GSTechnologies Ltd Corporate Update (2521R)
March 05 2021 - 01:00AM
UK Regulatory
TIDMGST
RNS Number : 2521R
GSTechnologies Ltd
05 March 2021
5 March 2021
GSTechnologies Limited
("GST" or the "Company")
Corporate Update
GSTechnologies Limited (LSE: GST), the integrated information
and communication technology infrastructure solutions provider, is
pleased to provide an update on the Company's corporate strategy
following the recent additional appointments to the Company's board
and the incorporation of GS Fintech in the UK and Singapore.
GST remains focussed on its corporate strategy of operating a
profitable information and communications technology ("ICT")
business, serving some of the most respected governmental and
private organisations worldwide. This strategy includes seeking to
enable and enhance the current Internet of Things ("IoT") and ICT
offerings through the application of new highly scalable disruptive
technologies, in particular enterprise blockchain solutions and
services.
Whilst the Company remains focussed on developing the existing
business of its wholly owned subsidiary EMS Wiring Systems, the
Company's goal is to also focus on new higher growth synergistic
business areas focussed on blockchain technology, particularly
those applicable in the banking and wider financial services
sector. The board believes that pioneering next-generation digital
money solutions based on blockchain technology will provide the
Company with the opportunity to enhance its current offering and
enable it to offer differentiated cutting edge technology solutions
to a bigger client base.
The Company's blockchain technology activities are being led by
the recently appointed executive directors, Jack Bai and Shayne
Tan, with the support of the wider GST team. It is intended that
the Company will utilise the Coalculus blockchain platform, a
public-permissioned decentralised network, together with their
related company, Wise MPay, through the Company entering into
appropriate agreements in due course.
Additionally, the Company's wholly owned subsidiary GS Fintech
Ltd, in UK, intends to shortly file an application with the
Financial Conduct Authority ("FCA") to be granted an Authorised
Payment Institution ("API") licence. Should an API licence be
granted it will provide the Company with the rights to connect to
established payment gateways and commence a remittance business in
the UK, which the Company intends to underpin by blockchain
technology and its existing capabilities.
It is the intention that the Company's recently established
wholly owned subsidiary, GS Fintech Pte Ltd, in Singapore, will be
responsible for running blockchain nodes and will in due course
launch a multi-currency, multi-chain cross border payment network
and further develop fintech applications for use by both GST's
current client base, which already includes a number of leading
companies in the financial services sector, and new potential
customers.
Tone Goh, Chairman of GST, commented: " Following the
appointment of Jack Bai and Shayne Tan to the GST board we have
been working on refining our strategy for the future development of
GST.
'We have the goal of significantly enhancing our current
offering through the application of blockchain technology and we
believe that we are very well placed to do this, building on the
existing capabilities of GST together with the new directors. I
look forward to making further announcements as we progress and I
believe that 2021 will be a transformational year for GST."
Enquiries:
The Company
Tone Goh, Executive Chairman Singapore +65 6444 2988
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence
Chandler London +44 20 3934 6630
About GST
GST provides optimal wireless, electronic cabling, security, and
other solutions to clients operating in the infrastructure
development space. GST builds on the profitable ICT business of its
Singaporean subsidiary EMS Wiring Systems, which has been supplying
governments and large private organisations with intelligent
building solutions for the last 30 years. GST's strategy is to
develop solutions to meet the needs of the ICT industry, acting on
the surging opportunities in the technology and innovation sectors
- data centres, intelligent buildings, smart cities and the
Internet of Things - particularly targeting emerging markets where
the demand for ICT infrastructure is increasing rapidly.
For more information please see:
https://gstechnologies.co.uk/
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