GSTechnologies Ltd Corporate Update (9053C)
June 16 2023 - 2:00AM
UK Regulatory
TIDMGST
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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END
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