GSTechnologies Ltd MOU with Wise MPay (0890W)
April 21 2021 - 2:00AM
UK Regulatory
TIDMGST
RNS Number : 0890W
GSTechnologies Ltd
21 April 2021
21 April 2021
GSTechnologies Limited
("GST" or the "Company")
MOU with Wise MPay
GSTechnologies Limited (LSE: GST), the integrated information
and communication technology infrastructure solutions provider, is
pleased to provide an update on the Company's latest developments,
including the signing of a Memorandum of Understanding ("MOU") with
Wise MPay Pte Ltd ("Wise MPay") with a view to enhancing it's
blockchain and new technology development capabilities.
In order to facilitate the Company's plans to focus on new
higher growth synergistic business areas focussed on blockchain
technology, particularly those applicable in the banking and wider
financial services sector, the Company intends to jointly manage
and contribute to the Coalculus blockchain platform together with
its related company, Wise MPay, the Singaporean blockchain payment
solution provider.
As a first step in formalising the relationship between GST and
Wise MPay (together the "Parties"), the Parties have entered into
an MOU setting out the proposed relationship between them and the
proposed deliverables, which include the setup of four consensus
nodes that come with 25 million stake tokens each, for transaction
validation purposes on the Coalculus network, and the technology
integration of remittance gateways to 18 countries. Completion of
the arrangements is subject to the Parties entering into definitive
agreements. Further announcements will be made as appropriate.
Tone Goh, Chairman of GST, commented: " I am pleased to report
that we continue to make good progress towards our goal of
significantly enhancing our current offering through the
application of blockchain technology. Agreeing terms with Wise MPay
is a significant step and we look forward to working with them and
entering into a definitive agreement in due course. These are
exciting times for GST as we endeavour to be at the forefront of
the next wave of financial services and I look forward to making
further announcements as we progress."
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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