Blockchain-based eCommerce firm Future Fintech (NASDAQ: FTFT) said that its wholly-owned subsidiary, Chain Cloud Mall Network and Technology Co, Limited has signed a cooperation agreement with The Merchandise and Quality Week Magazine, a news magazine directly owned by China Foundation of Consumer Protection.
The China Foundation of Consumer Protection is supervised by the State-Owned Assets Supervision and Administration Commission of the State Council of China with its objective to “protect the interest of consumers and implement its responsibility as a nonprofit consumer protection organization under the Consumer Protection Law of China.”
The cooperation agreement is valid for five years from February 1st 2021 to January 31st, 2026.
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The Anti-Counterfeiting Committee of China Foundation of Consumer Protection will set up a “Quality and Safety Office” and appoint Zhi Yan, the general manager of CCM, as the deputy director of that office for one year.
He will be responsible for building the quality and safety credit system for Chinese brands and enterprises under the “Responsible Brand Plan” which 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.
“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,” said Yan.
Future Fintech’s stock price is trading over 15% higher at the time of writing, trading at the $7.39 level.