Categoría: Geovanny Vicente

TORONTO, Jan. 4, 2021 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today that the aggregate funded ratio for Canadian pension plans in the S&P/TSX Composite Index increased from 90.8 % to 91.2% during the past 12 months, according to the Aon Pension Risk Tracker.

The Aon Pension Risk Tracker calculates the aggregate funded position on an accounting basis for the companies in the S&P/TSX Composite Index with defined benefit (DB) plans. To access Aon’s interactive tracker, which dates back to 2013, click here. The tool uses Aon’s Risk Analyzer platform, which allows plan sponsors to track their individual plan’s funded status on a daily basis. Versions of the Pension Risk Tracker are also available for the S&P 500 in the U.S. and for a number of indices in the UK; moving to this platform in Canada allows Aon to take a global view of pension plan funded status.

Key Findings:

• During 2020, the aggregate funded ratio for Canadian pension plans in the S&P/TSX Composite index increased slightly, from 90.8% to 91.2%, according to the Aon Pension Risk Tracker. The funded status deficit decreased only slightly, by $0.2 billion, which was driven by asset increases of $18.7 billion, offset by liability increases of $18.5 billion year to date.
• Pension assets returned 9.9% over 2020 and were positive in Q4, ending the quarter up 3.9%.
• The year-end long-term Government of Canada bond yield dropped 55 basis points (bps) relative to the last year-end rate, and credit spreads widened by 13 bps. This combination resulted in a decrease in the interest rates used to value pension liabilities from 2.92% to 2.50%. Given a majority of the plans in Canada are still exposed to interest rate risk, the increase in pension liability caused by decreasing interest rates offset the positive effect of asset returns on the funded status of the plan.

«Equity markets performed strongly in 2020 and helped funded ratios improve,» said Erwan Pirou, Canada Chief Investment Officer, Retirement Solutions, Aon. «However, some pension plans did not realize the full benefit of the equity market rally, as some active equity managers underperformed their benchmark. One possible new year’s resolution: look at the structure of your equity portfolio to make sure it’s balanced across different equity styles and able to perform well in different environments.»

«After a wild ride throughout the year – funded status cratered in late March, to almost 80% – Canadian pension plans ended 2020 in a similar, if slightly better, funded position compared to how they started the year,» said Nathan LaPierre, Partner, Retirement Solutions, Aon. «Plan sponsors who are in de-risking mode should redouble their efforts to lock in improved funded positions, while those with ongoing DB plans will need to grapple with lower return expectations stemming from ultra-low interest rates.»

About Aon
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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Media Contact
Alexandre Daudelin
+1 514 982 4910

 

SOURCE Aon plc

ROCHESTER, N.Y., Jan. 4, 2021 /PRNewswire/ — Paychex, Inc., a leading provider of technology solutions for human resources, payroll, benefits, and insurance services, today identified the top 10 regulatory issues that employers should be monitoring in 2021. The list, compiled annually by the team of regulatory compliance experts at Paychex, shares the items that should be top of mind as business owners and HR leaders continue to manage the impacts of the COVID-19 pandemic and plan for the year ahead.

«With a new round of stimulus and the priorities of the incoming Biden administration coming into focus, businesses should be preparing for another year of fast-paced regulatory change,» said Frank Fiorille, vice president and risk, compliance, and data analytics at Paychex. «Our team of 200+ compliance experts are working alongside every federal, state, and local jurisdiction to ensure we understand the spirit and letter of new laws and regulations as quickly as possible and then we use that knowledge to help guide our clients, so they have a clear understanding of how these measures impact their business.»

Here are the top 10 regulatory issues identified by Paychex for 2021:

#1 COVID-19 Stimulus. On December 27, 2020 the President signed the latest COVID-19 relief bill into law, which includes a new round Paycheck Protection Program (PPP) funding for small businesses, plus a second draw for targeted small businesses. Also included is an extension of the Families First Coronavirus Response Act (FFRCA) tax credits, although employers are no longer required to offer the leave in 2021 – it is voluntary. An extension and expansion of the Employee Retention Credit was also included, which increases the amount of the credit available in 2021 and allows employers that receive a PPP loan to retroactively qualify; however, the credit cannot be applied on the same wages forgiven under the PPP. Both of these items were set to expire on December 31, 2020. Also, beginning in 2021, the collection process for those who chose to defer the employee portion of their social security tax withholdings will begin and new reporting will be required for employers.

