back Back

Future Fintech receives approval to acquire Khyber Money Exchange Ltd.

By Joy Dumasia

August 22, 2022

  • Blockchain Based
  • Digital Payments
  • Europe
Share

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.

Previous Article

August 22, 2022

Coupa Treasury unlocks full cash visibility and enables business agility

Read More
Next Article

August 22, 2022

Liquidnet makes key hire to support expansion of its fixed income business

Read More








IBSi Daily News Analysis

March 22, 2024

Blockchain Based

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

5 Major FinTech Acquisitions announced in March 2024

Read More

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

Qonto unveils its first in-house financing offer, ‘Pay later’

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023