Future FinTech Signs Definitive Agreement to Purchase UK Money Payment Service Company
Future FinTech Group Inc., a leading blockchain-based e-commerce business and a fintech service provider, announced that, the Company signed a definitive agreement to acquire 100% of the equity of Khyber Money Exchange Ltd. from Rahim Shah.
Khyber 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.
According 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.
Shanchun 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.”
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“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 products and services,” concluded CEO Huang.
Rahim Shah, Chief Executive Officer of Khyber Exchange stated: “As a worldwide money transfer company, Khyber Exchange can transfer money to over 130 countries through its agents or its online portal, mobile platform or over the phone. Money transfers can be picked up in its offices or via the beneficiary’s bank account which is credited with the transmitted funds within 24 to 48 hours. Khyber Exchange guarantees its customers that its transactions are executed at the best possible exchange rate, are safe and reliable and are instantly processed. Consequently, the company has accumulated a substantial number of loyal customers over the past ten years. The acquisition by FTFT will help Khyber Exchange expand its business and operation in Asia, especially in the fast-growing Chinese market.”