Business
Future FinTech Signs Definitive Agreement to Purchase UK Money Payment Service Company
NEW YORK, Sept. 7, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a
About this update from Future Fintech Group Inc.
[{"type":"text","content":"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 100% of the equity of Khyber Money Exchange Ltd. (\"Khyber Exchange\") from Rahim Shah (the \"Seller\"). \nKhyber 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.\nAccording to the Agreement, the Company will acquire 100% of the equity of Khyber Exchange at a purchase price of €685,000 (approximately US$ 820,170). The Company engaged in extensive operational, legal and financial due diligence in order to reach this Agreement. Khyber Exchange is regulated by the UK Financial Conduct Authority (FCA); the acquisition needs to be approved by the FCA before its formal closing.\nMore 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.\nShanchun 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.\" \n\"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 produc...