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Future Fintech Holds Operations Update Meeting

NEW YORK, Aug. 30, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (‘hereinafter referred to as ‘Future FinTech’, ‘FTFT’ or ‘the Com…

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NEW YORK, Aug. 30, 2021 /PRNewswire/ — 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 the Company held an operations update video conference call on August 20, 2021. It was attended by CEO Shanchun Huang, COO Yang Liu, CIO Xiaochen Zhao, Head of FTFT’s Future Commercial Group Ltd. Jie Han, and Honorary Chief Economist of the Company Dr. Finn E. Kydland, Nobel Laureate in Economics.

Future FinTech COO Yang Liu hosted the call and commented on FTFT’s recent operations, “As of mid-August, we have made significant progress in implementing our global strategic plan. We completed the acquisition of Hong Kong-based Nice Talent Asset Management Limited (“NTAM”), incorporated a new subsidiary, Future Fintech Digital Capital Management LLC (“Future Fintech Digital Capital”), in Connecticut, established an R&D center -Future FinTech Labs Inc. (“Future FinTech Labs”) in New York, registered a new subsidiary FTFT Capital Investments LLC (“FTFT Capital Investments”) in Dubai, and incorporated a new subsidiary -FTFT UK Limited (“FTFT UK”) in United Kingdom, as an operating base to develop fintech business in Europe.”

As a core element of its strategic plan, FTFT plans upon developing an array of diversified financial products and services for global institutional investors and high net worth investors through its subsidiaries which are approved to provide such services. To achieve this goal, the Company plans upon forming an operational matrix to include Future FinTech Labs, Future Fintech Digital Capital, FTFT Capital Investments, FTFT UK, NTAM and other subsidiaries with appropriate licenses to provide such services. Through the integration of its R&D center, institutional investment management and fintech, the Company intends to become a leading financial services firm that provides users with a wide range of personal online financial products and services. It is planned that these will include mobile payments, international transfers, wealth management services, member rewards, and other non-traditional proprietary applications that we believe will positively disrupt the financial services sector.

The Company believes that its core competency through its blockchain application capabilities, strong technical team and deep experience in blockchain projects provides superior support for its asset management and online financial services businesses as well as for future business development.

FTFT Honorary Chief Economist Dr. Kydland Supports Company’s Corporate Strategy

Dr. Kydland expressed support for the Company’s strategic plan of its financial services business. Dr. Kydland observed that FTFT’s core plans in online financial services will enable it to succeed at its highly enterprising initiative to disrupt traditional banking by using financial technology and that this course represents the direction of future financial services.

Dr. Finn E. Kydland commented, “I am optimistic about the competitive prospects of FTFT’s use of cutting-edge financial technology and its applications for the traditional banking business. I look forward to sharing my resources, knowledge and experience in the macroeconomic, financial and monetary fields, and applying research to help guide FTFT’s assessment of the long-term trends of the financial industry to optimize the Company’s strategic plan.”

Dr. Kydland continued, “Although I could only meet the FTFT team by video conference, once the pandemic moderates, I will plan to visit FTFT offices in New York, Dubai, Hong Kong, London and Beijing, and conduct in-depth exchanges to facilitate the support of macroeconomic theory with the strategic direction of the Company.”

About Future FinTech Group Inc.

Future FinTech Group Inc. (“Future FinTech”, “FTFT” or the “Company”) is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company’s operations include a blockchain-based online shopping mall platform, Chain Cloud Mall (“CCM”), an incubator for blockchain based application projects, and supply chain financing and services. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit https://www.ftft.com/.

Safe Harbor Statement

Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2020 and our other reports and filings with SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at https://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

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SOURCE Future FinTech Group Inc.

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Source: https://markets.businessinsider.com/news/stocks/future-fintech-holds-operations-update-meeting-1030766718?op=1

Fintech

Senior Central Bank Official Says Fintech the Key to Bridging China’s Digital Divides – China Banking News

A senior official from the Chinese central bank has highlighted the ability of fintech to bridge the country’s in resolve digital and wealth divides.

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A senior official from the Chinese central bank has highlighted the ability of fintech to bridge the country’s in resolve digital and wealth divides.

Fan Yifei (范一飞), deputy governor of the People’s Bank of China (PBOC), wrote in a recent essay that “”fintech is a major means for bridging the digital divide, and resolving the problem of unbalanced and inadequate development.”