#2 Family Leave, Sick Leave, and COVID-19 Leave. 2020 brought a host of legislation related to employee leave that is likely to continue throughout the COVID-19 pandemic and beyond. Last year, employers with 500 or fewer employees became subject to the FFCRA, which provided mandatory paid leave time for workers diagnosed with COVID-19, those caring for a family member with COVID-19, or caring for children whose place of care was closed due to the pandemic. There was a refundable federal tax credit to offset the cost of this required leave. This leave is no longer mandatory for employers beginning in 2021. The new relief package, signed by the President on December 27, 2020, extends the tax credits for the FFCRA leaves, if the employers previously required to offer this leave choose to continue it through March 31, 2021. Certain state and local leave laws may be extended as the pandemic continues. There is also bipartisan interest in a permanent federal paid family leave law, with several proposals expected in the coming year. In addition, many state and local jurisdictions also enacted paid leave laws.

#3 Taxes. A potential increase in IRS enforcement is expected under the Biden administration. Depending on the outcome of Georgia’s two Senate elections, it is also possible there will be some legislative action on tax policy. Another factor at play is if any future COVID-19 stimulus legislation includes provisions for state and local funding. States may increase tax enforcement as well as introduce or increase taxes to balance COVID-impacted budgets. Additionally, depletion of state trust funds with the recent high unemployment levels could result in increased tax rates and potential surcharges for employers if states attempt to replenish funds without additional federal stimulus funds. 

#4 Workplace Safety/OSHA. Over the past nine months, President-elect Biden has repeatedly advocated for the creation and enforcement of an «Emergency Temporary Standard» regarding COVID-19. Current OSHA language on COVID-19 violations is not specific and enforcement has varied considerably across the country. Four states (California, Michigan, Oregon, and Virginia) have already implemented emergency standards, and a new national standard will likely adopt similar requirements for employers such as the development of an exposure control plan, stricter implementation controls, maintaining of records, and the effective training of employees. Once a national emergency standard is in place, greater enforcement and accountability can be expected. As the COVID-19 vaccine becomes more widely available, considerations on state requirements, including whether employers can mandate that employees get vaccinated, will also come into play. To prepare, businesses should ensure their safety policies and procedures are compliant with the current state, local, and CDC guidelines.

#5 Future of Work. The COVID-19 pandemic brought telework opportunities and challenges to the forefront for many businesses, as many employees moved quickly to remote work settings. As employers consider integrating work from home policies on a more permanent basis, they must examine any compliance challenges to these arrangements. Tax compliance if an employee’s home is in a different location than the employer’s place of business is one such example. While some states gave reprieve from businesses establishing tax authority based on the employee’s home location as a result of the pandemic, that relief was not permanent. Employers should also consider any wage/hour issues for non-exempt employees and how they will track hours. Workers’ compensation obligations still apply for remote workers, but rules can be complex.

#6 Health Care Reform. Even as President-elect Biden seeks to establish a pro-Affordable Care Act (ACA) administration, the U.S. Supreme Court is reviewing California v. Texas, a case challenging the constitutionality of the ACA’s Individual Mandate provision and the entire law. The court heard oral arguments in November, but a decision is not expected until late spring 2021. Currently, the ACA remains in effect and continues to be the law of the land, including the employer shared responsibility provision. To protect health insurance markets and preserve ACA consumer protections, many states passed or considered legislation to incorporate certain ACA provisions into state law, including state-level health insurance mandates, pre-existing condition exclusion prohibitions, and essential health benefits coverage requirements. Additionally, President-elect Biden is expected to pursue administrative action to strengthen the ACA which could include undoing or revising Trump administration regulations or guidance regarding Association Health Plans (AHPs), short-term limited duration plans, Individual Coverage Health Reimbursement Arrangements (ICHRAs), and State Innovation (1332) waivers.

#7 Joint Employment. The franchise community, subcontractors, and other similar working arrangements were impacted by the U.S. Department of Labor’s (DOL) Joint Employer rule released in 2020 revising the agency’s regulations interpreting joint employer status under the Fair Labor Standards Act (FLSA) and clarifying when an employer can be held jointly liable for federal wage and hour obligations to the employee. However, critical portions of the new rule were soon struck down in federal court, determining the rule inappropriately narrowed the definition of joint employer, leaving employers awaiting the outcome of the Trump administration’s appeal of the ruling or potential action by the new administration to broaden the definition of joint employer liability. Employers should also watch for the National Labor Relations Board (NLRB) to consider changes to their own recently adopted final joint employer rule.  

