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Future FinTech Group Inc., a publicly traded Florida-based blockchain application technology company, has received approval from the Financial Conduct Authority (FCA) to acquire Kyber Money Exchange, a UK-based payment services company. It’s a schedule.
Following approval, Future Fintech will acquire 100% of the shares of Khyber Exchange for a disclosed purchase price of 685,000 (approximately $687,534).
A Nasdaq-listed fintech company that also engages in cryptocurrency mining, operates a blockchain-based e-commerce platform, and provides crypto investment management services. announced this on friday.
The company said the FCA’s green light was given to its wholly-owned UK-regulated subsidiary, FTFT UK Ltd.
“We are pleased to have received approval from FCA to acquire Khyber Exchange. Khyber Exchange will further expand its fintech footprint and diversify its geographical reach.Future Fntech CEO Shanchun Huang said:
Khyber Exchange offers global money transfer services across agent locations on the web via online portals and mobile access. The UK-based company was founded in 2009 by him and has offices in Italy and Germany.
The acquisition will help Future Fintech further enter the money payment services business. According to Huang, the business is a high-margin industry that will likely boost its ambitions for global expansion.
Future Fintech expects the transaction to close within the next three months, as outlined by the FCA.
