The FCA has approved Future Fintech’s acquisition of Khyber, a UK money payment company

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Last Updated on August 21, 2022 by Bitfinsider

Following approval from the Financial Conduct Authority, Future FinTech Group Inc., a publicly traded blockchain applications technology firm based in Florida, is set to acquire UK-based money payments services firm Khyber Money Exchange (FCA).

Following approval, Future Fintech will purchase 100% of Khyber Exchange equity for €685,000 (approximately $687,534).

The Nasdaq-listed fintech firm, which also mines cryptocurrency, operates a blockchain-based e-commerce platform, and provides crypto investment management services, made the announcement on Friday.

According to the company, the FCA approved its wholly-owned subsidiary FTFT UK Ltd, which is regulated in the United Kingdom.

Khyber Exchange provides global money transfer services through its agent locations, the internet via its online portal, and mobile access. The company, which is headquartered in the United Kingdom, was founded in 2009 and has offices in Italy and Germany.

The acquisition will enable Future Fintech to expand further into the money payment services business, which Huang described as a high-margin industry with the potential to boost global expansion goals.

According to the FCA, Future Fintech expects the transaction to close within the next three months.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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