BEIJING, Aug. 17, 2020
/PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT)
("Future FinTech", "FTFT" or "the Company"), a leading blockchain
e-commerce and financial technology company, today announced
it plans to enter the challenger bank and digital payment
sector.
Challenger banks are small, recently created retail banks that
compete directly with the longer-established banks, sometimes by
specializing in areas under served by the big traditional
banks. The challenger banks distinguish themselves from the
historic banks by modern financial technology practices, such as
online-only operations without physical retail stores, which reduce
the banking costs and avoid the complexities of traditional
banking. In order to be defined as a "bank", it must be regulated
by the banking regulatory authorities.
In recent years, challenger banks and third-party payment
systems have grown rapidly worldwide, rising to the top of the
financial services industry, with personalized banking services
that have reinvented the customer experience. Countries around the
globe have enforced lockdowns recently and have advised their
citizens to socially distance during the COVID-19 pandemic leading
to traditional physical banking services declining due to health
and safety concerns. This has expedited innovation in financial
banking industries.
FTFT has already recruited professionals from this industry, and
has been in frequent contact with companies in this sector in
Southeast Asia and Europe, in order to find M&A targets.
The countries of the Association of Southeast Asian Nations
("ASEAN") are the main target markets of FTFT, as half of the more
than 300 million Internet users in ASEAN countries have not yet
used online financial services. The annual digital payment in ASEAN
is around RMB 5 trillion
(approximately $714
billion)(Source:The Future of Southeast Asia's Digital Financial Services
Industry), which is much smaller compared to nearly RMB300 trillion in mainland China (approximately $42.85 trillion)(Source:2019 China Mobile Payment
Development Report). Economic and trade cooperation between
China and ASEAN countries has
accelerated recently with increasing trade volumes and
progress being made in regional economic integration. The market
for cross-border payments and other financial services have huge
potential. FTFT plans to open up cross-border payment channels
between China and ASEAN countries
through merger and acquisition with companies that have existing
challenger banking and digital payment technologies and through
cooperation with China's WeChat
and Alipay.
Mr. Shanchun Huang , CEO of FTFT, said, "ASEAN is a huge potential market for
challenger banks. Under the leadership of our board of directors
and management, we will build our competitive technology and
business advantage in challenger banking and digital payment sector
through our M&A strategy. Our goal is to turn FTFT into one of
the leading financial technology companies in Asia, not only bringing a better banking
experience to customers, but also bringing significant returns to
our shareholders."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the
"Company") is a leading blockchain e-commerce and financial
technology company incorporated in Florida. The Company's operations include a
blockchain-based online shopping mall platform, Chain Cloud Mall
("CCM"), a cross-border e-commerce platform (NONOGIRL), an
incubator for blockchain based application projects and a
digital payment system "DCON". The Company is also engaged in
development of blockchain based e-Commerce technology as well as
financial technology. For more information, please visit
http://www.ftftex.com/.
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SOURCE Future FinTech Group Inc.