Future FinTech Announces Closing of Khyber Exchange Acquisition

Oct 03,2022

News Provided By: PR Newswire

NEW YORK, Oct. 3, 2022 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a blockchain application technology developer and a fintech service provider, announced today that on September 29, 2022, FTFT UK Limited ("FTFT UK"), a company organized under the laws of the United Kingdom and a wholly owned subsidiary of the Company, closed on the acquisition of Khyber Money Exchange Ltd. ("Khyber Exchange"), a money transfer company.  

As previously disclosed, on September 1, 2021, FTFT UK signed a definitive agreement to acquire 100% of the equity of Khyber Exchange from the seller Rahim Shah at a purchase price of €685,000. The Company engaged in extensive operational, legal and financial due diligence in order to effect the acquisition. On August 16, 2022, Financial Conduct Authority, a UK financial regulatory body, approved the acquisition of Khyber Exchange by FFT UK.

Shanchun Huang, Chief Executive Officer of Future FinTech, commented, "We are pleased with the completion of the acquisition of Khyber Exchange since it further extends our fintech footprint and reach. Further, we believe that the acquisition will play an important role in the strategic transformation of the Company and that it lays a foundation for the internationalization of our business and income. Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrates them into a comprehensive business platform."

About Khyber Money Exchange Ltd.

Khyber Money Exchange Ltd. is a money transfer company with a platform for transferring money around the world via one of its agent locations or 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; its website is https://khyberexchange.com.

About Future FinTech Group Inc.

Future FinTech Group Inc. is a blockchain application technology developer and fintech service provider incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), supply chain financing services, asset management, and cryptocurrency market data services. The Company is also engaged in the development of blockchain based e-Commerce technology, cryptocurrency mining, money transfer service and financial service technology businesses. For more information, please visit http:/www.ftft.com/.