Future FinTech Group, a blockchain-based e-commerce business and a fintech service provider, has established a new subsidiary in the UK.

The new subsidiary, dubbed FTFT UK, will serve as an operating base to develop fintech business in Europe.

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FTFT UK will work to deliver financial services to individual customers and businesses by building a banking ecosystem based on blockchain technology.

In the first phase, a new app will be developed that will provide different personal digital financial products and services. It is expected to have functionalities for mobile payments, international transfers and wealth management advisory services among others.

Future FinTech has also hired experienced professionals for FTFT UK.

Future FinTech Group CEO Shanchun Huang said: “We intend to continue to attract high-calibre professional talent for FTFT UK; we also plan upon pursuing selective acquisitions of banks and payment system companies in Europe.

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“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.”