#8 Worker Classification. A focus on worker classification did not end with a new test for covered employers in California under AB5, enacted last January. Enforcing agencies, the courts, and legislatures at the federal, state, and local level are expected to continue to address this complex issue in response to worker challenges in many industries. The DOL Wage and Hour Division is expected to soon finalize their proposal addressing worker classification under the FLSA. As proposed, the rule would make it easier for employers to classify workers as independent contractors under federal wage and hour law and therefore exempt from certain benefits available to employees; however, the future of the rule is uncertain under the incoming Biden administration. While a significant development, other tests for worker classification enforced by other agencies, for example, the IRS and the NLRB, as well as many state and local laws and regulations, will continue to apply, and others are likely to be introduced in 2021. Penalties for worker misclassification continue to have a significant financial impact on employers of all sizes.

#9. Retirement. With the passage of the SECURE Act in December 2019, one of the most impactful provisions allows employers of unrelated businesses to band together under one pooled employer plan (PEP) to expand the availability of retirement plans to participants. PEPs allow businesses to reduce some of their fiduciary burdens by shifting many administrative duties, including delivering participant notices and government filings, to the Pooled Plan Provider. Also, the recently passed COVID-19 relief bill includes partial retirement plan termination relief as well as non-COVID Federal Disaster Tax Relief. Finally, to expand on the growing concerns over retirement savings inadequacy, there are pieces of bipartisan legislation that propose the following:

• SECURE 2.0 – Provisions may include increased and expanded tax credits for small employers offering/starting retirement plans, required auto-enrollment retirement plans for 10 or more employees, further increase of the Required Minimum Distribution (RMD) age, and student loan repayments;
• SAVERS Act – Includes raising retirement plan contributions limits by 300 percent.

Finally, in an effort to increase retirement saving availability, several states have either recently adopted a state-based program or have one in the works. 

#10 Marijuana Legalization. State and local jurisdictions are expected to continue to enact legislation to address decriminalization of marijuana, recognition of medical marijuana use, and/or legalization of recreational marijuana. As part of the November 2020 election, voters in several states chose to legalize marijuana for medical use (Mississippi and South Dakota) and recreational use (Arizona, New Jersey, South Dakota, and Montana). In addition to marijuana legalization, Oregon decriminalized the possession of small amounts of all drugs. Employers should stay apprised of these developments and consider adjusting their risk mitigation strategies, including workplace policies to allow for accommodations where applicable for the lawful use of marijuana for medicinal purposes and the parameters of existing drug testing programs, as well as any potential impacts to workers compensation coverage.

For more information on 2021’s top 10 regulatory issues, visit: www.paychex.com/articles/compliance/top-regulatory-issues.

For up-to-date regulatory news and resources from Paychex, visit the Paychex Knowledge Center.  

Note: The information contained within is not tax or legal advice. These issues are complex, and applicability depends on individual circumstances. Businesses should consult tax or legal counsel before taking action on any of the items identified above.

About Paychex
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex serves more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

Media Contact
Lisa Fleming
Public Relations Manager
Paychex, Inc.
(585) 387-6402
lfleming@paychex.com 
@PaychexNews

Colleen Bennis
Mower
(585) 389-1865
cbennis@mower.com

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SOURCE Paychex, Inc.

OAKLAND, Calif., Jan. 4, 2021 /PRNewswire/ — For the first time in decades, a progressive majority will be sworn in to the Oakland City Council today. The new councilmembers were elected with a mandate from voters to deliver bold solutions to the ongoing homelessness crisis, police overspending, economic insecurity, and dramatic inequities in the city. In the midst of a pandemic that has brought the City to its knees, the new majority is committed to work with stakeholders to pass ambitious policies that meet the needs of Oakland head-on, embrace tax reform to grow revenue for much-needed services, and abandon senseless calls for austerity.

«We were elected by so many people who were yearning for bold and visionary leadership,» said Councilmember Carroll Fife, a newly elected member of the Oakland City Council.  «Our mandate is to elevate and center the needs of the most vulnerable in Oakland in our work in City Hall. As elected leaders, we must ensure that the poor, unhoused, and working people do not suffer more as a result of the economic fallout of this pandemic. Instead, we must create systems that invite the largest and wealthiest corporations to invest in rebuilding our city.»

