FCA okays acquisition of Khyber exchange by Future Fintech Group

Popular blockchain developer, Future Fintech Group, has obtained approval to acquire the Khyber money exchange through its subsidiary in the US. The blockchain leader announced the development in its Friday blog post. The approval was issued by the Financial Conduct Authority (FCA).

Future Fintech Group will now buy 100% of the equity of the notable exchange. Reportedly, this deal is worth about €685,000. According to reports, the Fintech firm’s decision to purchase the exchange is premised on its aim to overwhelm the remittance market and traditional banking space.

Shanchun Huang, Chief Executive Officer of Future FinTech, has reacted to the development. According to Huang, acquiring the Khyber exchange will be instrumental in the company’s strategic transformation. The CEO added that it would “lay a foundation for the internationalization of our business and income.”. 

He averred that the firm’s main objective is to diversify fintech enterprises capable of harnessing prevalent opportunities and incorporating them into a comprehensive business platform.  Huang assured that Future Fintech Group is “intent upon creating a company that can optimally meet customers’ financial needs by positively disrupting the traditional banking sector via an array of innovative products and services.”

The firm affirms its commitment to developing a payment service ecosystem. This, as announced, will allow its subscribers to transfer funds from certain geographical locations easily. Additionally, the firm assures customers of an improvement in many of its services, which include a blockchain-oriented online shopping mall platform, Chain Cloud Mall, supply chain financing offerings, asset management, and crypto market data offerings. 

The Future Fintech Group is already enhancing its blockchain-based e-Commerce technology, crypto mining, digital assets investment management, and financial service technology businesses. Shortly after the firm announced the development, its shares spiked by over 2.51% and traded at $0.47. The company’s shares have been down by 80% since 2021.

However, the Khyber money exchange to be purchased by the firm enjoys more than 250,000 users across 130 countries worldwide. Recently, the exchange upgraded its network to give accessibility to its android and iOS users. The company has received the approvals of the FCA and HMRC (Her Majesty’s Revenue and Customs) to function as a payment institution.

Khyber uses three technologies for its network: Microsoft exchange online, office 365 mail, and ASP.NET 2.0. The exchange provides a network that enables users to send funds to their friends, families, and businesses across the globe.

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