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Monday, Sep 25, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Future Fintech puts Orbit E-wallet on display for Chinese students studying abroad

Future Fintech Group builds applications using blockchain technology specifically for the financial technology sector.

Photo by Jonas Leupe on Unsplash

Future Fintech (NASDAQ:FTFT) subsidiary FTFT UK Limited promoted its Orbit E-wallet app to Chinese students entering study abroad programs in Beijing, Shanghai, Hangzhou and Shenzhen. These meetings were originally organized by the University of Manchester and 21 other universities in the UK.

The Orbit E-wallet offers free accounts pre-approved by the company when the students pre-open accounts before travelling to the UK. The promotion brought about a large bump in the number of FTFT UK social media followers and inquiries on how to open an Orbit E-wallet account after the orientation meeting in China.

“The UK study abroad orientation meetings provided an excellent platform for us to promote the FTFT Orbit E-Wallet app which was wholly developed and designed by our FTFT UK team. We believe that our unique ‘know your customer’ and our account opening process will make adoption of the app easy, and the Orbit app will provide unprecedented convenience as well as a spectrum of services for Chinese students who are entering the UK,” said Bo Sun, chief executive officer of FTFT UK.

Future Fintech Group builds applications using blockchain technology specifically for the financial technology sector. The company has a blockchain-based online shopping mall platform called Chain Cloud Mall (CCM), as well as supply chain financing services, asset management, and cryptocurrency market data services. Its latest project is the development of a blockchain-based e-commerce technology offering as well as cryptocurrency mining, crypto investment management and a financial service technology and business.

This overseas promotion campaign comes shortly after Future FinTech’s subsidiary Future Fintech Labs announced a partnership with Currency Cloud, a Visa subsidiary and global payment platform registered with FinCen, to launch a remittance program for US-based immigrants. The program will be called the Tempo app, and it offers a streamlined, secure and cost-effective fashion of sending money from the United States to the rest of North America, Europe, Australia, India and the Philippines.

“Migrants in the US should be able to send money cross-border without friction and without prohibitive costs. A fintech company like Future FinTech Labs understands the needs of working people wanting to send money to family and friends, and as such is successfully re-imagining how money flows for this huge market,” said Lewis Nurcombe, vice president of sales for Currencycloud.

The deal with Currencycloud gives customers the ability to open multicurrency digital wallets and send money easier than other remittance services that charge exorbitant fees per transfer. Meanwhile, Tempo’s conversion tool allows users to remit payment to foreign accounts using a favourable currency conversion and hold foreign currencies for users’ convenience.

Read more: The Mugglehead technology roundup: crypto in the snow edition

Read more: Givex adds more functionality to its global fintech offerings

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