TIDMGST
RNS Number : 7133Q
GSTechnologies Ltd
30 June 2022
30 June 2022
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Corporate Update
GSTechnologies Limited (LSE: GST), the fintech and information
technology solutions company, is pleased to provide an update in
relation to recent developments regarding the Company's
implementation of its stated strategy.
As previously announced, the Company is working, via a
collaboration agreement with Wise MPay Pte Ltd ("Wise MPay"), to
roll-out a suite of offerings under its GS Money banner based on
three initial use-cases: international money transfers, borderless
accounts, and private stablecoin.
AngraFX and GS Money Stablecoins
Following the completion of the acquisition of Angra Limited
("Angra"), a UK-based foreign exchange and payment services
company, announced on 8 March 2022, Angra has been successfully
integrated within the Group. Angra, which operates under the
AngraFX brand name, is an established Financial Conduct Authority
("FCA") approved Authorised Payment Institution ("API"), conducting
fast, secure, and low-cost foreign exchange business and payment
services internationally, the first pillar of GS Money. Following
the completion of the acquisition, Angra is trading in line with
the GST Board's expectations.
The Group is also making significant progress with the other
elements of its GS Money strategy. Under the collaboration
agreement with Wise MPay, the Company is working, inter alia, to
operate a full service stablecoin payment infrastructure to enable
customers to transact using stablecoins. The stablecoin payment
infrastructure, the second pillar of GS Money, has now been
successfully tested using all four of the enterprise chains through
the company's wholly owned GS Fintech subsidiaries.
Following this successful testing, the Company has identified
the following activities that it plans to carry out:
-- Issuing four single fiat-linked stablecoins - the "GUSD",
"GGBP", "GEUR" and "GRMB" - pegged to the US Dollar, the Pound, the
Euro and the Yuan respectively;
-- Managing the 1:1 reserve assets that are backing the value of the four stablecoins;
-- Authorising or verifying the validity of transactions and records;
-- Providing Software-as-a-service ("SaaS") and IT support to
facilitate access of participants to the network/underlying
infrastructure;
-- Ensuring the correct and final settlement of the transactions
while limiting counterparty and default risk;
-- Managing the four stablecoins on behalf of owners, including the storage of private keys;
-- Conducting transactions on behalf of another (i.e. the
customer) using the four stablecoins; and
-- Purchasing/exchanging the four stablecoins with fiat money.
The Company is aware of the regulatory treatment of GS Money's
stablecoins and is exploring the possibility of providing the
proposed services in strategic jurisdictions, including the UK.
Glindala
The Company announced on 22 January 2002, that it had entered
into a legally binding sale and purchase agreement to acquire the
whole of the issued share capital of UAB Glindala ("Glindala"), a
holder of a Crypto Currency Exchange Licence registered in
Lithuania. As previously announced Glindala's Crypto Currency
Exchange Licence is supervised by the Lithuanian Financial Crime
Investigation Service ("FCIS"). Completion of the acquisition is
subject only to the approval of the FCIS and the Company
understands that approval will be granted shortly upon the
completion of certain administrative matters by the Lithuanian
authorities. The Company believes the exchange will be a
significant enabler for its GS Money stablecoin business, forming
the third pillar for GS Money, and will integrate well with Angra
and its other activities.
Tone Goh, Chairman of GST, commented : "The outlook for our
blockchain enabled neobanking business continues to be positive as
the Company continues to make significant progress with AngraFX and
its other GS Money activities.
"Additionally, we look forward to concluding the acquisition of
Glindala shortly, to further strengthen the Group's offerings. We
look forward to providing further updates in due course as we
continue to progress."
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
Financial Adviser
VSA Capital Limited +44 (0)20 3005 5000
Simon Barton / Pascal Wiese
Broker
ETX Capital +44 (0)20 7392 1400
Tom Curran / Thomas Smith
Financial PR & Investor Relations
IFC Advisory Limited +44 20 (0) 3934 6630
Tim Metcalfe / Graham Herring / Florence gst@investor-focus.co.uk
Chandler
For more information please see:
https://gstechnologies.co.uk/
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
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END
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