The new majority will center Oakland’s most vulnerable residents, protect the city’s social safety net, and prevent proposed cuts to vital city services during the budget process and reform the structures that are perpetuating inequality.

In the midst of a pandemic that has decimated Oakland’s working class, particularly in Black and Brown communities, more families are on the brink of homelessness, tenants struggle to pay rent, violence grows, and unemployment is soaring. Cutting vital community services is not the answer. The new progressive majority has committed to reverse the downward spiral with solutions that meet the tenor of the moment — including revisiting a progressive business tax proposal. The tax would provide relief to struggling small businesses and raise tens of millions of dollars in new revenue for the city to address homelessness, street and sidewalk repair, trash collection, fire prevention, and community safety.  

«It’s time for all of us — the Council, the Mayor, and the City Administration — to work towards the progressive priorities the people of Oakland voted for,» said Councilmember Nikki Fortunato Bas. «Our priorities are: Housing is a human right, safety focused on prevention and healing, prioritizing violent crime, and inviting corporations to pay their fair share and invest in our city’s economic recovery. Our residents, workers, and small businesses need us to work boldly together now more than ever, to create a safer, healthier, more inclusive and vibrant Oakland.»

«We saw unprecedented corporate spending in the last election, but Oakland residents rejected the sale of the city to the highest bidder, instead opting for grassroots candidates that reflect a bold vision that finally puts the people first,» said Councilmember Rebecca Kaplan.

«In the middle of this global pandemic, the Mayor is proposing cuts to vital services — including shutting down firehouses that provide the first line medical care for those with no other options, and further reducing other essential services by laying off part-time workers. This work is done by people, and with less people, the work that needs to be done cannot be done. I believe the new majority of progressive Councilmembers will work with us so that city workers do not bear the brunt of any budget cuts,» said Laura Takeshita, IFPTE Local 21 Oakland Vice President-Elect.

«A city budget is a reflection of our values, and for that reason, we will work with the City Council to take a hard look at the unchecked overspending in the police department and divert these needed funds to public health, safety, and community economic development programs.» said Cat Brooks of the Anti Police-Terror Project.

«In order for small businesses, essential workers, and ordinary people to emerge strong from this crisis we must choose to invest in the City’s future,» said Liana Molina, senior campaign director for the East Bay Alliance for a Sustainable Economy. «We, in partnership with the Oakland City Council, will work together to demand that the City’s wealthiest corporations pay their fair share.»

View original content to download multimedia:http://www.prnewswire.com/news-releases/oakland-ushers-in-progressive-majority-with-promise-to-take-on-status-quo-301200418.html

SOURCE IFPTE 21

OAKLAND, Calif., Jan. 4, 2021 /PRNewswire/ — For the first time in decades, a progressive majority will be sworn in to the Oakland City Council today. The new councilmembers were elected with a mandate from voters to deliver bold solutions to the ongoing homelessness crisis, police overspending, economic insecurity, and dramatic inequities in the city. In the midst of a pandemic that has brought the City to its knees, the new majority is committed to work with stakeholders to pass ambitious policies that meet the needs of Oakland head-on, embrace tax reform to grow revenue for much-needed services, and abandon senseless calls for austerity.

«We were elected by so many people who were yearning for bold and visionary leadership,» said Councilmember Carroll Fife, a newly elected member of the Oakland City Council.  «Our mandate is to elevate and center the needs of the most vulnerable in Oakland in our work in City Hall. As elected leaders, we must ensure that the poor, unhoused, and working people do not suffer more as a result of the economic fallout of this pandemic. Instead, we must create systems that invite the largest and wealthiest corporations to invest in rebuilding our city.»

The new majority will center Oakland’s most vulnerable residents, protect the city’s social safety net, and prevent proposed cuts to vital city services during the budget process and reform the structures that are perpetuating inequality.

In the midst of a pandemic that has decimated Oakland’s working class, particularly in Black and Brown communities, more families are on the brink of homelessness, tenants struggle to pay rent, violence grows, and unemployment is soaring. Cutting vital community services is not the answer. The new progressive majority has committed to reverse the downward spiral with solutions that meet the tenor of the moment — including revisiting a progressive business tax proposal. The tax would provide relief to struggling small businesses and raise tens of millions of dollars in new revenue for the city to address homelessness, street and sidewalk repair, trash collection, fire prevention, and community safety.  

