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Future Fintech Group establishes UK subsidiary

Source: Future Fintech Group

Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that it has incorporated a new subsidiary, FTFT UK Limited ("FTFT UK"), as an operating base from which to develop fintech business in Europe.

FTFT UK plans to provide high-quality digital inclusive financial services to individual customers and businesses through financial technology by building a new digital banking ecosystem based on blockchain technology to create a highly competitive financial services platform relative to traditional banks. The first phase will be to focus on the development of a 'super app' that will include a wide range of personal digital financial products and services. FTFT UK plans upon designing this app to include functionality for mobile payments, international transfers, wealth management advisory services, membership rewards, etc., as well as proprietary industry-disruptive applications. We anticipate that our mobile app will enable customers to engage in a comprehensive suite of mobile banking capabilities anytime and anywhere.

FTFT UK has established a strong core team in the UK which is composed of a group of highly experienced professionals in the field of consumer banking, payment systems and FinTech. The team includes:

Mr. Bo Sun is the General Manager of FTFT UK. He has more than ten years of experience in commercial banking. He previously worked in the head office of Bank of China and the Agricultural Bank of China in the UK. In 2018, he launched Fusionpay Limited, a PayTech company based in London, which is believed to be the first Chinese cross-border mobile payment service provider in Europe. Mr. Sun graduated from the business school of Bath University in the UK with a Master's degree in financial management.

Dr. Chen Zhang is the Chief Technical Director of FTFT UK. Dr. Zhang has extensive experience in the field of financial information technology R&D management. Dr. Zhang previously worked as a senior technical engineer at Bloomberg UK Ltd. where he led a team in the development of financial derivatives pricing, portfolio risk analysis and packaged retail investment and insurance-based products (PRIIPs) regulatory compliance software in UK. Dr. Zhang graduated from the University of Iowa with a Doctorate degree in computer science.

Mr. Yue Chen is the Chief Product Director of FTFT UK. Mr. Chen has extensive R&D management experience in financial technology product innovation and regulatory compliance. He previously worked as the chief applications R&D engineer of HSBC Bank where he led a team in the development of the mobile application for cross-border account opening product for HSBC's International Customer Onboarding (ICO). Prior to that, he worked at the UK Ministry of Transport where he led the development of the UK Driver and Vehicle Standards Agency (DVSA) traffic ticket billing system. Mr. Chen graduated from York University in the UK with a Master's degree in software engineering.

Mr. Shanchun Huang, CEO of FTFT, said, "We intend to continue to attract high-caliber professional talent for FTFT UK; we also plan upon pursuing selective acquisitions of banks and payment system companies in Europe. Our goal is to build an open, stable, safe, friendly and efficient way for customers to do their banking. We believe that we can leverage our core competencies with the challenger banking sector, which provides digital banking services through apps or websites, to build a comprehensive digital financial services platform that would be highly competitive to traditional banking. Our ultimate objective is to become a leading financial technology company and provide customers with a high-quality digital inclusive financial services platform for a superior user experience."

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