Future FinTech and China Foundation of Consumer Protection Enter Into Cooperation Agreement to Use Blockchain Technology Against Counterfeit Products


Future FinTech Group Inc. (NASDAQ: FTFT) (“Future FinTech”, “FTFT” or “Company”), a leading blockchain based e-commerce business and a fintech service provider, announced today that, its wholly-owned subsidiary Chain Cloud Mall Network and Technology (Tianjin) Co., Limited (“CCM”) has signed a cooperation agreement with The Merchandise and Quality Week Magazine, a news magazine directly owned by China Foundation of Consumer Protection. The cooperation has a term for five years, from February 1, 2021 to January 31, 2026. The Anti-Counterfeiting Committee of China Foundation of Consumer Protection will set up a “Quality and Safety Office” and appoint Mr. Zhi Yan, the general manager of CCM, as the deputy director of that office for a term of one year, who will be responsible for building the quality and safety credit system for Chinese brands and enterprises under the “Responsible Brand Plan”. The “Responsible Brand Plan” will be officially launched in March 2021 and operated by the “Quality and Safety Office” of the Anti-Counterfeiting Committee of China Foundation of Consumer Protection.

Mr. Zhi Yan said that: “The Responsible Brand Plan will make full use of the real name based blockchain anti-counterfeiting tracing technology developed by CCM, which will not only protect the legitimate rights and interests of the enterprises and their brands, but also impose  responsibility for their product’s quality and safety.”

China Foundation of Consumer Protection was established in November 1989. It is supervised by the State Owned Assets Supervision and Administration Commission of the State Council of China. Its mission is to protect the interest of consumers and implement its responsibility as a nonprofit consumer protection organization under the Consumer Protection Law of China. One of its main responsibilities is to support and participate in anti-counterfeiting activities and clean up the consumer products market.

The Anti-Counterfeiting Committee of China Foundation of Consumer Protection is the first and the only nonprofit organization that was approved by the Ministry of Civil Affairs specializing in anti-counterfeiting in China. It was established in July 2000. It focuses on cracking down counterfeit and shoddy products that harm the rights and interest of consumers.

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