«It’s time for all of us — the Council, the Mayor, and the City Administration — to work towards the progressive priorities the people of Oakland voted for,» said Councilmember Nikki Fortunato Bas. «Our priorities are: Housing is a human right, safety focused on prevention and healing, prioritizing violent crime, and inviting corporations to pay their fair share and invest in our city’s economic recovery. Our residents, workers, and small businesses need us to work boldly together now more than ever, to create a safer, healthier, more inclusive and vibrant Oakland.»

«We saw unprecedented corporate spending in the last election, but Oakland residents rejected the sale of the city to the highest bidder, instead opting for grassroots candidates that reflect a bold vision that finally puts the people first,» said Councilmember Rebecca Kaplan.

«In the middle of this global pandemic, the Mayor is proposing cuts to vital services — including shutting down firehouses that provide the first line medical care for those with no other options, and further reducing other essential services by laying off part-time workers. This work is done by people, and with less people, the work that needs to be done cannot be done. I believe the new majority of progressive Councilmembers will work with us so that city workers do not bear the brunt of any budget cuts,» said Laura Takeshita, IFPTE Local 21 Oakland Vice President-Elect.

«A city budget is a reflection of our values, and for that reason, we will work with the City Council to take a hard look at the unchecked overspending in the police department and divert these needed funds to public health, safety, and community economic development programs.» said Cat Brooks of the Anti Police-Terror Project.

«In order for small businesses, essential workers, and ordinary people to emerge strong from this crisis we must choose to invest in the City’s future,» said Liana Molina, senior campaign director for the East Bay Alliance for a Sustainable Economy. «We, in partnership with the Oakland City Council, will work together to demand that the City’s wealthiest corporations pay their fair share.»

View original content to download multimedia:http://www.prnewswire.com/news-releases/oakland-ushers-in-progressive-majority-with-promise-to-take-on-status-quo-301200418.html

SOURCE IFPTE 21

NEW YORK, Jan. 4, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as «Future Fintech», «FTFT» or «Company» «) a leading blockchain e-commerce company and a service provider for financial technology, today announced it has signed a term sheet («Term Sheet») with Blocknance Financial International SRL(«Blocknance»), a company incorporated in the Dominican Republic and the selling shareholders of Blocknance on December 30, 2020. Pursuant to the Term Sheet, the Company plans to acquire 60% of the total issued and outstanding shares of Blocknance. 

Blocknance provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies, such as Dominican Peso, US dollar, Euro and Russian Ruble for customers through Bitcoin ATM machines and physical offices. All ATMs and physical offices are currently located in Santo Domingo, Punta Cana, La Romana, and Santiago de los Caballeros in the Dominican Republic.

Blocknance is headquartered in the Dominican Republic. Its subsidiary Cryptocana SRL works with financial consulting companies to help clients buy, rent and sell residential, commercial, local and international real estate using cryptocurrencies; another subsidiary Blockchain Finance International Inc. is registered in Wyoming, US and officially registered as a Money Service Business (MSB) which is regulated and administered by the Financial Crimes Enforcement Network (FinCEN). According to the framework agreement, the current total valuation of Blocknance is $1.6 million. Future FinTech or its wholly-owned subsidiary plans to acquire 60% of Blocknance through cash and shares with a purchase price of US $960,000. Future FinTech reserves the right to purchase additional shares from the seller.

Emmy Jude Fortune, the General Manager of Blocknance, stated, «Blocknance is one of the most advanced, semi-decentralized cryptocurrency exchange platforms on the market today. It provides a safe way to exchange Bitcoin and cryptocurrency with fiat currencies for individuals who want to use them to buy and sell goods or services and is the largest Bitcoin transaction service provider in the Caribbean. With the help of our new ATMs, more and more people use cryptocurrency for transactions. Our Punta Cana and Santiago office provides services to more than 10,000 tourists every year, because most tourists do not have local bank accounts. Our physical offices or ATMs provide convenient two-way exchange services of Bitcoin and other cryptocurrency to fiat currencies for tourists. Blocknance plans to increase the number of Bitcoin ATMs and expand them to Europe, Asia and other regions pursuant to local regulatory requirements in 2021. FTFT has a great management team in financial services and blockchain technology. The union with FTFT can rapidly expand our operations, continuously improve customer experience and satisfaction, increase service scenarios, and meet the needs of more and diversified customers. «

Shanchun Huang, Chief Executive Officer of Future FinTech said, «Blockchain technology and its application is an important strategic segment and business component of FTFT. Building a complete blockchain financial service system is an important development plan of FTFT. We have been looking for valuable blockchain technology companies to dock with our existing resources. When Bitcoin holders could convert Bitcoin into cash at ATM as Blocknance does in Dominican Republic, cryptocurrency will be gradually accepted by more and more people. We believe that the investment in Blocknance can further expand our business, bring additional income to the Company, and we hope to eventually create a channel that can connect Bitcoin and other cryptocurrencies with the services of mainstream financial institutions under applicable laws and regulations. «

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»), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://www.ftftex.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, 2019 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 http://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.

