individual customers.
Future FinTech Group (NASDAQ: FTFT) announced plans to establish a cryptocurrency mining farm in Paraguay, receiving endorsements from Paraguayan government officials. The company has engaged Emilio Buongermini, former Deputy Minister of the National Energy Department, as a consultant to explore mining opportunities. Discussions highlighted Paraguay's favorable policies and abundant hydroelectric power, notably from the ITAIPU Dam. CEO Shanchun Huang indicated a strong commitment to assess these developments, suggesting future updates for shareholders regarding potential business growth.
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 $820,170). Khyber Exchange, a UK-based money transfer provider, offers services through various platforms, including online and mobile. The acquisition aims to enhance FTFT's fintech operations in Europe and capitalize on international money flows. The deal requires approval from the UK Financial Conduct Authority before closing. CEO Shanchun Huang stated the acquisition would diversify FTFT's services and geographic reach.
Future FinTech Group (NASDAQ: FTFT) signed a term sheet to acquire 51% of Shanghai Dianfa Internet Technology for approximately RMB 17,850,000 (US$ 2,762,730). The purchase involves RMB 6,000,000 in cash and RMB 11,850,000 in FTFT stock. This strategic acquisition aims to enhance FTFT's position in supply chain finance and microfinance, catering to small and medium enterprises in China that struggle to secure traditional bank loans. CEO Shanchun Huang emphasized the potential for creating synergies and leveraging FTFT's blockchain capabilities to evolve Dianfa's existing services.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the establishment of a new subsidiary, FTFT UK Limited, to expand its fintech operations in Europe. This subsidiary aims to offer a range of digital financial services through a forthcoming 'super app', which will include mobile payments, international transfers, and wealth management. The team in the UK comprises experienced professionals in banking and fintech. CEO Shanchun Huang expressed the intention to pursue acquisitions and emphasized creating a competitive digital banking ecosystem.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the completion of its acquisition of 90% of Nice Talent Asset Management Limited (NTAM) for HK$144,000,000 (approximately US$18.7 million). NTAM is licensed under Hong Kong's SFC for asset management. The acquisition aims to enhance FTFT's expansion into the global financial services sector. Payment includes 60% in FTFT shares, with an earn-out based on NTAM's EBIT performance in 2021 and 2022. Due to regulatory changes, FTFT has terminated discussions on potential cryptocurrency acquisitions in China but remains committed to exploring opportunities in North America and the UAE.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the registration of a new subsidiary, FTFT Capital Investments LLC, in Dubai on June 24, 2021. This subsidiary aims to provide digital currency trading and crypto asset management services, capitalizing on Dubai's favorable blockchain policies. FTFT Capital plans to acquire 100% ownership of Shenzhen SOSOB Technology Co., Ltd., a leading digital currency service provider with over 1.2 million registered users. CEO Shanchun Huang emphasized that this initiative is a significant step towards creating a comprehensive blockchain-based financial services platform.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the appointment of Dr. Finn E. Kydland as Honorary Chief Economist effective June 17, 2021. Renowned for his contributions to macroeconomics and a Nobel Prize winner in 2004, Dr. Kydland brings significant expertise to the company. His role will focus on providing insights into monetary policy, business cycles, and corporate strategy, particularly as FTFT transitions to a challenger bank. CEO Shanchun Huang expresses confidence in Dr. Kydland's ability to aid the company's growth in a changing financial landscape.
Future FinTech Group Inc. (NASDAQ: FTFT) announced the establishment of two subsidiaries in Chengdu, China, aimed at advancing blockchain big data and supply chain financial technology. This commitment was made by General Manager Lei Peng at the 2021 Chengdu Blockchain Conference. The event led to the formation of the Chengdu Urban Blockchain Industry Alliance, focusing on initiatives like blockchain talent and R&D centers. CEO Shanchun Huang emphasized the potential of blockchain technology across various sectors, asserting the company's commitment to investing in this area for societal impact and shareholder returns.
Future FinTech Group (NASDAQ: FTFT) announced a preliminary term sheet on April 13, 2021, to acquire 100% of Khyber Money Exchange Ltd. for €685,000 (approx. US$820,170). Khyber Exchange specializes in global money transfers, operating in over 130 countries with a focus on safe and reliable transactions. The acquisition aims to strengthen FTFT's presence in the fintech sector and enhance business synergies with their planned acquisition of Hi-Card Business Service Co., Ltd. The deal is subject to due diligence within a 30-day exclusive negotiation period.
Future FinTech Group Inc. (NASDAQ: FTFT) has finalized its acquisition of a 60% equity interest in Sichuan Ticode Supply Chain Management Co., Ltd. for approximately $66.45 million, paid in 7,789,882 shares of common stock priced at $8.53 per share. This acquisition, part of FTFT's strategy to enhance competitiveness in fintech, provides potential for revenue growth and expands its service offerings. An additional 5% equity could be transferred at no cost if Ticode fails to meet specified EBIT targets for 2021 and 2022.
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