Corporate Update

GSTechnologies Ltd

22 April 2024

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

22 April 2024

GSTechnologies Limited

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

Corporate Update

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to provide an update as the Group continues to focus on developing a borderless neobanking platform providing next-generation digital money solutions, both organically and through complementary acquisitions.  This is being undertaken under the Company's GS Money banner primarily through the Group's GS20 Exchange and Angra Global businesses.

GS20 Exchange

The GS20 Exchange continues to gain market traction, with a continuing increase in signed-up users and it is trading profitably, in line with the GST Board's expectations.

The GS20 Exchange recently entered into an agreement with Liminal, a leading blockchain wallet infrastructure company, to enhance the exchange's digital assets custody capabilities and to enable the exchange to securely scale its digital asset operations through HSM (hardware security module) and MPC (multi-party computation) backed architecture.  This has enabled the successful launch of the GS20 Exchange vaults, facilitating self-custody for various blockchains including Bitcoin, Ethereum, Tron, and others.  Ensuring digital asset security is a priority and the GS20 Exchange vaults are CCSS Level 3 certified, the highest standard in Cryptocurrency Security Standards (CCSS).

Angra Global

Angra Global was established in August 2023 following the combination of Angra Limited in the UK and PAYPT Finance Limited in Canada.  The two businesses are now fully integrated, with the team being led by GST directors Lord Christopher Wellesley and Galvin Bai.

Angra's multi-currency e-wallet service, initially covering Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan Renminbi and US Dollar Tether Token transactions continues to grow following its launch on 1 September 2023.  This service enables 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, Angra Global is able to issue Sterling local accounts and Euro SEPA IBAN accounts to its clients, thereby providing a comprehensive one-stop business banking solution.

Angra Global will continue to develop these services and the Group is focused on accelerating Angra's revenue while simultaneously bolstering the Angra team to expand its B2B Neobank operations beyond the UK, serving companies of all sizes worldwide.

Semnet

Following the completion of the acquisition of 66.67% of the share capital of Semnet Pte Ltd ("Semnet"), a cybersecurity company based in Singapore, as announced by the Company on 29 February 2024, Semnet has been successfully integrated into the Group's operations.  In addition to providing significantly enhanced cybersecurity support to the Group's operations, Semnet has been successful in winning additional third-party business, including a US$36 million revenue contract with Ypsilon Technology Pte. Ltd.  Semnet is trading ahead of the GST Board's expectations and the business is achieving significant profitable growth.

Zheng Kang Wen Mervyn, an existing Director of Semnet, has been appointed as Sales and Marketing Director of Semnet and will support the Group in expanding Semnet's cybersecurity business.  He is being supported by a senior leadership team including GST director Galvin Bai and Lam Pek San.

Corporate Developments

The Company continues to progress the acquisition of 60% of the share capital of EasySend Ltd ("EasySend"), a Northern Ireland incorporated company operating a cross-border payments business, as announced on 29 November 2023.  Completion of the acquisition of EasySend remains conditional, inter alia, on the entering into of definitive sale and purchase documentation and also on GST obtaining approval from the FCA for the change of control of EasySend, a regulated entity.  The Company expects to complete the acquisition in Q2/Q3 2024 and further announcements will be made regarding the acquisition in due course.

In addition, the Company is exploring further value enhancing acquisition opportunities that can assist with accelerating the development of the Group as it focuses on developing a borderless neobanking platform providing next-generation digital money solutions.  Further announcements will be made in due course, as appropriate.

The Company expects to release its results for the year ended 31 March 2024 in July 2024.

Tone Goh, Chairman of GST, commented: "GST has continued to make significant progress in the second half of the financial year as we focus on developing and rolling out our borderless neobanking platform providing next-generation digital money solutions.  Both the GS20 Exchange and Angra Global are performing well and we are delighted with the performance of the recently acquired Semnet business.  We continue to explore further value enhancing acquisition opportunities that can assist with accelerating the development of the Group and I look forward to providing further updates in due course."

Enquiries:

The Company Tone Goh, Executive Chairman [phone] Financial Adviser VSA Capital Limited [phone] Simon Barton / Thomas Jackson Broker CMC Markets [phone] Douglas Crippen Financial PR & Investor Relations IFC Advisory Limited Tim Metcalfe / Graham Herring / Florence Chandler [phone] For more information please see: https://gstechnologies.co.uk/

 

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