Blockchain application developer Future FinTech Group has received approval from the UK’s Financial Conduct Authority (FCA) to purchase Khyber Money Exchange.

Khyber Exchange offers a money transfer platform across the globe though various modes such as agent locations, online portal, mobile platform as well as over the phone.

Formed in February 2009, the UK-based Khyber Exchange has branches in Germany and Italy.

The new approval will see FTFT UK, a company formed under the UK laws and a fully owned subsidiary of Future FinTech Group, buying 100% equity of Khyber Exchange as part of a deal valued at €685,000.

The deal is expected to be completed in three months starting from 16 August 2022, the period for which FCA’s approval of the change of control will remain applicable.

There is a possibility for FCA to extend this period on request, stated the company.

Under the terms of the acquisition, announced in September last year, FTFT UK reached a definitive deal to buy 100% equity of Khyber Exchange from Rahim Shah.

Future FinTech CEO Shanchun Huang said: “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.

“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.

“We believe that it will be synergistic with other financial service businesses that we are developing.”

Huang further added: “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.

“Our objective is to become a diversified fintech enterprise that leverages current opportunities and integrate them into a comprehensive business platform.

“We are 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.” In February this year, Future FinTech Group announced that FTFT UK formed an alliance with Mastercard to introduce FTFT Orbit e-money platform and Orbit Debit Mastercard.