Future Fintech receives approval to acquire Khyber Money Exchange Ltd.
By Joy Dumasia
Future FinTech Group Inc., a blockchain application technology developer and a FinTech service provider announced that on August 16, 2022, FTFT UK Limited, a company organized under the laws of the United Kingdom and a wholly owned subsidiary of the company, received approval from the Financial Conduct Authority (“FCA”), a financial regulatory body in the United Kingdom, to acquire Khyber Money Exchange Ltd. The company expects to close the acquisition within the three-month timeframe from August 16, 2022, for which the FCA’s approval of the change of control remains effective; however, the FCA may extend this period upon request.
As previously disclosed, on September 1, 2021, FTFT UK signed a definitive agreement to acquire 100% of the equity of Khyber Exchange from Rahim Shah. According to the Agreement, the company will acquire 100% of the equity of Khyber Exchange at a purchase price of €685,000. The company engaged in extensive operational, legal and financial due diligence in order to reach this Agreement.
Khyber Exchange is a money transfer company with a platform for transferring money worldwide via one of its agent locations, 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.
Shanchun Huang, Chief Executive Officer of Future FinTech, commented: “We are pleased to have received approval from the FCA to acquire Khyber Exchange since it further extends our FinTech footprint and 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.”
“We believe that this acquisition will play an important role in the strategic transformation of the company and lay a foundation for the internationalization of our business and income. Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrate 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,” concluded CEO Huang.
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