Future FinTech Announces Launch of FTFT Orbit App

Oct 25,2022

News Provided By: PR Newswire

NEW YORK, Oct. 25, 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 FTFT UK Limited ("FTFT UK"), a company organized under the laws of United Kingdom and a wholly owned subsidiary of the Company, has officially launched the FTFT Orbit e-wallet app. The new app is now available on Google Play and the Apple App Store.

The FTFT Orbit e-wallet app is an electronic wallet that integrates popular e-wallet functions similar to Alipay and Wechat pay. With this first version of the app, account holders are able to send money and experience discount shopping. It also integrates most of the core services that traditional banks offer such as international remittances, transfer payments, a physical debit card and bill payments. By the end of 2022, the FTFT Orbit app will enable account holders to communicate with friends, remit red envelopes (monetary gifts), and start a group buying program with merchants.

The FTFT Orbit app contains functions that are designed for ease of use and convenience for international students and newcomers who will settle in the UK, solving the challenge of cross-border remittance. The new FTFT Orbit e-wallet app gives users the opportunity to sign up for a UK account with an International Bank Account Number (IBAN) before landing in the UK, with pre-approved accounts following appropriate documentation. It is expected that the FTFT Orbit app could be the first e-wallet in the UK to provide free account openings as well as integrated remittance services for international students and expatriates in the UK. For more information about the FTFT Orbit app, please visit www.ftftorbit.com.

In November 2021, FTFT UK reached a cooperation agreement with Railsbank (now known as Railsr) which is an Electronic Money Institution (EMI) license holder. FTFT UK received permission from Mastercard to issue credit and debit cards as an agent on behalf of Railsr in February 2022. FTFT UK received approval to operate as an Electronic Money Directive ("EMD") Agent and has been registered as such with the Financial Conduct Authority (FCA), a UK regulator in March 2022. FTFT UK also closed the acquisition of Khyber Money Exchange Ltd., a UK-based Financial Conduct Authority (FCA) regulated authorized payment institution, in September 2022. These relationships, permits and business operations were integral in enabling the launch of FTFT Orbit app.

Bo Sun, Chief Executive Officer of FTFT UK commented, "We are proud to announce the official launch of the FTFT Orbit e-wallet app that has been especially designed for international students and expats entering the UK. We believe that our account opening process will make adoption of the app easy, and the Orbit app provides unprecedented convenience as well as a spectrum of services at a user's fingertips."