The PBOC deputy governor highlighted the ability of fintech to bridge digital divides in three key areas in particular:

  • Resolve the digital development divide between urban and rural areas. “Comprehensive implementation of fintech invigorates rural village revitalisation demonstration projects, and drives the establishment of new services channels that connect offline and online, connect financial institutions and connect finance with the public sphere. The establishment of comprehensive services platform to benefit rural areas drives the in-depth integration of supply chain financial, commercial and goods flows, and permits the precision allocation of financial resources to key areas and critical links of the agricultural sector, helping to drive the modernised development of agriculture.”
  • Resolving the digital application divide between demographic groups. “High-frequency financial applications for daily life that focus on the elderly, ethnic minorities, the disabled and other demographic groups; customised mobile financial products that suit the elderly and different ethnic groups; the application of smart mobile equipment to extend the antennae of financial services and other measures strengthen the digital capabilities of users, continually increase the depth and breadth of services, and can enable the results of tech innovations to reach and benefit more people.”
  • Resolving the digital growth divide between institutions. “Large-scale financial institutions must play a demonstrative leadership role, and use digital transformation as an opportunity to invigorate the digital operating capabilities of the entire sector. Small and medium-sized financial institutions must become adept at using outside assistance and cooperating in the win-win acceleration of digital transformation, in order to revitalise regional economies and drive the healthy development of micro and small enterprises.”
  • Source: https://www.chinabankingnews.com/2021/10/20/pboc-official-says-fintech-the-key-to-bridging-chinas-digital-divide/

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    Fintech

    Global FinTech Markets, 2016-2020 & 2021-2026: API, AI, Blockchain, Distributed Computing, Payment, Fund Transfer, Personal Finance, Loans, & Insurance

    The “Global FinTech Market, By Technology, By Service, By Application, By Region, Competition Forecast & Opportunities, 2026” report has been added to ResearchAndMarkets.com’s offering.

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    DUBLIN, Oct. 13, 2021 /PRNewswire/ — The “Global FinTech Market, By Technology, By Service, By Application, By Region, Competition Forecast & Opportunities, 2026” report has been added to ResearchAndMarkets.com’s offering.

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    The Global FinTech Market was valued at USD7301.78 billion in 2020 and is projected to grow at a CAGR of 26.87% during the forecast period.

    Rising popularity for digital payments, increased investments in technology-based solutions, supportive government regulations, increased adoption of IOT devices are expected to positively influence the Global FinTech Market in the coming years.

    Rising innovations like mobile wallets, digitized money, paperless lending, etc., and adoption of e-commerce platforms across the economies, coupled with rising smartphone penetration have paved the way for increasing FinTech transactions. However, concerns related to data security, lack of mobile and technology expertise may hamper the FinTech market during the forecast period.

    The Global FinTech Market can be segmented into technology, service, application, and region. Based on technology, the market can be segmented into API, AI, blockchain, distributed computing and others, including big data, robotic process automation, etc. The AI segment is expected to witness the highest growth rate through 2026.

    AI has become a critical element of the FinTech industry in terms of collecting data, analyzing information, and creating customer-centric products. The banking firms across the globe, in order to prevent the loss of sensitive customer information, are implementing advanced risk analytics and fraud detection capabilities that are powered by AI. Increased implementation of advanced risk analytics and fraud detection is contributing to the growing share of the segment.

    Based on service, the market can be segmented into payment, fund transfers, personal finance, loans, insurance, and others including equity, wealth management, etc. The payment segment is expected to dominate the market in the year 2020, however the insurance segment is expected to grow at the fastest growth rate in the forecast period.

    Based on end-use industry, the market is sub-segmented into banking, insurance, securities, and others including ecommerce, ITR, etc. The banking segment captures the highest market share in the year 2020 and is expected to dominate the market in the forecast period as well. Banks and start-ups in this space are developing e-wallets and payment interfaces to maintain services & deliver a better and faster user experience.

    Regionally, the FinTech market has been segmented into various regions including Asia-Pacific, Europe, North America, South America, and Middle East & Africa. Among these regions, Asia-Pacific region is expected to exhibit the highest growth in the forecast period primarily on the account of expanding customer base, largest population share of Gen Z and millennials, and willingness to accept new technology and huge market opportunity to convert from cash to digital payments.

    Leading companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.

    The major players operating in the Global FinTech Market are

    • Ant Group Co. Ltd.

    • Paypal Holdings, Inc.

    • Tencent Holdings Ltd.

    • Robinhood Markets, Inc.

    • Google Payment Corp.

    • One97 Communications Ltd.

    • Adyen NV.

    • Qudian Inc.

    • Afterpay, Limited

    • Nexi SpA

    • Klarna Bank AB

    • Social Finance, Inc

    • Avant, LLC

    Report Scope:

    Years considered for this report:

    • Historical Years: 2016-2019

    • Base Year: 2020

    • Estimated Year: 2021

    • Forecast Period: 2022-2026

    Global FinTech Market, By Technology:

    • API

    • AI

    • Blockchain

    • Distributed Computing

    • Others

    Global FinTech Market, By Service:

    • Payment

    • Fund Transfer

    • Personal Finance

    • Loans

    • Insurance

    • Others

    Global FinTech Market, By Application:

    • Banking

    • Insurance

    • Securities

    • Others

    Global FinTech Market, By Region:

