Future FinTech, a fintech service provider and blockchain-based e-commerce business, has signed a preliminary term sheet to acquire Khyber Money Exchange.
According to the term sheet, Future FinTech will buy 100% of the equity of Khyber Exchange at a purchase price of approximately $820,170 (€685,000).
Khyber Exchange is a money transfer company, which offers a platform for transferring money internationally via its agent locations or online portal, mobile platform as well as over the phone.
It is headquartered in the UK with offices in Germany and Italy.
Khyber Exchange CEO Rahim Sham said: “As a worldwide money transfer company, Khyber Exchange can transfer money over 130 countries through its agents or its online portal, mobile platform or over the phone.
Money transfers can be picked up in its offices or via the beneficiary’s bank account which is credited with the transmitted funds within 24 to 48 hours.
The acquisition follow Future FinTech’s decision to buy a 60% stake in Chinese payment settlement services company Hi-Card Business Service.
Commenting on the deal, Sham said the potential acquisition by FTFT will help the company expand its business and operation in Asia, especially in the fast-growing Chinese market.
Future FinTech CEO Shanchun Huang said the potential deal will further extend the company’s footprint into the fintech sector.
Huang added: “Our objective is to become diversified fintech enterprise that leverages current opportunities and integrate them into a comprehensive business platform, and to create a company that can meet current financial needs as well as anticipate and develop fintech solutions for the future.”