Future FinTech Group, a financial technology company, announced that on March 2, 2018, the Company established GlobalKey SharedMall Limited in the Cayman Islands for the purpose of operating its global shared business services center based on blockchain technology. Also, on March 22, 2018, the Board of Directors of Future Fintech appointed two new executive hires to the Company’s management team.
“We are very pleased to establish GlobalKey SharedMall Limited and to announce two key management hires,” said Mr. Yongke Xue, Chief Executive Officer of Future FinTech. “Our new subsidiary in the Cayman Islands is an important step towards establishing a global footprint based on blockchain technology, and to apply new ideas and solutions to meet the needs of businesses and consumers. We are confident that our new management hires, who are expert in the vital fields of software engineering, e-commerce and internet finance, will help us to fulfill this vision and enable us to be a preeminent global player in the fintech sector.”
As previously announced, on December 18, 2017, GlobalKey Supply Chain Ltd. (“GlobalKey”), a limited liability company incorporated in China and a wholly owned subsidiary of the Company entered into a Technology Development Service Contract with Reits (Beijing) Technology Co. Ltd. (“Reits”), pursuant to which Reits will provide services to GlobalKey relating to the design, development, testing, deployment and maintenance of a blockchain-based globally shared shopping mall and other software systems. It is planned that GlobalKey will provide its operating system to GlobalKey SharedMall.
The establishment of GlobalKey SharedMall officially marks the entry of the Company’s development of its shared business services based on blockchain technology into the international market, and it is envisioned that the Company will develop a shopping mall in the mode of the shared economy. With the addition of our professional operating team, the Company plans to optimize business operations and resource allocation in the fintech industry. The Company’s goal is to build a global enterprise of shared business services with a standardized, professional, and international shared e-commerce business center.