    • Asia-Pacific

    • China

    • Japan

    • South Korea

    • India

    • Australia

    • North America

    • United States

    • Canada

    • Mexico

    • Europe

    • United Kingdom

    • Germany

    • France

    • Spain

    • Italy

    • Middle East & Africa

    • UAE

    • Saudi Arabia

    • Nigeria

    • South America

    • Brazil

    • Argentina

    • Colombia

    For more information about this report visit https://www.researchandmarkets.com/r/vxaxin

    Media Contact:
    Research and Markets
    Laura Wood, Senior Manager
    press@researchandmarkets.com

    For E.S.T Office Hours Call +1-917-300-0470
    For U.S./CAN Toll Free Call +1-800-526-8630
    For GMT Office Hours Call +353-1-416-8900

    U.S. Fax: 646-607-1904
    Fax (outside U.S.): +353-1-481-1716

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    SOURCE Research and Markets

    The Global FinTech Market was valued at USD7301.78 billion in 2020 and is projected to grow at a CAGR of 26.87% during the forecast period.

    Source: https://finance.yahoo.com/news/global-fintech-markets-2016-2020-170000318.html

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    Fintech

    RBI’s auto debit rule may trigger tax woes for fintech startups – NewsEverything Expertise

    Mumbai: The Reserve Financial institution of India’s (RBI) auto debit rule may convey tax problems for fintech corporations which have arrange platfor

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    Mumbai: The Reserve Financial institution of India’s (RBI)
    auto debit rule may convey tax problems for fintech corporations which have arrange platforms for banks to combine with a standard e-mandate platform to make sure compliance.
    Fintech corporations run the danger of attracting a 2% equalisation levy in addition to extra items and providers tax (GST) at 18% on a part of the cash they make by such an association, particularly in transactions the place an Indian citizen has subscribed providers of a overseas OTT participant or he/she buys items and providers from an organization not primarily based in India.

    Cost aggregators Razorpay, BillDesk and PayU have arrange platforms—MandateHQ, SiHub and Zion, respectively—that may present a “bridge” for banks to finish the transactions.

    With the introduction of a brand new middleman—other than financial institution—between the client and the abroad service provider institution (Netflix, Apple retailer, and so forth.), tax implications have cropped up. The fintech platform offers extra issue authentication, notifications to prospects and dashboard for subscription administration to banks for a charge.

    RBI-Auto-Debit

    How equalisation levy—2% cost on any transaction involving a overseas firm over the web—and GST shall be charged will rely on the construction of fintech participant’s entities and the way the transaction is routed, say tax consultants. They are saying there might be various methods the place the federal government’s new equalisation levy may come into play.

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    “The danger of the platforms attracting a 2% equalisation levy on the charge that platforms will cost to retailers exists,” stated Girish Vanvari, founder, tax advisory agency Transaction Sq.. “The two% equalisation levy — because the definition suggests — is relevant on any abroad transaction and it might be levied even the place the service provider or the businesses which are charged will not be primarily based in India.”
    First, if the financial institution from which the cash is being deducted isn’t primarily based in India or would not have a tax presence in India — the charge or any cash charged by the fintech platform will face 2% tax.

    The second chance will rely on how the transaction is structured. If the charge acquired even from an Indian financial institution would not straight come to an Indian entity — this too may appeal to a 2% tax.

    If the cash goes by a subsidiary of the fintech firm, say established in Singapore or the UAE earlier than it makes it to the overseas service provider, even these may appeal to the levy. And there’s a GST implication too, say tax consultants. If the cash deducted from an Indian’s debit or bank card goes by way of the fintech’s books earlier than it is remitted within the overseas retailers’ account, GST can come into play, say tax consultants.

    “Providers supplied by the fintech corporations for validating transactions may appeal to GST on each the arrange charges and transaction charges charged by them,” stated MS Mani, associate, DeloitteIndia.

    BillDesk and PayU didn’t reply to ET’s queries. “Our resolution doesn’t work together straight with on-line retailers once they arrange mandates for cardholders transacting with them,” stated Amitabh Tewary, chief innovation officer, Razorpay. “Razorpay doesn’t cost any charges to on-line retailers for this service.”

    RBI’s new guidelines that come into drive from October 1 mandate that banks can solely course of auto-debit transactions in the event that they ship a pre-debit notification to prospects not less than 24 hours earlier than the cost.

    Most banks neither have expertise nor do they want to spend money on it for enterprise such transactions and have as a substitute turned to fintech corporations to supply transaction platforms.

    Comply with News Everything for News At the moment, Breaking News, Newest News, World News, Breaking News Headlines, Nationwide News, At the moment’s News

    #RBIs #auto #debit #rule #tax #woes #fintech #startups

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    The second chance will rely on how the transaction is structured. If the charge acquired even from an Indian financial institution would not straight come to an Indian entity — this too may appeal to a 2% tax.

    Source: https://newseverything.in/rbis-auto-debit-rule-may-trigger-tax-woes-for-fintech-startups-newseverything-expertise/

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