Future FinTech Group Inc. (NASDAQ: FTFT) announced that on September 29, 2022, FTFT UK Limited ("FTFT UK"), a company organised 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. On the 11th of October 2022, Khyber Money Exchange LTD officially received approval for its organisation's name change to FTFT Finance UK Limited.
Khyber Exchange was incorporated in February 2009, is headquartered in the UK and has offices in Germany and Italy. 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. Before Khyber Money Exchange being acquired by FTFT UK, its mainly focused on send money to Pakistan and Afghanistan. Now the money transfer services will expand to the East Asia including China.
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 internationalisation 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."