IR Contact:
Future FinTech Group Inc.,
Tel: +1-888-622-1218
Email: ir@ftftex.com  

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SOURCE Future FinTech Group Inc.

NEW YORK, Jan. 4, 2021 /PRNewswire/ — Future FinTech Group Inc. (NASDAQ: FTFT) (hereinafter referred to as «Future Fintech», «FTFT» or «Company» «) a leading blockchain e-commerce company and a service provider for financial technology, today announced it has signed a term sheet («Term Sheet») with Blocknance Financial International SRL(«Blocknance»), a company incorporated in the Dominican Republic and the selling shareholders of Blocknance on December 30, 2020. Pursuant to the Term Sheet, the Company plans to acquire 60% of the total issued and outstanding shares of Blocknance. 

Blocknance provides services for transactions between Bitcoin and other cryptocurrencies and fiat currencies, such as Dominican Peso, US dollar, Euro and Russian Ruble for customers through Bitcoin ATM machines and physical offices. All ATMs and physical offices are currently located in Santo Domingo, Punta Cana, La Romana, and Santiago de los Caballeros in the Dominican Republic.

Blocknance is headquartered in the Dominican Republic. Its subsidiary Cryptocana SRL works with financial consulting companies to help clients buy, rent and sell residential, commercial, local and international real estate using cryptocurrencies; another subsidiary Blockchain Finance International Inc. is registered in Wyoming, US and officially registered as a Money Service Business (MSB) which is regulated and administered by the Financial Crimes Enforcement Network (FinCEN). According to the framework agreement, the current total valuation of Blocknance is $1.6 million. Future FinTech or its wholly-owned subsidiary plans to acquire 60% of Blocknance through cash and shares with a purchase price of US $960,000. Future FinTech reserves the right to purchase additional shares from the seller.

Emmy Jude Fortune, the General Manager of Blocknance, stated, «Blocknance is one of the most advanced, semi-decentralized cryptocurrency exchange platforms on the market today. It provides a safe way to exchange Bitcoin and cryptocurrency with fiat currencies for individuals who want to use them to buy and sell goods or services and is the largest Bitcoin transaction service provider in the Caribbean. With the help of our new ATMs, more and more people use cryptocurrency for transactions. Our Punta Cana and Santiago office provides services to more than 10,000 tourists every year, because most tourists do not have local bank accounts. Our physical offices or ATMs provide convenient two-way exchange services of Bitcoin and other cryptocurrency to fiat currencies for tourists. Blocknance plans to increase the number of Bitcoin ATMs and expand them to Europe, Asia and other regions pursuant to local regulatory requirements in 2021. FTFT has a great management team in financial services and blockchain technology. The union with FTFT can rapidly expand our operations, continuously improve customer experience and satisfaction, increase service scenarios, and meet the needs of more and diversified customers. «

Shanchun Huang, Chief Executive Officer of Future FinTech said, «Blockchain technology and its application is an important strategic segment and business component of FTFT. Building a complete blockchain financial service system is an important development plan of FTFT. We have been looking for valuable blockchain technology companies to dock with our existing resources. When Bitcoin holders could convert Bitcoin into cash at ATM as Blocknance does in Dominican Republic, cryptocurrency will be gradually accepted by more and more people. We believe that the investment in Blocknance can further expand our business, bring additional income to the Company, and we hope to eventually create a channel that can connect Bitcoin and other cryptocurrencies with the services of mainstream financial institutions under applicable laws and regulations. «

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»), a cross-border e-commerce platform (NONOGIRL), an incubator for blockchain based application projects. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http://www.ftftex.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, 2019 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 http://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.

IR Contact:
Future FinTech Group Inc.,
Tel: +1-888-622-1218
Email: ir@ftftex.com  

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SOURCE Future FinTech Group Inc.