Fintech Security

FCA OKs Future Fintech Money Transfer Firm Buy

The U.K. subsidiary of blockchain app tech developer Future FinTech Group (FTFT) has gotten 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 acquire 100% of Khyber from Rahim Shah for 685,000 euros (roughly $687,300), according to a press release on Friday (Aug. 19).

“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,” Future FinTech CEO Shanchun Huang said.

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, online portal or phone.

Huang said that 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 income” as FTFT diversifies and grows.

“Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrates them into a comprehensive business platform. We are intent upon creating a company that can optimally meet customers’ financial needs by positively disrupting the traditional banking sector via an array of innovative products and services,” Huang added.

Read more: FCA Warns Bitpanda Over 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 also is involved in the development of blockchain-based eCommerce technology, cryptocurrency mining, cryptocurrency investment management and financial service technology businesses.

The company’s global headquarters are located in Beijing, China as of March 30, 2020, after being relocated there from Xi’an, according to a filing from the Security and Exchange Commission (SEC).

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