REG - GSTechnologies Ltd - Completion of the Acquisition of PAYPT Finance Ltd

GSTechnologiesAnnouncement

15/08/2023 07:00

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RNS Number : 2816J  GSTechnologies Ltd  15 August 2023

15 August 2023

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Completion of the Acquisition of PAYPT Finance Ltd

 

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce
that, further to the Company's announcement on 20 July 2023, that the Company
has completed the acquisition of the entire issued share capital of PAYPT
Finance Ltd ("PAYPT"), a Canadian company holding a Canadian Money Services
Business ("MSB") licence (the "Acquisition"). Completion of the Acquisition
follows the receipt of approval from the Financial Transactions and Reports
Analysis Centre of Canada ("FINTRAC"), the regulatory authority overseeing
financial transactions in Canada, for the change of control.

The MSB licence held by PAYPT encompasses a range of financial activities,
including: foreign exchange dealing; cryptoasset dealing; money transfer
services; and authorisations for the issuance of debit cards and IBANs.

Following the completion of the Acquisition PAYPT has been renamed to Angra
Global Ltd ("Angra Global"), as part of the Group's strategic intention for
Angra to be transformed into a B2B-focused Neobank.

Angra Global is being combined with the Group's existing UK-based foreign
exchange and payment services company, Angra Limited ("Angra"), paving the way
for the Group to launch a multi-currency e-wallet service, initially covering
Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan Renminbi and US
Dollar Tether Token transactions.  Angra Global expects to start onboarding
customers for this service from 1 September 2023 and it will enable Angra
customers to securely store their funds within Angra Global business accounts
and facilitate seamless foreign exchange conversions and fund transfers
through Angra's established and reliable banking partnerships, akin to a
conventional business bank account, utilising technology developed by the
Group's subsidiary in Singapore, GS Fintech Pte Ltd.

Additionally, the MSB licence will enable Angra to issue Sterling local
accounts and Euro SEPA IBAN accounts to its clients, thereby providing a
comprehensive one-stop business banking solution.

Aligned with its overarching strategy, the Group aims to accelerate Angra's
revenue while simultaneously bolstering the Angra team to expand its B2B
Neobank operations beyond the UK, serving companies of all sizes worldwide.

Further information on Angra Global may be found at https://angraglobal.com
(https://angraglobal.com) .

Tone Goh, Chairman of GST, commented: "We are delighted to have completed the
acquisition of PAYPT, now renamed Angra Global.  The Acquisition will enable
the Group to significantly expand its innovative offerings as we seek to
provide a comprehensive financial service hub to all of our B2B customers.
 We intend to start onboarding customers to Angra Global from the beginning
of September, the next stage of the transformation of Angra into a B2B Neobank
providing next-generation digital money solutions.  I 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 / Thomas Jackson

 

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

 

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Chandler

+44 20 (0) 3934 6630

gst@investor-focus.co.uk

 

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