GSTechnologies Ltd Completion of the Acquisition of PAYPT Finance Ltd (2816J)
August 15 2023 - 2:00AM
UK Regulatory
TIDMGST
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 .
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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END
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August 15, 2023 02:00 ET (06:00 GMT)
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