- FTFT is planning to open cross-border payment channels between ASEAN and Chinese countries via M and amp;A and through collaboration with China’s WeChat and Alipay.
- FTFT says the company has recruited experts from the industry to find M and amp;A targets.
- The annual digital payment in ASEAN is about USD 714 billion, which is much smaller in comparison to approximately USD 42.85 trillion.
- The company is also engaged in the development of blockchain-based financial and e-commerce technology.
Future FinTech Group Inc. (FTFT) is the foremost blockchain e-commerce and financial technology firm, which recently declared its plans to join the challenger bank and digital payment sector.
Challenger banks are small but differentiate themselves from the historical banks by contemporary financial technology methods. These modern practices include online-only operations without corporeal retail stores that reduce banking expenses and prevent the intricacies of conventional banking.
Challenger banks and third-party payment systems have rapidly developed across the globe in recent years. Countries across the globe are facing lockdown, and the government has instructed their residents to socially distance themselves during the COVID-19 (Coronavirus pandemic) owing to health and security anxieties. Thus, it has accelerated modernization in financial banking industries.
FTFT has already hired specialists from the industry and is in contact with industries in this segment in Europe and Southeast Asia, to find mergers and acquisitions (M and amp;A) targets.
The primary target markets of FTFT are territories of the Association of Southeast Asian Nations (ASEAN). This is because about 300 million cyberspace consumers in ASEAN nations have not yet utilized online financial services. The yearly digital payment in ASEAN is about USD 714 billion (approximately RMB 5 trillion), which is considerably lesser in comparison to approximately USD 42.85 trillion (nearly RMB 300 trillion).
The recent economic and trade cooperation between China and ASEAN nations has accelerated with rising export volumes and improvement being made in provincial economic assimilation. FTFT intends to open cross-border payment channels between China and ASEAN nations via M and amp;A with enterprises that have current challenger banking and digital payment technologies and via collaboration with China’s Alipay and WeChat.
“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 the challenger banking and digital payment sector through our M and amp;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,” said Shanchun Huang, CEO of FTFT.
Future FinTech Group Inc. is the foremost blockchain technology R and amp;D and application company incorporated in Florida. The major operation of FTFT is a blockchain-based application project, a cross-border e-Commerce platform “NONOGIRL.” The company is also involved in the development of blockchain-based financial and e-commerce technology.