REG - GSTechnologies Ltd - Corporate Update

GSTechnologiesAnnouncement

16/06/2023 07:00

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RNS Number : 9053C  GSTechnologies Ltd  16 June 2023

16 June 2023

GSTechnologies Limited

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

Corporate Update

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to provide
an update on the Company's stablecoin application for admission to the UK
Financial Conduct Authority ("FCA") Regulatory Sandbox and the Company's GS
Money activities.

 

The Company continues to make significant progress in implementing its stated
strategy 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.

 

The Company's stablecoin application for admission to the FCA Regulatory
Sandbox, as announced on 20 February 2023, continues to be processed by the
FCA.  The timeline provided for FCA approval is typically indicative and not
a fixed date, and the FCA approval process has extended beyond the anticipated
timeframe.

 

The FCA panel has not reached a decision regarding the Company's Regulatory
Sandbox application at this time.  The FCA continues to actively consider the
application, and the Company remains fully engaged with the ongoing process
with the FCA.  The Company remains confident in the merits of its application
and continues to expect a response from the FCA in the coming weeks.

 

The Company's subsidiary, Angra, which operates under the AngraFX brand name,
is an established 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.  Angra continues to
perform well and in line with the Board's expectations.

 

The GS20 cryptoasset exchange, based in Lithuania, which focuses on offering
spot trading and over-the-counter trading desk services for popular
cryptoassets to a controlled group of retail account holders, as well as a
select number of institutional participants, including existing customers of
Angra, was soft launched in November 2022.  The soft launch period has
progressed in accordance with the Company's plans and valuable feedback has
been received from the initial participants.  Development of the GS20
cryptoasset exchange continues and the Company anticipates a wider rollout of
the GS20 exchange in the second half of 2023.

 

With the Angra and GS20 Exchange platforms in place, the FCA Regulatory
Sandbox application being progressed, and continued progress being made on the
development of the Company's GS Money solutions the Company remains well
positioned as a global fintech group to generate significant value from its
suite of GS Money solutions.

 

The Company will make further announcements in due course, as appropriate.

 

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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