FCA OKs Future Fintech Money Transfer Firm Buy
The UK subsidiary of blockchain app technology developer Future FinTech Group (FTFT) has received permission from the Financial Conduct Authority (FCA) to acquire money transfer firm Khyber Money Exchange.
FTFT UK Limited (FTFT UK) signed a definitive agreement last September to buy 100% of Khyber from Rahim Shah for 685,000 euros (about $687,300), according to a press release on Friday (Aug 19).
“We believe that money payment services is a high-margin business that will enable us to capitalize on an increasing level of international business transactions and cash flows. We believe that it will be synergistic with other financial services businesses that we are developing,” said Future FinTech- Chief Shanchun Huang.
See also: Payments FinTech Wizz to Acquire UAE Exchange
Founded in 2009 and headquartered in London, with offices in Germany and Italy, Khyber Exchange enables money transfers worldwide via its mobile platform, local agents, web portal or telephone.
Huang said the acquisition is expected to play into the company’s “strategic transformation” and form the central core leading to the “internationalization of our business and revenue” as FTFT diversifies and grows.
“Our goal is to become a diversified fintech company that leverages current opportunities and integrates them into a comprehensive business platform. We are committed to creating a company that can optimally meet customers’ financial needs by positively disrupting the traditional banking sector through a range of innovative products and services,” Huang added.
Read more: FCA warns Bitpanda about Trustology deal
Headquartered in New York, New York, incorporated in Florida and founded in 1998, FTFT’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall, supply chain financing services, asset management and cryptocurrency market data services. The firm is also involved in the development of blockchain-based e-commerce technology, cryptocurrency mining, cryptocurrency investment management, and financial services technology businesses.
The company’s global headquarters are located in Beijing, China as of March 30, 2020, having been moved there from Xi’an, according to a Security and Exchange Commission (SEC) filing.
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