GSTechnologies Ltd Acquisition of PAYPT Finance Ltd (5835G)
July 20 2023 - 2:00AM
UK Regulatory
TIDMGST
RNS Number : 5835G
GSTechnologies Ltd
20 July 2023
20 July 2023
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Acquisition of PAYPT Finance Ltd
The Acquisition will facilitate Angra's transformation into a
B2B-focused Neobank
GSTechnologies Limited (LSE: GST), the fintech company, is
pleased to announce that the Company has entered into a legally
binding sale and purchase agreement to acquire the entire issued
share capital of PAYPT Finance Ltd ("PAYPT"), a Canadian company
holding a Canadian Money Services Business ("MSB") licence (the
"Acquisition"). The Acquisition is subject to approval by the
Financial Transactions and Reports Analysis Centre of Canada
("FINTRAC"), the regulatory authority overseeing financial
transactions in Canada.
The MSB license held by PAYPT encompasses a range of financial
activities, including: foreign exchange dealing; cryptoasset
dealing; money transfer services; and authorizations for the
issuance of debit cards and IBANs.
Subject to FINTRAC's approval of the change of control, the
Group plans to rename PAYPT to Angra Global Ltd ("Angra Global"),
signifying the Group's strategic intention for Angra's
transformation into a B2B-focused Neobank.
Assuming the successful completion of the Acquisition, following
the change of control process, Angra Global would be 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. This service 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.
Additionally, the MSB licence would 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.
Tone Goh, Chairman of GST, Chairman of GST, commented:
"Following the successful integration of Angra in the UK into GST's
fintech operations, 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.
The Acquisition marks a further significant milestone in our
journey.
"We look forward to updating all stakeholders on the progress of
this acquisition and the subsequent transformation of Angra into a
B2B Neobank in due course."
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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