NEW YORK, September 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 company and fintech Service provider announced today that on September 1, 2021the Company signed a definitive agreement (the “Agreement”) to acquire 100% of the equity of Khyber Money Exchange Ltd. (“Khyber Exchange”) by Rahim Shah | (the seller”).
Khyber Exchange is a money transfer company with a platform to transfer money through one of its agent locations or through its online portal, mobile platform or over the phone. Khyber Exchange was integrated into February 2009, is headquartered in the UK and has offices in Germany and Italy; his website is https://khyberexchange.com.
According to the agreement, the company will acquire 100% of the equity of Khyber Exchange for a purchase price of € 685,000 (approx US $ 820,170). The company conducted extensive operational, legal, and financial due diligence to achieve this agreement. The Khyber Exchange is regulated by the UK’s Financial Conduct Authority (FCA); the acquisition must be approved by the FCA prior to formal closure.
More detailed information about the agreement can be found on Form 8-K and filings with the Securities and Exchange Commission September 7, 2021.
Shanchun Huang, Chief Executive of Future FinTech, commented, “We are excited about this acquisition as it further expands our presence as a fintech and further diversifies our geographic reach in terms of international business transactions and cash flows. We believe there will be synergies with other financial services businesses that we develop. “
“Khyber Exchange will also be an excellent fit for FTFT UK Limited, our recently established subsidiary that provides us with the operational base for developing the fintech business in Europe. Our goal is to become a diversified fintech company that seizes current opportunities and integrates them into a comprehensive business platform, and to create a company that can meet the current financial needs of its customers and positively transform the traditional banking sector to provide innovative products and services to bring to market, ”concluded CEO Huang.
The story goes on
Rahim Shah |, Chief Executive Officer of Khyber Exchange, stated, “As a global money transfer company, Khyber Exchange can send money to over 130 countries through its agents, online portal, mobile platform or over the phone. Fund transfers can be collected from their offices or via the beneficiary’s bank account, with the funds transferred being credited within 24 to 48 hours. Khyber Exchange guarantees its customers that its transactions are executed at the best possible exchange rate, are secure, reliable, and processed instantly. It has amassed a significant number of loyal customers over the past decade. The acquisition by FTFT will help Khyber Exchange run its business and operations in Asiaespecially 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 Florida-based financial technology service provider. The company’s business activities 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 https://ftft.com/.
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SOURCE Future FinTech Group Inc.