GSTechnologies Limited (LSE: GST), the integrated information and communication technology infrastructure solutions provider, is pleased to announce the establishment of a new wholly owned subsidiary in the UK, GS Fintech Ltd (“GS Fintech”) as the first stage in the Company’s planned establishment of a blockchain focussed business unit.
GS Fintech’s initial directors will be the Company’s Chairman, Tone Goh and recently appointed Executive Directors, Jack Bai and Shayne Tan. GS Fintech has been established to help facilitate the Company’s planned expansion into blockchain related technologies and services, particularly in the financial sector. It is intended that GS Fintech will apply to the Financial Conduct Authority (“FCA”) to be granted an Authorised Payment Institution (“API”) licence in due course.
Additionally, it is the Company’s intention to establish a similar blockchain focussed subsidiary in Singapore and further updates will be announced as appropriate.
Tone Goh, Chairman of GST, commented: “The establishment of GS Fintech in the UK is intended as the first step in our planned expansion into areas utilising blockchain technology following the recent appointments of Jack Bai and Shayne Tan to the Company’s board. Whist we are at the early stages of our strategic transformation I am encouraged by the contribution Jack and Shayne are already making and I look forward to providing regular updates as we progress.”