- FTFT UK, which is a subsidiary of the blockchain application technology developer Future FinTech Group, has confirmed that it has received the green light from the UK’s regulator to buy Khyber Money Exchange.
- “We believe that money payment services are a high margin business that will enable us to capitalise upon an increasing level of international business transactions and money flows,” said a senior figure at Future FinTech Group.
FTFT UK, a subsidiary of blockchain application technology developer Future FinTech Group, has confirmed that it has received the green light from the Financial Conduct Authority (FCA), the UK's regulator, to buy money payment firm Khyber Money Exchange.
FTFT UK entered into the agreement in September 2021.
The company plans to purchase all of Khyber Money Exchange from its current owner and managing director, Rahim Shah, for a figure just under $700,000.
Khyber Money Exchange, which was founded in 2009, is based in London but has offices across European nations such as Italy.
Its international money transfer offer works through mobile phone transfers, local agents or an online service.
“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,” said Shanchun Huang, the CEO of Future FinTech Group.
“We believe that money payment services are a high margin business that will enable us to capitalise upon an increasing level of international business transactions and money flows.”
He also explained that the firm feels that it would give a boost when it comes to strategy.
“We believe that this acquisition will play an important role in the strategic transformation of the company and lay a foundation for the internationalisation of our business and income,” he said.
“Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrate them into a comprehensive business platform.”
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